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Published 09 April 2024
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Monzo Business Account Review: Pros, Cons & Features

Monzo offers free and paid business accounts, boasting a fast application process and high app review scores. Read our review of Monzo’s business account, including pros, cons and key features.

Many or all of the products and brands we promote and feature including our ‘Partner Spotlights’ are from our partners who compensate us. However, this does not influence our editorial opinion found in articles, reviews and our ‘Best’ tables. Our opinion is our own. Read more on our methodology here.

Designed with the needs of small businesses in mind, Monzo Business makes it easy for you to set up a new account and start managing your money. 

If you want business banking services, Monzo has a lot to offer from accounting software integration to Tax Pots. Just remember that you won’t have access to its full range of features unless you pay a monthly fee for its Pro account.

Monzo Lite Business Account

Monzo Lite Business Account
  • Monthly Fee
  • UK Card Purchase Fees
  • UK Bank Transfer Fees
  • Offer

This product may be one of a range offered by this provider. Always check terms & conditions for suitability before applying.

Eligibility Criteria
  • Available to sole traders, or the director of a registered limited company by shares (Ltd)
  • Must be based in the UK

Learn more about how we bring you our review.

Key features

  • Regulated by FCA
    Monzo is a digital bank regulated by the Financial Conduct Authority (FCA)
  • Deposits protected by FSCS
    Business bank accounts, and if eligible, deposits may be protected by the Financial Service Compensation Scheme (FSCS) up to £85,000
  • Free and paid accounts
    There is a choice between a free and paid business current account
  • Sole trader loans and overdrafts
    Eligible sole traders can apply for loans of up to £25,000 and overdrafts of up to £2,000 with Monzo.

Monzo business account pros & cons


  • There is a free business account available (Monzo Business Lite). 
  • At £5 per month, Monzo Pro offers a relatively low monthly fee compared to other banks we reviewed.
  • Accounts can be accessed online or via Monzo’s highly-rated mobile app.
  • Your eligible deposits of up to £85,000 will be protected by the Financial Services Compensation Scheme (FSCS).
  • You may be able to get access to online banking on the same day as you apply.


  • It is not possible to manage the account over the phone or at a branch.
  • Business accounts are not available to charities or partnerships.
  • Cash deposits carry a fee of £1 each. This might seem small, but it could make a significant difference to businesses that regularly need to deposit cash.

The pros and cons featured here are chosen by us based on a combination of our expert, research-based opinions and an exclusive survey of UK business owners and decision makers. The survey was conducted on behalf of NerdWallet UK in December 2022 to identify the business bank account features that people feel are most important. They are unlikely to be the only product features and restrictions that you should consider. Pros and cons are subjective and you should align them to your own personal and business circumstances. Information was correct at the time of publication but may have changed since.

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 two 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 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 £5, 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 account features: at a glance

Monthly fee£5 a monthFree
Transaction feesYes (cash deposits, plus ATM withdrawals outside EEA*)Yes (cash deposits, plus ATM withdrawals outside EEA*)
Account management Via a mobile app
Via a mobile app                
FSCS protectionYesYes
Set-up timeSame day Same day
Cash depositsYes (£1 at PayPoint)Yes (£1 at PayPoint)
Cheque depositsYes (free by post)Yes (free by post
Access to other banking servicesYes (loans of up to £25,000 for eligible sole traders. Overdrafts of up to £2,000 available for sole traders)Yes (loans of up to £25,000 for eligible sole traders. Overdrafts of up to £2,000 available for sole traders)
International paymentsYesYes
Customer service24/7, 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 YesNo
Create and send invoicesYesNo
Integration with accounting software toolsYesNo

*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. Some business bank accounts can take up to a few weeks to set up.

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, for either the free or paid account. 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.

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.

Cash deposits come with a fee: While the £1 fee to make a cash deposit at a PayPoint may not be a huge amount of money, depending on the type of business you have and how often you need to deposit cash, this could quickly add up. 

Monzo business account customer reviews

Monzo’s customers have left reviews on a range of sites. Generally, these reviews are 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 198,000 reviews
  • Google Play: 4.7 out of 5, based on over 128,000 reviews
  • Trustpilot: 3.8 out of 5, based on over 31,000 reviews

This information is correct as of 8 April 2024.

Monzo business account eligibility

To be eligible for a Monzo business account, you must be:

  • a sole trader or registered limited company
  • based in the UK

If you run a limited company, it must: 

  • be active on 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 customers running tattoo parlours, nail parlours, used car retailers and precious metal and stone  businesses. You can find a full list of unsupported industries and business structures here.

How to apply for a Monzo business account

To apply for a Monzo business account, you need to take the following steps:

  1. Apply via the Monzo app.
  2. Provide your business address, registered company name or number (if a limited company), your unique tax reference number, and ID. 
  3. Answer some eligibility questions.
  4. Wait for approval. 

Review methodology

At NerdWallet UK, we base our reviews and our ‘Best’ pages on the results of surveys we undertook about what was important to people who use these products. This allows us to look at products impartially of any commercial arrangements we have and fairly rate the products on the same set of criteria.

Best means our ‘Best’ and is based only on what products we have aligned to our surveys, which form the basis of our reviews and ratings. This means that there will be other products on the market that we have not included in our ‘Best’ pages. Best does not mean it’s best for you, nor does it mean the ‘cheapest’.

Our reviews may display lenders’ rates. This additional information has not been included in our evaluations but is still very important when choosing a product. Rates offered can depend on circumstances, amount and term. Always check details before proceeding with any financial product.

Product details reflect the information that was available at that time but may have changed since. We strive to give you a review on as many products as possible, but there will be products not included on the market. The review is our opinion, but it does not constitute advice, recommendation or suitability for your financial circumstances.

You can view our full review methodology here.

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