Cater Allen vs Cashplus for business banking – Comparing pros and cons, features and fees

When it comes to choosing a business banking provider in the UK, there are several options available, each with its own unique set of features and benefits. Two popular choices among businesses are Cater Allen and Cashplus.

In this article, we will compare the pros, cons, key differences, costs, and other important considerations of Cater Allen vs Cashplus to help you make an informed decision.

Cater Allen vs Cashplus

Features	Cater Allen Private Bank	Cashplus Bank
Trust and Reputation	Part of the Santander group	Digital banking provider
Account Options	Current accounts, deposit accounts, specialist accounts	Business and personal banking services available
Eligibility Criteria	Primarily for established businesses and high-net-worth individuals	Accessible for startups and small businesses
Branch Network	Limited physical branch network	Online-only bank, no physical branches
Fees and Charges	Varies depending on account type and transaction volume	Transparent pricing plans with separate charges for additional services
Technology and Digital Banking Features	Digital banking services	Advanced digital tools and features Mobile banking, expense management, integration with accounting software
Customer Support	Dedicated relationship managers	Reports of issues with responsiveness and quality
Accessibility	Limited eligibility criteria, may not be suitable for startups and smaller businesses	Lenient eligibility criteria, suitable for startups and small businesses

Remember to consider these factors along with your specific business needs and growth potential when making your decision.

Statistics

1. Cater Allen:

• Cater Allen has been in operation since 1816 and has built a reputation as a trusted banking provider with a long history in the UK financial industry.
• As a subsidiary of Santander UK, Cater Allen benefits from the backing of one of the largest banking groups in the world, offering stability and resources.
• Cater Allen serves a wide range of customers, including businesses, charities, and professionals, providing specialised account options to meet diverse needs.

2. Cashplus:

• Cashplus has gained significant popularity in recent years, with over 1.6 million customers in the UK.
• The digital banking platform provided by Cashplus has been recognised and awarded by various industry bodies for its innovation and user-friendly features.
• Cashplus focuses on providing accessible banking services, catering to the needs of startups, small businesses, freelancers, and individuals who may have limited access to traditional banking services.

Cater Allen Private Bank

Cater Allen, a subsidiary of Santander UK, has established itself as a reputable name in the business banking sector. Here are some key points to consider:

Pros

• Trust and reputation: Cater Allen benefits from being part of the Santander group, which brings a sense of trust and stability to its services.
• Account options: They offer a range of business banking products, including current accounts, deposit accounts, and specialist accounts.
• Personalised service: Cater Allen prides itself on its dedicated relationship managers who provide tailored assistance to business customers.

Cons

• Eligibility criteria: Cater Allen’s services are primarily aimed at established businesses and high-net-worth individuals. Startups or smaller businesses may find it difficult to meet the eligibility requirements.
• Limited branch network: Cater Allen has a limited physical branch network, which might not suit businesses that prefer face-to-face interactions.

Key differences

• Fees and charges: Cater Allen’s fees can vary depending on the type of account and transaction volume. It is crucial to carefully review their pricing structure to ensure it aligns with your business needs.
• Technology and digital banking: While Cater Allen offers digital banking services, it may not have the same level of advanced features and technology as some of its competitors.

Cashplus

Cashplus, on the other hand, is a digital banking provider that has gained popularity for its flexibility and accessibility. Let’s explore its pros and cons:

Pros

• Easy account opening: Cashplus provides a swift and straightforward account opening process, making it convenient for businesses to get started quickly.
• Flexibility: Cashplus offers both personal and business banking services, making it suitable for sole traders, freelancers, and small businesses.
• Digital banking features: Cashplus boasts a range of user-friendly digital tools, including mobile banking, expense management, and integration with accounting software.

Cons

• Limited branch access: Cashplus is primarily an online bank, meaning there are no physical branches available for in-person support.
• Customer support: Some users have reported issues with the responsiveness and quality of Cashplus’ customer support.

Key differences

• Eligibility: Cashplus has relatively lenient eligibility criteria, making it more accessible for startups and small businesses.
• Cost structure: Cashplus offers straightforward pricing plans, with transparent fees for transactions and account maintenance. However, additional services may have separate charges.

Cater Allen vs Cashplus – Considerations

1. Business needs: Assess your specific business requirements, such as transaction volume, international payments, and cash handling, to determine which bank aligns better with your needs.
2. Growth potential: Consider whether your business has plans for expansion or diversification, as it may impact the scalability and suitability of your chosen banking provider.
3. Reputation and trust: Evaluate the reputation and customer feedback for both banks to ensure their services meet your standards and expectations.

Cater Allen vs Cashplus – Verdict

In conclusion, both Cater Allen and Cashplus offer distinct advantages for business banking in the UK.

Cater Allen brings a strong reputation and personalised service, while Cashplus offers accessibility and digital banking features.

Understanding your business needs and considering factors such as eligibility, costs, and technology will guide you towards the most suitable option.

Take the time to research, compare, and make an informed decision to ensure a smooth and efficient banking experience for your business.

Remember to review the terms and conditions, as well as any additional services or features that may be important to your operations.

Cater Allen vs Cashplus – FAQ

It’s important to note that these FAQs provide general information, and it’s recommended to reach out to Cater Allen and Cashplus directly or visit their websites for the most up-to-date and detailed information specific to your business banking needs.