Monzo offers two online business current accounts designed for small businesses in the UK which provide financial admin support, and one of these is a free account. Below we look at reviews for the company along with the accounts they offer, how much they cost and other key things you need to know to help you decide which business bank account provider is right for your business.
Below we look at reviews for Monzo from a variety of websites. Please keep in mind that these reviews are for all of Monzo’s services and so may not fully reflect their business offerings.
Monzo Business Services Plans, Packages & Prices
Monzo offers two pricing plans for their business current accounts which are Pro and Lite. Both include:
- An online business account that can be accessed from the web or mobile
- 24/7 customer support
- Business debit card
- Free and instant UK bank transfers
- Payment notifications
- Set aside money in their Pots
- Digital receipts
- Budget and categorise expenses
- Use Apple Pay and Google Pay
- Fee-free spending abroad
- Allows you to pay in cash and cheques
- Advanced security
In addition, the Pro plan includes:
- Integrates with accounting tool
- In-app invoicing
- Multi-user access
- Tax pots
- Six months free Xero
- Exclusive offers
The charges for the Lite plan are:
- No monthly account fee
- Cash deposits at PayPoint £1
- Cash withdrawal limit of £200 outside the European Economic Area for every 30 days, then 3% charge
The charges for the Pro plan are:
- Monthly account fee of £5
- Cash deposits at PayPoint £1
- Cash withdrawal limit of £200 outside the European Economic Area for every 30 days, period then 3% charge
Note plans, packages and prices were all accurate at the time of publication (April 2021) but may have changed since then. Please check Monzo’s website for the latest information.
Monzo is an online bank that is based in the UK and was originally established as a mobile app and prepaid debit card until 2017 when they started to offer current accounts. They now claim to have more than 5.15 million people using their hot coral cards around the globe to manage their money and spend. They have offices in London and Cardiff.
Monzo created their bank to be fair and transparent and to be an alternative to the traditional banking options available to individuals and small businesses. They work with their customers to test their app so that they can build a better app and service for them.
Monzo offers business bank accounts to sole traders and companies limited by shares. Their business bank accounts not only offer a simple pricing structure but provides businesses with the tools they need to help them to better manage their finances through in-app invoicing, digital receipts and expense categorising.
Switching To Monzo
If you want to switch to Monzo, you can apply from your phone with no need to visit a branch or wait to get a decision.
You need to first download their app on your phone then apply for a business account. You will be asked a series of questions to check eligibility and you will need your ID. Once your account is approved you can switch from your old account using the Current Account Switch Service to move all your payments and money as well as close the account down. This is backed by the Current Account Switch Guarantee.
Additional Business Services From Monzo
Monzo doesn’t currently offer any other services to businesses.
Monzo Business Service Availability
Monzo’s business bank accounts are available to sole traders and registered companies that are limited by shares and have an active status on Companies House. The business and the applicants need to be based in the UK and be a tax resident.
They don’t offer their accounts to all business types or industries and it is best to review their eligibility criteria.
Monzo Business Customer Service and Complaints
You can contact the Monzo customer service team through their live chat in their app or by email which is available 24/7.
Monzo Business Contact
You can get in contact with Monzo by:
- Live chat on their app which is available 24/7
- Customers can also email
- Post – Broadwalk House, 5 Appold Street, London EC2A 2AG
Monzo Business Services Pros/Cons
- 24/7 customer service through in-app chat
- Simple pricing plan
- Free monthly account fee plan
- Provides a range of finance and accounting support
- Highly rated by a large number of customer reviews
- No branches
- No phone number to call
- Not as well-known bank