Zempler Bank Business Banking (2024): Accounts, Fees & Reviews

About Zempler Bank

·Updated 10/07/2024·

Zempler Bank (formerly Cashplus Bank) is an online bank alternative that aims to reduce the inconveniences that come with traditional, high street banking. The Zempler Bank account is for small businesses that want a convenient, efficient business account that has all the tools and features needed to help provide a great customer experience. Zempler believes 'the future is small' and that all small businesses deserve more from their bank account.

See our full Zempler business bank account review of features, fees and how they compare to other online bank accounts.

Zempler Bank pros & cons

Pros of Zempler

Fully regulated bank with FSCS protection
No credit checks during sign up
Register your business for free, saving £12
Fully digital account management
Boast a 4 minute application
Credit & overdraft options available, subject to eligibility

Cons of Zempler

No facility for cheque deposits
Customer support is not 24/7
Accepting international payments is expensive
No bank branches for those that prefer offline banking

Zempler Bank business accounts

Zempler Bank offer two accounts for small businesses, they are:

Business Go - their free business account, great for sole traders & businesses that handle less than £50,000.
Business Extra - paid account costing £9 per month, for businesses

The Zempler business bank accounts are online-only, meaning they can only be accessed by the Zempler app or online banking portal.

You can use the Post Office for cash related services, with their Everyday Banking service, though no cheque services are available.

Here is a summary table for the two Zempler business accounts:

Account name	Business Go	Business Extra
Application fee	Free	Free
Account fee	Free	£9 per month
Bank transfers	3 free each month, then £0.30 each	10 free each month, then £0.30 each
Card purchases	Free	Free
ATM withdrawals	£2	£1
Cash deposits (Post Office)	0.3% fee	0.3% fee
Card issue	£9.95	Free
Interest (AER)	0%	0%

Security & protection

Zempler is a fully licensed bank meaning that all deposits are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000.

All activity is monitored for fraudulent activity, 24/7. Accessing your account through the app or the web requires a password, face recognition, PIN, or fingerprint.

And lastly, you have advanced control over expense cards in the app.

Eligibility

Zempler's business account is available to most small businesses registered in the UK, sole traders and other self-employed ventures, such as:

Sole trader
Partnership
Limited company
Limited liability partnership
Charity (registered with Companies House)
Public sector organisation.

There are no credit checks conducted by Zempler during the application process, so if you have a bad credit history, any county court judgements (CCJ) or if you have previous defaulted, you could still be accepted.

The following must be met for eligible business applicants:

Be a UK resident
Be a UK-based business
Have a UK phone number
Limited companies will need to provide the date of birth & home address of all significant persons involved

Opening an account

Here's how to open a Zempler Bank business account:

Download the Zempler Bank app from the App Store or Google Play or sign up from their website
Complete their digital application with no credit checks - Zempler will confirm your eligibility
Verify your ID - you'll need to upload a picture ID and a video of yourself
Once approved (usually same day), you can start banking

Overdrafts

Zempler offer overdrafts up to £2,000 for 30 days. The interest rate varies but they state a representative APR of 69.9% - based on an arranged overdraft of £500 and interest rate of 57.07% EAR.

Additional services

Zempler has a number of credit products so they can provide you with exactly what you need. You have the option of a cash advance, credit card and debit protect.

Zempler Bank reviews

Zempler have an average Trustpilot score of only 3.7 stars, from over 9,800 reviews, with 54% rating them 5-stars.

The Zempler iOS app gets 4.7 stars out of 5, based on more than 47,500 ratings.

Google Play users rate the app 4.4 stars from over 23,300 reviews

Information correct as of 25th January 2024.

Our verdict on Zempler Bank

Zempler Bank (formerly Cashplus) is the oldest online bank out of all the UK challenger banks. It is intuitive and offers helpful tools and features for new, startup and small businesses. The ease and speed of opening an account make for an extremely attractive offering, especially since they don't run any credit checks.

Frequently asked questions

It's not uncommon to have questions when looking in to business banking, especially for the first time. These are some of the most relevant questions for Zempler Bank:

If you are the owner or director of a limited company, partnership or sole trader you can open an account with Zempler.

Yes, Zempler Bank don't perform credit checks when applying to open an account.

You can apply for your Zempler business account in as little as four minutes. Once you have applied you will be able to track the application progress with a status tracker, though you will usually get an instant online decision.

Zempler Bank offers two accounts, the Business Go Account which has no monthly fees and the Business Extra Account which costs £9 per month to hold.

Yes, Zempler became a fully licensed UK bank in 2021, when it was called Cashplus Bank.

Zempler are covered by the Financial Services Compensation Scheme (FSCS), protecting eligible deposits up to £85,000. They also offer other security features such as fraudulent activity monitoring and password protection.

Zempler Bank are part of The Current Account Switch Service (CASS) meaning that changing from your current provider could not be easier. Just apply normally and mention you are switching banks, agree a switch date and Zempler will do the rest.