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.
Cater Allen vs Cashplus
| Features | Cater Allen Private Bank | Cashplus Bank |
|---|---|---|
| Online Banking | Available | Available |
| Mobile App | Available | Available |
| 24/7 Customer Service | Not Available | Available |
| Free Business Banking | Available | Charges apply |
| Interest on In-Credit Balances | Up to 0.50% | Not Available |
| Overdraft Facility | Up to agreed limit | Up to agreed limit |
| International Payments | Available (fees apply) | Available (fees apply) |
| Business Loan Availability | Not Available | Available (subject to approval) |
| Business Savings Accounts | Available | Not Available |
| Cheque Book Available | Available | Not Available |
| Instant Issue Debit Card | Not Available | Available |
| Cash Deposit at Post Office | Not Available | Available |
| Personalised Account Alerts | Available | Available |
| Branch Availability | Limited (Santander branches) | Online only |
| Easy Account Opening | Available | Available |
| FSCS Protection | Up to £85,000 | Up to £85,000 |
| FX Services | Available (fees apply) | Available (fees apply) |
| Invoice Financing | Not Available | Available (subject to approval) |
| Cashback on Expenses | Not Available | Up to 1% of spend |
| Business Insurance Offers | Not Available | Available (subject to approval) |
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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
| Service | Fees and Charges |
|---|---|
| Monthly account charge | Free |
| Electronic payments | Free |
| Cheque payments | Free |
| Direct debits | Free |
| Overdraft arrangement fee | 1% |
| Unpaid item charge | £15 |
| International payments | From £9.50 |
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
| Service | Fees and Charges |
|---|---|
| Monthly account charge | £6.90 |
| Electronic payments | Free |
| Cheque payments | £1 per cheque |
| Direct debits | Free |
| Overdraft arrangement fee | £21 |
| Unpaid item charge | £15 |
| International payments | From £3.00 |
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
Yes, both Cater Allen and Cashplus Bank offer online and mobile banking services, allowing you to manage your business finances conveniently.
Cashplus Bank offers 24/7 customer service. Cater Allen, however, does not provide this service round the clock.
Cater Allen provides free business banking, whereas Cashplus Bank charges a monthly fee for their business account.
Cater Allen pays interest on in-credit balances. Cashplus Bank does not offer this feature.
Cashplus Bank allows cash deposit at the post office. Cater Allen does not provide this service.
Cashplus Bank offers business loans. Cater Allen does not offer this service directly.