Monzo business account review

Challenger bank Monzo now offers business banking. Check out what accounts it provides and whether they could be the right business banking solution for you.

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Try Tide as an alternative to Monzo's business account

  • Free business Mastercard
  • No foreign transaction fees
  • In-app support
  • Invoice directly from your Tide app

After Revolut and Starling got into business banking in 2017 and 2018 respectively, it was just a matter of time before Monzo did the same.

In February 2019, Monzo ran an initial trial of its business accounts, and the bank has now fully launched them in the UK.

What business accounts does Monzo offer and how much do they cost?

Monzo has the option of two business accounts to choose from:

  • Lite. A free basic business account
  • Pro. A more advanced business account that costs £5 per month

Other costs that apply to both accounts are a £1 charge to deposit cash via one of the UK’s PayPoints (you can post cheques to Monzo to deposit for free). It’s free to withdraw money at UK ATMs or spend on your Monzo card either in the UK or abroad. For overseas ATM withdrawals you get to take out £200 for free every 30 days, then there’s a charge of 3%.

Monzo doesn’t have a branch network, so its business accounts are designed to be managed by customers digitally. This is done mainly through the bank’s mobile app, although unlike with its better-known current account, Monzo does offer web access for its business accounts, so they can be managed on your home office computer and not just your smartphone.

What features do I get with a Monzo business account?

These are the features on offer with both the Lite and Pro versions of Monzo business banking:

  • Business debit card
  • 24/7 customer support
  • Free instant UK bank transfers
  • Pots to separate money
  • Instant notifications
  • Budgeting and categorised spending
  • Digital receipts
  • Apple Pay and Google Pay
  • Card freezing option
  • Biometric login

What extra features do I get with the Monzo Pro business account?

As you would expect, the fee-paying Pro account comes with some extra features, especially designed for business banking users:

  • Integrated accounting with Xero, QuickBooks and FreeAgent
  • Tax Pots to set aside money for your tax bill
  • Account access and payment cards for up to two other people (limited companies only)
  • Invoicing capabilities, where you can create, send and track invoices in the app
  • Exclusive offers, such as a free trial with Xero

How do I apply for a Monzo business account?

You can apply for a Monzo business account through your smartphone, by downloading the bank’s app.

You must be a sole trader or a registered limited company by shares (a “Ltd” company) based in the UK. If you’re a Ltd company, you’ll also need to be a tax resident in the UK only.

Is Monzo safe?

Yes. Monzo is a fully licensed bank in the UK, so it’s covered by the Financial Services Compensation Scheme, or the FSCS for short. What this means is that all of your eligible money, up to a total of £85,000, is protected by the government should the bank fail.

Monzo business banking reviews

Online customer reviews are for Monzo Bank as a whole, not its business accounts specifically.

But to give you an indication of how Monzo’s overall banking services have been judged by its users, on Trustpilot, Monzo has 4.5 out of 5 stars and a rating of “Excellent”, based on more than 9,000 customer reviews.

The Monzo banking app also has 4.4 out of 5 stars in the Google Play store, based on more than 20,000 user reviews. On the App Store, the app has 4.5 out of 5 stars, based on almost 13,000 reviews.

Customers in general had big praise for Monzo’s customer service and app features, though one or two were unhappy with not being able to raise any issues in person with the digital bank.

Compare alternatives to Monzo’s business accounts

Data indicated here is updated regularly
Name Product Interest Monthly fee Overdraft
Tide
0%
No monthly fee
No overdraft available
Get a business account in minutes.
Amaiz
0%
Free Starter plan, or £9.99 a month for Advanced account
No overdraft available
CardOneMoney
No interest
No monthly account fee for the first three months*
No overdraft
*£12.50 monthly fee thereafter inclusive of transactional fees
ANNA
0%
Starts from £0
No overdraft available
Starling Business Account
0%
No monthly fee
Overdraft available
TSB business banking
0%
Up to 25 months* free day to day banking
Planned overdraft available subject to acceptance
*25 months free when keeping your account within agreed limits. £5 fee applies after this period, but will be waived if you maintain an average monthly balance of £10,000.
Cashplus Business
0%
No monthly account management fees, annual account fee is £69
Up to £2,000 of credit, using it costs £1.50 a day
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