Zempler Bank (Formerly Cashplus) Review [2024]: Features, Fees & Support

Zempler Bank, originally launched as Cashplus in 2005, began as a prepaid card provider but transitioned to a fully-fledged bank after securing its banking license in 2021. 

Zempler Bank Ltd is registered in England and Wales, authorised by the Prudential Regulation Authority, and regulated by the Financial Conduct Authority.

The bank offers UK-based businesses a diverse range of financial products catering to small businesses, self-employed individuals, and startups, including business accounts, business expense cards, travel currency cards, and credit options.

As a member of Mastercard®, UK Finance, and the Financial Services Compensation Scheme (FSCS), Zempler Bank ensures customer protection and security. Accounts are protected up to GBP 85,000 under the FSCS scheme.

In August 2024, Cashplus rebranded to Zempler Bank to better align with its mission of simplifying banking and making it more accessible to microbusinesses and entrepreneurs across the UK.

Business Accounts

Zempler business account is a UK-based account, meaning that accounts can hold only GBP balances. Here are the highlighted account features.

• Send and receive local payments in the UK almost instantly via Fast Payment system
• Receive international payments in GBP, EUR, and other permitted currencies* from 35 countries via the SWIFT network.
• Plan and organise payment schedules.
• Cash deposit at over 11,500+ UK post office branches.
• Improve cash flow with spending insights, and categorise money with “Pot” feature for tax, and other business expenses.
• Capture bills with your phone and attach receipts to payments for easy tracking.
• Create and share professional invoices with your payees via email or WhatsApp.
• Integrate with accounting apps like QuickBooks, Xero, and Sage to make record-keeping easier. 
• 24/7 account fraud protection.
• Instant mobile notifications for all activities.
• FSCS protection up to GBP 85,000 on eligible deposits

*We couldn’t find the full list of permitted currencies on Zempler’s website, please contact them for details.

Before receiving or sending any payments, ensure your account details (e.g., sort code, IBAN, and SWIFT/BIC code) are correct to avoid any delays. Zempler Bank has noted that if the details are incorrect, they might hold incoming international payments for up to 4 weeks. In addition, receiving non-euro payments may incur dual conversion charges.

Cards

The bank offers various types of cards designed for business use. These include business credit cards, business expense cards, and travel cards. Let's take a closer look at each one of them.

Business Expense Card

Zempler expense cards are physical debit Mastercard®. The key features include:

• Can request up to 20 additional cards
• Set individual spending limits for each card.
• 24/7 real-time monitoring. 
• Access a unified view that includes the primary account and all additional cards.
• Earn cashback of up to 1% on all eligible card spending, with a monthly cap of GBP 1,000.

Business Credit Card

The Zempler Business Credit Card is a physical credit Mastercard® made from sustainable, recyclable plastic, offering the following benefits:

• 1% cashback on eligible purchases
• Competitive interest rates starting as low as 19.9% p.a. variable for purchases
• No annual or monthly fees 
• Flexible repayment options
• Up to 56 days of interest-free credit 
• Access your account, monitor your spending, view your statements, and manage your finances on the go with mobile and online banking.
• Itemised billing to easily track your business expenses

Travel Currency Card

Travel Currency Card is a currency card available in Euro or US Dollars. It is a prepaid card that you can easily top up by transferring funds from your Zempler business account. Additionally, once you have finished using the card, you have the option to transfer any remaining balance back to your account. Below are key features of travel cards.

• Make purchases without transaction fees.
• Withdraw cash at ATMs abroad for free
• Monitor and control spending in real-time
• The maximum balance on the EUR cards is EUR 5,000.
• The maximum balance on the USD cards is EUR 7,500.

Other Services

• Savings account: Currently, Zempler doesn’t offer a savings account directly. However, it has teamed up with Aldermore Bank to offer business savings accounts. You can open an account online with only a starting balance of GBP 1,000 and begin earning interest.
• Overdraft service: Offers a flexible line of credit up to GBP 2,000 to help businesses cover unexpected expenses with a short-term safety net.
• Business Creditbuilder feature: A 12-month commitment to paying account fees of GBP 9 on time. Simply pay your monthly fee as usual, and the bank will report your payments to credit reference agencies. After 12 on-time repayments, your commitment is cleared, potentially boosting your business credit score.

