Cashplus granted full UK banking licence

Advanced Payment Solutions Limited, trading as Cashplus, which offers a range of business and personal banking products, has been granted a full UK banking licence.

As a full UK bank, customers with money up to £85,000 deposited into a Cashplus bank account are offered greater protection as their money is now protected under the Financial Services Compensation Scheme (FSCS).

In addition to this, Cashplus, which already offers a range of products including business bank accounts and basic bank accounts for consumers, can now look to expand its product range, although the bank has not made any announcements yet as to its future product plans.

Existing Cashplus customers will not see any changes to their bank accounts and can continue using their account and existing cards as normal. Some changes, however, have been made to terms and conditions, which the bank has stated it has notified customers about.

Those with a Cashplus iDraft, will have this facility changed to a standard overdraft facility and instead of paying a flat daily fee, charges will be amended to a simple interest rate.

Cashplus was originally founded in 2005 and currently has 1.6 million customers.