Zempler Bank review
Full UK bank (own banking licence, bank since 2021, FCA-regulated). Formerly Cashplus Bank, rebranded 9 July 2024.
Newly registered sole traders and limited companies with no trading history or poor credit who want FSCS protection without a credit check
At a glance
- Monthly fee
- Business Go £0
- Paid tiers
- Business Extra £9/month, Business Pro £19/month
- Free transfers
- 3 free transactions/month on all tiers, then 35p each. ATM £2. Cash deposit 0.55% (£4 min). [VERIFY: re-confirm all figures on zempler.com before publish]
- FSCS protection
- Protected — £120,000Direct FSCS protection up to £120,000 on Zempler’s own banking licence.
- Best for
- Newly registered sole traders and limited companies with no trading history or poor credit who want FSCS protection without a credit check
Pros
- Full FSCS protection up to £120,000 on own licence
- No credit check to open
- Interest paid on current account balances
- Accepts businesses declined elsewhere; Creditbuilder tool on Business Extra
Cons
- 35p per transaction after 3/month — expensive at volume
- Cash deposit fees
- No cheque deposits
- Fuller features need paid tiers
Who can apply
Broad acceptance — most UK small businesses, sole traders and self-employed.
Integrations
Xero · QuickBooks · Sage