Monzo Business Banking

About Monzo

Monzo is a fully regulated bank offering a convenient, modern approach to business banking. They offer a business account that is completely mobile, specifically designed for small businesses that want a simple, safe and reliable banking experience. Monzo is an award-winning bank serving over 90,000 UK business owners.

See our full Monzo business bank account review of features, fees and how Monzo compares to other online bank accounts.

Monzo pros & cons

Pros of Monzo

• Free business account offered
• Trustpilot rating of 'great'
• Savings pots offering 1.60% AER interest
• Fully licensed & regulated bank
• Deposits are protected by the FSCS

Cons of Monzo

• No accounting integration with Business Lite account
• Low deposit limits (£1,000 limit every six months)
• No branch network for those that prefer an in-person experience

Monzo business bank accounts

Monzo has two business current accounts on offer:

• Business Lite - their free business bank account
• Business Pro - paid business account for £5 per month

Both accounts are fairly similar except for a few extra features that come with the Monzo Pro account, such as: tax pots, savings pots (with rates up to 1.60% AER variable), exclusive business offers, invoicing features, and multi-user access.

These are the typical Monzo business account fees:

*European Economic Area

Security & protection

Monzo is regulated by the Financial Conduct Authority (FCA) and they are also covered by the Financial Services Compensation Scheme (FSCS), meaning that customer deposits are protected up to £85,000.

As well as adhering to standard UK bank regulations, Monzo offer advanced in-app security. Allowing you to approve payments, freeze cards and set spending limits.

You'll also need a password, PIN, fingerprint or facial recognition to access your account online or through the app.

Eligibility

Eligible customers can apply for a Monzo business account if they are:

• A sole trader or limited company
• A UK resident (all owners must be UK residents, if applicable)
• A UK-based business
• 18 or over

Limited companies require a little bit more to be eligible, they must:

• Have an active Companies House status
• Have an active director
• Have at least one person of significant control (PCS) listed on Companies House

Opening an account

Here's how to open a Monzo business account:

1. Download Monzo's app from the App Store or Play Store
2. Complete their digital application - Monzo will confirm your eligibility
3. Verify your ID - you'll need to upload a picture ID and a video of yourself
4. Once approved (usually same day), you can start banking

Monzo reviews

Monzo scores a great 4 out of 5 on Trustpilot, from over 30,000 reviews, with 78% rating them 5 stars.

Monzo's App Store app has a near-perfect 4.9 star average based on over 185,300 ratings.

While their Google Play app gets them 4.8 stars from over 123,000 reviews.

Information correct as of 16th January 2024.

Our verdict on Monzo

Just looking at the reviews alone, which are overwhelmingly positive, Monzo's business banking offering has been a massive hit with UK businesses.

They offer a fast, modern and convenient alternative to traditional banking and clearly that is what businesses like and want.

Monzo offers UK sole traders, startups and small businesses the same powerful tools and features that most high street banks offer, coupled with the convenience and simplicity of modern, online banking.