Cater Allen vs Cashplus Bank for business banking

Updated on 7 August 2023

Choosing the right bank for your business operations is a significant decision. The success of your financial strategies often relies on the quality of the banking services you receive. In this article, we will compare two popular UK banks, Cater Allen vs Cashplus Bank, to help you decide which is the best for your business banking needs.

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The comparison will include a look at their features, pros and cons, fees and charges, and unique standout features.

Video: Choosing a business bank account

Cater Allen vs Cashplus

FeaturesCater Allen Private BankCashplus Bank
Online BankingAvailableAvailable
Mobile AppAvailableAvailable
24/7 Customer ServiceNot AvailableAvailable
Free Business BankingAvailableCharges apply
Interest on In-Credit BalancesUp to 0.50%Not Available
Overdraft FacilityUp to agreed limitUp to agreed limit
International PaymentsAvailable (fees apply)Available (fees apply)
Business Loan AvailabilityNot AvailableAvailable (subject to approval)
Business Savings AccountsAvailableNot Available
Cheque Book AvailableAvailableNot Available
Instant Issue Debit CardNot AvailableAvailable
Cash Deposit at Post OfficeNot AvailableAvailable
Personalised Account AlertsAvailableAvailable
Branch AvailabilityLimited (Santander branches)Online only
Easy Account OpeningAvailableAvailable
FSCS ProtectionUp to £85,000Up to £85,000
FX ServicesAvailable (fees apply)Available (fees apply)
Invoice FinancingNot AvailableAvailable (subject to approval)
Cashback on ExpensesNot AvailableUp to 1% of spend
Business Insurance OffersNot AvailableAvailable (subject to approval)
Cater Allen vs Cashplus

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Revolut Business
✓ Business Current Account
✓ Award-Winning Mobile App
✓ Quick & Easy Application Process
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Tide Business Bank Accounts
✓ Free, Plus, or Pro Account
✓ iOS & Android Mobile App
✓ Upload & Auto-Match Receipts
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Card One Money
✓ No Credit Checks
✓ Simple Fees
✓ Up To 3.5% Cashback
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ANNA Money
✓ Apply In 10 Minutes
✓ Bookkeeping & Payroll Tools
✓ User-Friendly Mobile App
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HSBC Business Banking
✓ Business Current Account
✓ In-Branch, Online & App Banking
✓ FSCS Protected
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Metro Business Banking
✓ Business Current Account
✓ High Street Presence
✓ FSCS Protected
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Mettle Business Banking
✓ Business Bank Account
✓ Online & App
✓ Quick & Easy Application Process
Pricing Trial period Contact

Monzo Business Banking
✓ Business Current Account
✓ Dedicated mobile app experience
✓ FSCS Protected
Pricing Trial period Contact

Virgin Money
✓ Business M Account
✓ In-Store, Online & App Banking
✓ Insights & Forecasting Platform
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Cater Allen Private Bank

Cater Allen is a private bank with a history dating back to 1816. It offers bespoke financial services with an emphasis on dedicated, personal customer relationships. The bank primarily serves clients looking for high-end, personalised services, including businesses of all sizes.

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Pros and cons

Pros

  • A long history of dependable service provides trust and confidence for clients.
  • It offers comprehensive online and mobile banking solutions, making banking operations convenient.
  • There are no monthly fees for their business current account.
  • The bank pays interest on in-credit balances, encouraging businesses to maintain healthy balances.
  • Cater Allen provides a dedicated Relationship Manager for businesses, enabling personalised service.

Cons

  • Limited 24/7 customer service can be problematic for businesses operating in different time zones.
  • No availability of business loans directly from the bank.
  • No instant issue of debit cards.
  • No cash deposit at the post office can limit options for businesses dealing with cash.
  • Limited physical branch availability may not be suitable for businesses preferring in-person services.

Table of fees and charges

ServiceFees and Charges
Monthly account chargeFree
Electronic paymentsFree
Cheque paymentsFree
Direct debitsFree
Overdraft arrangement fee1%
Unpaid item charge£15
International paymentsFrom £9.50
Cater Allen fees and charges

Unique and standout features

Cater Allen distinguishes itself with a focus on personalised, relationship-based banking services.

They assign a Relationship Manager to business accounts, which can be beneficial in providing tailored advice.

Their free business banking offering is appealing to many businesses, as it minimises overhead costs.

Moreover, Cater Allen pays interest on in-credit balances, a feature not common among many other banks.

The bank also provides robust online and mobile banking services for businesses, promoting ease of operation and management of funds.

Cashplus Bank

Cashplus Bank is a digital bank launched in 2005 that focuses on providing efficient, accessible financial services to individuals and businesses. They pride themselves on their technological innovation and their ability to offer a wide range of services to small and medium-sized enterprises.

Pros and cons

Pros

  • 24/7 customer service caters to the needs of businesses operating round the clock.
  • It provides a wide range of business services, including business loans and invoice financing.
  • Cashplus Bank offers cashback on expenses and business insurance offers.
  • An instant issue of debit cards helps in quicker access to banking services.
  • It provides options to deposit cash at the post office.

Cons

  • No free business banking means additional overhead costs for businesses.
  • No interest paid on in-credit balances.
  • No physical branches might be a disadvantage for businesses preferring in-person banking services.
  • No availability of business savings accounts.
  • No cheque book provision can limit payment options for certain businesses.

Table of fees and charges

ServiceFees and Charges
Monthly account charge£6.90
Electronic paymentsFree
Cheque payments£1 per cheque
Direct debitsFree
Overdraft arrangement fee£21
Unpaid item charge£15
International paymentsFrom £3.00
Cashplus Bank fees and charges

Unique and standout features

Cashplus Bank’s offering is anchored on digital innovation and accessibility.

They provide round-the-clock customer service, catering to businesses in different time zones and those requiring immediate support.

Their instant issue of debit cards is also a noteworthy feature, facilitating immediate banking operations upon account opening.

Cashplus Bank is particularly suitable for small and medium enterprises, offering invoice financing and business loans.

Additionally, they offer cashback on expenses and business insurance offers, adding value to their banking services.

Conclusion – Cater Allen vs Cashplus

Choosing between Cater Allen and Cashplus Bank depends on your business’s unique needs and preferences.

Cater Allen’s traditional and personalised approach to banking, along with its free business banking offering, may appeal to businesses looking for a high-end, reliable service with minimum overhead costs.

On the other hand, Cashplus Bank’s digital and comprehensive approach may be better for businesses that need round-the-clock customer service, require business loans and invoice financing, and appreciate the convenience of a fully digital bank.

It is advisable to carefully consider the unique requirements of your business, be it the need for physical branches, international payment services, business loans, or interest on in-credit balances, before making your final decision.

FAQ

Do both banks provide online and mobile banking?

Yes, both Cater Allen and Cashplus Bank offer online and mobile banking services, allowing you to manage your business finances conveniently.

Which bank provides 24/7 customer service?

Cashplus Bank offers 24/7 customer service. Cater Allen, however, does not provide this service round the clock.

Are there any free business banking options?

Cater Allen provides free business banking, whereas Cashplus Bank charges a monthly fee for their business account.

Does any bank offer interest on in-credit balances?

Cater Allen pays interest on in-credit balances. Cashplus Bank does not offer this feature.

Can I deposit cash at the post office with either bank?

Cashplus Bank allows cash deposit at the post office. Cater Allen does not provide this service.

Do both banks provide business loans?

Cashplus Bank offers business loans. Cater Allen does not offer this service directly.

Reviewed by , Managing Director

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