Monzo Business Account Review

Monzo Business Bank Accounts logo

Find out more about Monzo’s business offering, with free and paid options for businesses.

Apply for a Monzo Business Bank Account
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Compare Monzo Business Bank Accounts with other top UK account providers:

Compare Monzo Business Bank Accounts

    Monzo logo

    Monzo Business Lite Account

    • Monthly Fee
      Free
    • UK Bank Transfers
      Free
    • Overdraft
    • Access
      App & Online
    Monzo logo
    6 months free Xero

    Monzo Business Pro Account

    • Monthly Fee
      £5
    • UK Bank Transfers
      Free
    • Overdraft
    • Access
      App & Online
    6 months free Xero New Pro users get cloud accounting platform free for 6 months - worth up to £280. T&Cs apply.
Last updated on 02 March 2023.

Founded in 2015, Monzo’s mission is to offer its customers a fair and transparent alternative to traditional banking. In 2020, Monzo launched its first business banking service.

Monzo Business allows users to sign up, make UK bank transfers, and manage their finances from their mobile phone.

Discover everything Monzo has to offer its business customers, and see how it compares to rival business banking providers.

Pros and cons of Monzo business banking

There are several factors to consider before deciding whether Monzo Business Banking is the right option for you and your business.

Pros of Monzo business banking

  • Set up from mobile
  • Can close your old account and move your money for you when switching
  • Fee-free UK bank transfers
  • 24/7 customer support via mobile app
  • FCA regulated
  • The Financial Services Compensation Scheme (FSCS) protects deposits up to £85,000

Cons of Monzo business banking

  • Accounting integrations only available with Pro account
  • £1 charge to pay in cash at PayPoint
  • No branches or face-to-face support

» COMPARE: Business bank accounts

What business accounts does Monzo offer?

Monzo Business currently offers two types of business accounts: Monzo Business Lite and Monzo Business Pro.

Monzo Business Lite is a full UK business current account that is available for no monthly fee. It comes with a range of features, including free UK bank transfers, payment links, and a business debit card.

Monzo Business Pro offers a wide range of features, including accounting integrations, virtual cards and multi-user access, for a monthly fee of £5.

How does Monzo compare to other digital banks?

The table below compares the business accounts offered by Monzo and other digital bank accounts.

Tide Starling Cashplus CountingUp Mettle Anna Revolut Card One Money Acorn Fair Everywhere Monzo
FCA regulated Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
FSCS protection Yes (with ClearBank) Yes Yes No No No No No No No Yes
Licensed bank No Yes Yes No No No No No No No Yes
Free UK transfers No (20p per transfer) Yes Yes (with limits) No (30p per transfer) Yes Yes (with top-tier plan) Yes (with limits) No No No Yes
Cash deposits Yes (for a fee) Yes (0.7% fee, min £3) Yes (0.3% fee) Yes (for a fee) Yes No No Yes (for a fee) Yes (for a fee) Yes (for a fee) Yes (£1 fee)
Free ATM withdrawals No (£1 fee) Yes No (£2 fee) No (£1 fee) Yes Yes (with top-tier plan) No (2% fee) No (£1.50 fee) No (£1.50 fee) No (£1.50 fee) Yes
Integration with accounting software Yes Yes Yes Yes (built-in) Yes Yes Yes Yes No Yes Yes
International transfers No Yes Inbound only Yes (through a partner) No Yes Yes Yes Yes? Yes Outbound only
Create and send invoices Coming soon Yes (for a fee) Yes Yes Yes Yes Yes Yes No No Yes (with paid account)

Source: NerdWallet, November 2022

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What do other Monzo Business Account reviews say?

Monzo’s business customers have left reviews on a range of review sites. Generally, these reviews are positive.

It’s worth remembering that these reviews are from all Monzo customers, not just business banking customers.

App Store: 4.9 out of 5, based on over 125,000 reviews

Google Play: 4.4 out of 5, based on over 95,000 reviews

Trustpilot: 4.4 out of 5, based on over 24,000 reviews

This information is correct as of 2 December 2022.

Conclusion

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

On the Lite plan you can create payment links which simplifies customer transactions, while monthly budgets and itemised spending helps you stay on top of your finances. The Pro plan offers further features, such as accounting integrations and invoice tracking for a monthly fee.

Being able to make fee-free UK transfers can also be helpful for businesses that regularly need to move cash or make transactions.

Overall, if you want business banking services, Monzo has lots to offer. Just remember that you won’t get access to its full range of features unless you pay a monthly fee for the Pro account.

Monzo Business Account FAQs

How do I open a Monzo Business Account?

As long as you’re a UK-based sole trader or limited company, it’s easy to open a Monzo business account. You just need to do the following:

Download the Monzo app (if not already a Monzo customer) and be ready to provide your proof of business address, registered company name or number (if a limited company), your unique tax reference number, and ID. Answer some eligibility questions. Get approved and start using your Monzo business account.

If you’re switching from another business account, Monzo can close down your old account and transfer your money and direct debits to your new account.

» MORE: How do I open a business bank account in the UK?

Is Monzo good for small businesses?

Monzo Business may be a good option for small businesses. It was created in consultation with small business owners to try to tackle the pain points they face with conventional banking, which included complicated account opening and time-consuming admin.

Of course, your specific business requirements are important, so you should consider comparing options to make sure the business account you choose will work for you.

Can I use Monzo as a business account?

You can’t use your Monzo personal account for business. However, Monzo launched business banking in 2020, allowing UK small business owners to use its app and service for their business finances.

How long does it take to open a business bank account with Monzo?

You can sign up for a Monzo business bank account from your phone. All you need to do is download the Monzo app, provide some key info about yourself and your business, including your address, tax reference number and ID. You will also need to answer the eligibility questions.

Why won’t Monzo give me a business account?

Monzo won’t give you a business account if you don’t meet the eligibility criteria. You must be:

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

If a limited company, you must:

  • be active on Companies House
  • have one active company director on Companies House
  • have 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 only the UK

Monzo also won’t support some busines types or higher risk industries. You can find a full list of unsupported industries and business structures here.

Is there a Monzo business credit card?

Monzo doesn’t currently offer a business credit card.

How much cash can I deposit in a Monzo business account?

Currently, business customers are allowed to deposit between £5 and £300 of cash at once, and up to £1,000 every six months.

Services offered by this provider may change over time. Always check Ts&Cs.

Apply for a Monzo Business Bank Account

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