Designed with the needs of small businesses in mind, Monzo Business makes it easy for you to set up a new business account and start managing your money.
Monzo’s business offering is among the best available from challenger banks, blending intuitive app functionality with traditional features such as loans and cash/cheque deposits. Business owners who want a comprehensive and easy-to-use banking solution should explore what it has to offer. Read on to find out more about Monzo.
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Monzo Lite Business Account
Free
Free
Free
n/a
- Available to sole traders, or the director of a registered limited company by shares (Ltd)
- Must be based in the UK
NerdWallet's Review Summary
Challenger bank Monzo offers businesses intuitive and efficient app-based banking, making it a great option for new start ups. Features offered by Monzo that might be useful to any business just taking off include round-the-clock customer service, free trials of accounting software and a pots feature that lets customers separate their money. However, some of these features are only included with Monzo’s Pro account, which carries a £5 monthly fee.
For further details, read NerdWallet’s Monzo Business Account Review.
Monzo key features:
- Accounts open quickly: New business bank accounts with Monzo are usually open and ready to use on the same day an application goes through.
- Free transactions: Electronic payments within the UK are completely free for Monzo’s business banking customers.
- Customer service: In-app customer support from Monzo is available to business customers with urgent concerns at all hours.
NerdWallet's Pros & Cons
Pros:
- There is a free business account available (Monzo Business Lite).
- Free basic transactions.
- Highly rated mobile app.
- You may be able to get access to online banking on the same day as you apply.
Cons:
- No phone or branch banking.
- No accounts for charities or partnerships.
This product may be one of a range offered by this provider. Always check terms & conditions for suitability before applying.
Key features
- Free basic transactionsAll accounts include simple no-fee UK bank transfers.
- Free and paid accountsThere is a choice between a free and paid business current account
- Sole trader loans and overdraftsEligible sole traders can apply for loans of up to £25,000 and overdrafts of up to £2,000 with Monzo.
- Accept paymentsAccept customer payments by card via your smartphone, or by using payment links.
- Earn interestQuickly set up instant access savings pots to earn interest on your business’s money.
- Deposits protected by FSCSBusiness bank accounts, and if eligible, deposits may be protected by the Financial Service Compensation Scheme (FSCS) up to £85,000
Monzo business account full review
Monzo is a relatively new contender on the business banking scene, launching its first business account in 2020.
Its products are currently available to sole traders and limited companies, with eligible deposits protected by the Financial Services Compensation Scheme (FSCS).
Monzo currently offers three versions of its business account. Monzo Business Lite is a free account with everyday banking facilities, while Monzo Business Pro is a paid account with a more extensive list of features. Monzo Team, which launched in October 2024, includes everything from the Pro plan, as well as expense cards, bulk payments, and more.
Monzo Business Lite
Monzo’s free offering is fairly comprehensive and a good option to get you started. With a Monzo Business Lite current account, you can manage your business’s money and do your everyday banking without having to pay a monthly fee. Additionally, there are no fees for day-to-day transactions, such as UK bank transfers, scheduled payments or using your card abroad.
Monzo Business Pro
For a monthly fee of £9, Monzo Pro gives you all the features of Monzo Lite as well as a suite of add-ons. These include:
- Tax Pots, where you can set aside a fixed amount of each payment you receive to save for your tax bill
- integration with accounting software, such as Xero, QuickBooks and FreeAgent
- account access for up to two other users
- invoicing on the app
- Xero accounting software, free for six months (for new Xero customers)
- virtual cards
- auto-exporting of transactions
Monzo Business Team
The Monzo Business Team account includes everything from the Pro account, plus:
- expense cards that give you visibility and control over select team members’ spending, including monthly spend limits
- up to 15 team members on your account for limited companies, six for free and then £5 per member per month. Sole traders can have three team members.
