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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.
Monzo has the option of two business accounts to choose from:
Other costs that apply to both accounts include 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.
These are the features on offer with both the Lite and Pro versions of Monzo business banking:
As you would expect, the fee-paying Pro account comes with some extra features, especially designed for business banking users:
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.
![]() Monzo | |
Account fee | Free |
FSCS protected | |
UK ATM charge | No UK ATM charge - daily limit of £400 and monthly limit of £5,500 |
Account software integration | |
Accounts software integration platforms | Xero, FreeAgent and QuickBooks |
Additional cards | Only 1 available with the free service |
Requires credit check | Soft search with no impact on credit score |
Credit check | |
Credit check details | Soft search with no impact on credit score |
Overdraft | |
Freeze card from app or online banking | |
Instant notifications | |
Interest rate | 0% |
Current account switch guarantee |
![]() Monzo | |
Overseas transaction charge | Mastercard's wholesale rate with no added fees |
Overseas ATM charge | No charge inside EEA up to £400 daily, outside EEA £200 free every 30 days and 3% charge after that |
International transfer charge | You will need to pay a TransferWise fee |
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.
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.
Pros
Cons
As one of the UK’s original challenger banks, Monzo is rated highly by its customers for ease of use and the ability to manage accounts through its innovative mobile banking app. One of the nice touches with a business account is you can also access it through a web browser – handy if you’re working on an office computer.
Both Monzo business accounts (including the free “Lite” version) come with decent features, although as expected, for the more advanced stuff such as Tax Pots and software integration, you’ll have to sign up to the paid-for “Pro” account.
Monzo does offer 24/7 support through its digital channels and telephone lines, but if you’d prefer to be able to visit a branch in person, then a business account with a high street bank might be a better option for you.
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