Business Account Plans and Limitations

Lastly, Zempler offers three business account plans: Business Go, Business Extra, and Business Pro, tailored to companies of all sizes.

While all plans provide access to Zempler's features and services, there are a few key differences:

• Business Go Plan users are not eligible for cashback on expense card spending.
• Business Creditbuilder is exclusively available to Business Extra Plan users.
• Business Pro Plan users can earn 1.75% interest from the savings pot feature. The savings pot has a cap of GBP 10,000 for existing business clients and up to 100,000 for new clients.

In addition, each plan comes with limitations. Here is an overview of Zempler's business account limitations.

Business Go Plan and Business Extra Plan

• Account balance limit: GBP 500,000
• Daily cash withdrawal limit: GBP 500
• Card contactless transaction limit: PIN is required after exceeding GBP 225
• Outbound bank transfer limit: GBP 25,000 per transfer
• Cash deposit at post office branches: GBP 5,000 per day

Business Pro Plan

• Account balance limit: Unlimited
• Daily cash withdrawal limit: GBP 500
• Card contactless transaction limit: PIN is required after exceeding GBP 225
• Outbound bank transfer limit: GBP 25,000 per transfer
• Cash deposit at post office branches: GBP 5,000 per day

Zempler Bank’s Feature Rating is 3.5/5

Zempler Bank Business Account is ideal for UK-based businesses seeking simple banking features with digital convenience. It stands out for its diverse card options with cashback potential, fast local payment capabilities, lending services, and the unique advantage of cash deposits at post offices. However, businesses with a global footprint or complex financial needs may find their limitations in handling multiple currencies and international transfers less suitable.

There is currently no initial fee for opening a Zempler Business Account. In certain cases, the company, however, still reserves the right to charge an onboarding fee.

For example, if at least one of the Person with Significant Control (PSC) of your company is a corporate entity, Zempler will contact you to request furhter information. In this instance, there may be an additional cost of GBP 100 as part of your account opening fee.

Zempler charges no account maintenance fee for the Business Go Plan. In contrast, the Business Extra and Business Pro Plans have monthly fees of GBP 9 and GBP 19, respectively.

For local transfers, there is a free allocation, depending on your account. A fee 30p per transfer will be charged after exceeding the allocation.

You can switch plans between Business Go and Business Extra once every 60 days. If you've already switched, you'll need to wait 60 days before making another switch. For Business Pro, switches are allowed once every 90 days.

Zempler Bank’s Fee Rating is 3/5

Zempler Bank offers a cost-effective solution for businesses with local banking needs, providing free incoming local transfers and minimal outgoing transfer fees. However, drawbacks include fees for ATM withdrawals, cash deposits, and receiving international transfers. This might be a particular concern for businesses operating on an international scale.

The bank provides customer service through various channels:

• Zempler Help Center Page: Access FAQ on the website
• In-app chat: Only for Business Extra and Business Pro
• UK Customer Services: 0330 024 0924, available Monday to Friday from 8 am to 8 pm, Saturday from 8 am to 4 pm and from 9 am to 5 pm on UK Bank holidays.
• Calling from abroad: +44 207 153 8940.
• Credit management inquiry: 0203 059 5784. Operating hours are Monday to Thursday from 8 am to 8 pm, Friday from 8 am to 6 pm, and Saturday from 9 am to 1 pm. 
• 24/7 Lost or Stolen Cards: Call 0330 024 0924. Or you can temporarily block your card through your online banking channel.
• Complaint: Email complaints@zemplerbank.com or write to Zempler Bank Complaints Department, PO Box 5525, Manchester, M61 0QS

There may be slight adjustments during the festive period. You can find more information on Zempler Bank’s Contact Us page. Also, we recommend you to check out Zempler Bank’s Trustpilot review to see what customers are saying about their products and customer service.

Zempler Bank’s Customer Support Rating is 3.5/5

Zempler provides a solid range of customer support options. However, the limited hours for general customer service and the limitation on the chat feature might restrict immediate access to support for some users.

With Zempler Bank, both private individuals and business clients can open an account. Our focus will be on the eligibility criteria and the documents required to open a business account, as outlined below.