- the ability to approve payments when team members go over their spend limit
- bulk payments to employees or suppliers
- an improved eight-month free trial with Xero
Monzo business account features: at a glance
| Team | Pro | Lite | |
| Monthly fee | £25 a month | £9 a month | Free |
| Basic transaction fees | No | No | No |
| Account management | Via a mobile app Online | Via a mobile app Online | Via a mobile app Online |
| FSCS protection | Yes | Yes | Yes |
| Set-up time | One day | One day | One day |
| Cash deposits | Yes (£1 at Post Office or PayPoint) | Yes (£1 at Post Office or PayPoint) | Yes (£1 at Post Office or PayPoint) |
| Cheque deposits | Yes (free under £500. Photograph and submit your cheque through the app. Free by post over £500) free by post) | Yes (free under £500. Photograph and submit your cheque through the app. Free by post over £500) free by post) | Yes (free under £500. Photograph and submit your cheque through the app. Free by post over £500) free by post) |
| Access to other banking services | Yes (loans of up to £25,000 for eligible sole traders. Overdrafts of up to £3,000 available for sole traders) | Yes (loans of up to £25,000 for eligible sole traders. Overdrafts of up to £3,000 available for sole traders) | Yes (loans of up to £25,000 for eligible sole traders. Overdrafts of up to £3,000 available for sole traders) |
| International payments | Yes | Yes | Yes |
| Customer service | 24/7, via a mobile app Email: [email protected] Telephone: 0800 802 1281 | 24/7, via a mobile app Email: [email protected] Telephone: 0800 802 1281 | 24/7, via a mobile app Email: [email protected] Telephone: 0800 802 1281 |
| Multiple user access | Yes | Yes | No |
| Create and send invoices | Yes | Yes | No |
| Integration with accounting software tools | Yes | Yes | No |
*The EEA is the European Economic Area. It includes members of the European Union, alongside Iceland, Liechtenstein and Norway.
Where Monzo Business Account stands out
Quick set-up: You can apply from your phone via the Monzo app. The majority of business customers get an account the same day they apply, meaning you can have access to online banking almost straight away.
FSCS protection: Monzo is a licensed UK bank and operates as such, meaning that deposits of up to £85,000 are protected by the Financial Services Compensation Scheme. If you are a sole trader who also has a Monzo personal account, FSCS protection would cover you for up to £85,000 in total across all personal and business accounts you hold with the bank.
Free UK transfers: Not all business bank accounts offer free UK transfers – but Monzo does. This means you can avoid fees that, while small to begin with, quickly add up if you’re making multiple payments a day.
24/7 customer support: Due to its digital-only nature, Monzo’s 24/7 in-app customer support is an integral part of its business account offering – reflected in high scores for the Monzo mobile app.
Where Monzo Business Account falls short
No branch access: It is not possible to manage your Monzo account at a branch or over the phone. This may be a problem for those wanting to explain a complex problem to someone in person, or who simply want access to a branch to make deposits.
Lite account limitations: Accounting software integration and invoice creation are only available if you pay for a Pro or Team account.
No charities or partnerships: Monzo Business accounts are not available to charities or partnerships, which rules Monzo out if this applies to your organisation. Other banking providers may allow charities or partnerships, and some even have a dedicated type of account.
Take a look at some of the other business banking providers we review.
Monzo business account customer reviews
Monzo’s customers have left reviews on a range of sites. Generally, these reviews are very positive.
It’s worth remembering that these reviews are from all Monzo customers, not just its business banking customers.
- App Store: 4.9 out of 5, based on over 279,000 reviews
- Google Play: 4.8 out of 5, based on over 159,000 reviews
- Trustpilot: 4.6 out of 5, based on over 56,000 reviews
This information is correct as of 4 September 2025.
Monzo business account eligibility
To be eligible for a Monzo business account, you must be:
- a sole trader or a registered limited company
- based in the UK
If you run a limited company, it must:
- have an ‘active’ status according to Companies House
- have one active company director listed on Companies House
- have at least one person of significant control listed on Companies House
- make the majority of your income from selling goods and/or providing services
- be a tax resident in the UK only
Monzo does not support some business types, such as partnerships (including limited liability partnerships) and charities.
There are also higher-risk industries that Monzo does not accept. Some of these, such as weaponry, gambling and illegal drugs, might be unsurprising, but Monzo also avoids used car retailers and jewellery businesses.
How to apply for a Monzo business account
To apply for a Monzo business account, you need to take the following steps:
- Click the See Deal button at the top of the page.
- Select Apply for a business account and answer some eligibility questions.
- Provide details such as your business address, registered company name or number (if a limited company), your unique tax reference number, and ID.
- Wait for approval.
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