What is a current account and why do I need one?
A current account is the same as a bank account. A current account allows you to deposit money into it and withdraw money out of it.
Most current accounts allow you to carry out the same basic functions, including:
A current account with instant approval*
With the Cashplus current account, you’ll get instant approval and an instant account number and sort code (subject to verification) so you can set up your account within minutes. If you’ve had trouble obtaining a bank account in the past, you won’t have any problems getting a Cashplus card.
No credit check bank account for poor credit
There are no credit checks involved when applying for Cashplus. Many high-street bank account providers perform credit checks when you apply, therefore there’s a chance that you could be turned down for a bank account.
However, with Cashplus, there are no credit checks involved, so your application is guaranteed to be accepted subject to verification!
Guaranteed current account with overdraft
Once you’ve set up your Cashplus account, you can apply for an iDraft. The iDraft is a £250 arranged overdraft facility, that costs only 75p per day to use and the maximum you can get charged is £10 per month (in addition to the monthly fee). This allows you to spend over your balance when you’re in need of extra cash.
Check your bank account online
Take advantage of the Cashplus mobile app and online ‘Members Area’, which allows you to monitor your account balance on the go.
Check your balance, wherever you are
Take advantage of the Cashplus mobile app and ‘Online Servicing’, which allows you to monitor your Cashplus card balance on the go.
Overdraft facility for spending emergencies
Once you’ve set up your Cashplus account, you can apply for an iDraft. The iDraft is a £250 arranged overdraft facility, that costs only 75p per day to use and the maximum you can get charged is £10 per month. This allows you to spend over your balance when you’re in need of extra cash.
Establish or rebuild your credit profile with Creditbuilder™
Add the Creditbuilder™ to your Cashplus account for free. You could improve your credit score with regular monthly repayments. This feature doesn’t come with standard bank accounts.
Apply now for an Cashplus Deluxe current account!
‘Can you open a bank account with bad credit?’
Yes! The Cashplus Deluxe current account comes with no credit checks, therefore you can open a bank account with bad credit.
‘Can you set up a bank account online?’
Yes. Similarly to Cashplus, many banks offer an online sign-up process, eliminating the need for you to visit a brick-and-mortar bank branch.
‘Who can open a current account?’
To open a bank account independently in the UK, you need to be at least 16 years of age. However, you need to be aged 18+ to open a current account.
You can also obtain a current account for children and teens, but in most cases they’ll need the help of a parent or guardian who is aged 18+.
Want to rebuild poor credit with your current account?
The Cashplus Deluxe current account comes with many additional features, all designed to improve poor credit and assist with financial capability. If you have poor credit and are finding it tricky to get accepted for a bank account, give Cashplus’ current account a try.
Rebuild poor credit with the Cashplus current account and Creditbuilder™
You could improve your credit rating with the Cashplus current account through Creditbuilder™. Find out more here https://icount.co.uk/advantages/creditbuilder/.
Refused a bank account: What will happen if you apply for a prepaid card?
Firstly, you’re not alone. The average person in the UK is rejected twice for a bank account if they have poor credit. Find out more about the application process and why the current account for poor credit from Cashplus could be a good solution.
Looking for more advice on your personal finances. Our simple and straightforward money guides offer advice and guidance on budgeting, banking and making the most of your current account.
Frustrated with your current bank account?
Finding the perfect bank account isn’t easy, our guide could help you decide what kind of bank account is right for you.
Looking for an instant online bank account?
The process of applying for a high street bank account can often be lengthy and somewhat confusing, this guide will explain how to get a bank account, instantly.
How do I switch my bank account over to a current account with prepaid card?
If you’re thinking about switching bank accounts, read all about the Cashplus current account with prepaid card and how easy it is to switch your current account.
Refused a bank account: What will happen if I apply for a prepaid card?
If you’ve been refused a bank account, not to worry! Read our latest money guide to find out why a current account is the best alternative to a bank account.
All about the Cashplus current account
Updated on 2020-11-23T17:43:30+01:00, by .