Cashplus is a 24/7 online current account with a fast application (4 minutes!) and easy account management. It pitches itself as an alternative to the conventional high street banks. Over 1.6 million customers onboarded so far, processing £20 billion in payments. Zempler Bank offers a current account, pre-paid debit card, and a credit card too.
Key Features:
- Monthly fee: Free
- UK Card Purchases: 3 free then £0.30
- ATM withdrawals: £2
- Bank Transfers: 3 free then £0.30
- Overdraft: No
- Access: App & Online
Protection:
- FSCS protected: Yes, up to £85,000
- FCA regulated: Yes
- No monthly or annual fee
- Deposits are FSCS protected
- Can apply online
- UK phone support
- Accounting software integration
Zempler Bank Business Services
Current Accounts
A Zempler Bank account is managed online and on the app 24/7. You can set your account up online in 4 minutes with no credit check – you’ll get a sort code and account number instantly so you’ll be ready to accept payments. Their customer service team is UK-based and contactable online and by phone.
You’ll receive a debit MasterCard within 3-5 days of opening your account. Up to 20 additional cards can be added to your account for other users, as well as Euro and USD cards. You can also send and receive Faster Payments, pay in and withdraw at the Post Office, and integrate with your accounting software.
A Zempler Bank account is now free. There are extra fees for paying cash in at the Post Office and ATM withdrawals. The first 3 electronic payments and transfers of each month are free, but any more are charged at £0.99 each.
Savings account
Not available.
Overdrafts
Zempler Bank do not overdrafts, but do offer a product called: Zempler Bank iDraft. They describe it as: “a low cost fixed credit limit that’s attached to your Zempler Bank Personal or Business Current Account. You can automatically dip into it when you don’t have any money in your account and use it on anything you choose – from covering bills, to everyday purchases and withdrawing cash. And it’s reusable which means you can continue to use the iDraft limit as you pay off the amount you’ve used in part or in full.”
Business finance and loans
None currently offered.
Zempler Bank Reviews and Ratings
Trustpilot reviews are very mixed, with 50% rating Zempler Bank 5/5 and 33% having a bad enough experience to rate them 1/5. Many recent reviews are critical, with customers complaining of missing payments, blocked accounts, and technical problems. They also say it’s hard to get help on the phone. The positive reviewers think Zempler Bank is a ‘no nonsense’ business account with handy features.
There are also a substantial amount of Smart Money People reviews which are mainly positive. Reviews.co.uk comments are mainly negative, with similar complaints to Trustpilot.
The account isn’t included in the Which? list of ‘Best & Worst Banks’.
Zempler Bank was named as Paybefore’s ‘Top Challenger Bank 2017.
Zempler Bank recently revealed “plans to lend £400m to small businesses over five years”, when the business is granted a full banking licence.
Trustpilot – 3.8/5 (based on 6,200 reviews)
Reviews.co.uk – 1.45/5 (based on 11 reviews)
Smart Money People – 4.81/5 (based on 2,700 reviews)
Which? – not included
Pros
- The oldest UK challenger bank.
- Includes credit products.
- Clever, intuitive features.
Cons
- Extra fees on top of annual fee, even for very routine, basic account features.
- Credit products have a higher APR compared to other banks.
- Very critical recent reviews. They seem to have had some technical issues.
Website: Zempler Bank Website