Eligibility

Zempler Bank provides business accounts to sole traders, limited companies, charities, and partnerships based in the UK. 

Business eligibility is outlined as follows.

Sole Traders:

• Be a UK-based sole trader or freelancer.
• Applicants must not be registered with UK Companies House.

Limited Companies:

• Business needs to be located in the UK
• Business needs to be registered at Companies House, and classified as active (not dissolved, in liquidation, or about to be struck off).

Corporate Shareholder and PSC Requirements:

• Your company should have four or fewer PSCs registered with Companies House. Applications from businesses with more complex corporate PSC structures cannot be processed at this time.
• All PSCs must be over 18 years old.
• PSCs located outside the UK will undergo additional checks.
• Your business must not operate in an unsupported industry. 
• Zempler Bank retains the right to decline applicants who do not meet the required checks.
• Applications with corporate shareholders, upon approval and account opening, will incur an additional cost of GBP 100 as part of the account opening fee.

If the applicant resides in the UK, their business operates in the UK, and all other application checks and criteria are satisfied, Zempler may consider business account applications that include directors and/or Persons with Significant Control (PSCs) residing in the specified non-UK countries.

For detailed information, please refer to the Zempler Bank eligibility criteria information page.

Required Documents 

For the required documents, you will need proof of identity, proof of address, and other documents, depending on your business type. 

We have outlined them below.

Proof of Identity:

For verification of identity, you may submit one of the following documents:

• Passport
• UK or EU driver’s licence 
• EEA member state ID card
• Military ID card
• Biometric Residency Card 
• Other proof such as a Firearms certificate or shotgun licence, Northern Ireland electoral ID card, Construction industry scheme card

The provided copy should include both the front and back of the card.

Proof of Address:

Zempelr Bank accepts various documents to verify your address in the UK, such as

• Utility bill dated within the last three months.
• Bank or building society statement – you may submit an original statement or a PDF dated within the last three months, accompanied by a UK passport or UK driver's license.
• Letter from HMRC dated within the last three months.
• Tenancy agreement from a council or housing association dated within the last three months. Private tenancy agreements will not be accepted.
• Council rent card dated within the last three months.
• Credit card or store card statement within the last three months.
• Mortgage statement dated within the last three months.
• Solicitor’s letter
• Copy of benefits or DWP pension confirmation from the current or new tax year.
• Copy of council tax bill from the current tax year.
• Copy of Inland Revenue Notice of Tax Coding from the current or new tax year.

For Business Trading Address Verification:

If you need to verify your business's trading address, you can choose from the following options

• Copy of lease/tenancy agreement
• Utility bills dated within the last 3 months
• Signed letter from accountant

The trading address may differ from the registered business address.

For Partnerships or Limited Liability Partnerships:

If you are applying as a partnership or LLP, you need to provide proof and relevant documents for all partners involved.

For Charities:

If applying as a charity, upload a letter of authority on official letterhead listing all trustees and provide proof of identity documents for each trustee. The letter must be signed by a trustee and include identity documents for each trustee.

For Limited Companies:

• Limited companies must verify the birth date and residential address of any Persons of Significant Control (PSCs).
• An up-to-date confirmation statement with Companies House.

The specific document requirements for the business account can be found in the confirmation email sent by Zempler after you submit your application.

For further details, please consult the Zempler Help Center regarding opening an account.

The Ease of Opening a Zempler Bank Business Account is 3/5

Opening a Zempler Business Account involves a thorough process with specific eligibility criteria and documentation requirements. The positive aspect is that they accept various types of documents as proof. However, the limitation on using copies and the relatively extensive requirements regarding PCSs might introduce some complexity. Plus, only UK-based businesses are eligible.

If you are targeting the Asian market, Statrys is a reliable alternative for managing your business finances in this region.

Statrys offers online payment services for companies registered in Hong Kong, Singapore, and the British Virgin Islands (BVI). Our payment solutions include multi-currency business accounts, low-cost international transfers without transaction limits, and FX services with nominal fees.

Statrys has helped over 3,500 businesses streamline global payments and expand effortlessly.

Let's explore Statrys’ services in more detail.