Does Monzo offer a business account?

Yes, Monzo offers a business bank account, but it's only available to sole traders and limited company directors in the UK. If you're searching for a business account in Canada, check out our guide to the best business bank accounts . Related: Is Revolut for Business available in Canada?

Does Monzo offer overdraft protection?

Yes, UK and US customers can set up overdraft protection on their Monzo accounts. In Canada, Monzo alternatives like Tangerine and Simplii Financial provide the option of adding overdraft protection to your chequing account.

What is the Canada Deposit Insurance Corporation (CDIC)?

The CDIC is a federal crown corporation that's responsible for insuring eligible savings deposits in Canada. When you deposit money with a bank or credit union that is a CDIC member, the CDIC insures up to $100,000 of your money (per insurable category) in the unlikely event that the financial institution fails.