An in-depth review of Monzo Business Banking.
Monzo Business Banking Review
Monzo Business Banking Review — FAQs
Why choose Monzo?
Monzo just placed second in Which magazine’s Best and Worst banks ranking, indicating that the majority of Monzo’s 5 million customers are satisfied with the challenger bank.
Even at the premium ‘Pro’ account price of £5 per month, it is clear that its business account offering is a competent performer, with exceptional customer assistance. This makes it far more affordable than similar premium account options like Tide and Starling.
Although it is properly regulated and offers a pleasant user experience, it lacks overdraft protection and a business credit card, which are two important features for many companies. For cash-intensive firms, there is a £300 per deposit maximum and a £1,000 per six-month restriction. If your company’s primary market is the United Kingdom and you don’t anticipate expanding beyond that, this checking account is likely to serve you well. Compared to the free version, the premium ‘Pro’ account is the best option.
What paperwork do I need to submit for a Monzo Business account?
You’ll need your company ID and proof of residence to start a Monzo company account. A power bill or bank statement for the company, as well as registration paperwork, would suffice. A UTR or VAT number (if applicable) and your VAT number are also required.
What are the eligibility requirements?
You must meet the following criteria before registering for a Monzo business account:
- UK-based sole proprietor or director of a limited liability company (Ltd) established under UK law.
- If your business is a limited liability company, it must be registered with Companies House and have a director who is not barred from serving as a director.
- Companies must have fewer than 25% of its individuals of major control or directors be corporate entities, and they must have at least one person of significant control (this might be you) registered on Companies House.
- The firm must be tax resident only in the United Kingdom and must derive the bulk of its revenue from the sale of products or the provision of services rather than from interest or investment income.
If your company is located, registered, or a tax resident of a country other than the United Kingdom, Monzo will not open an account for you. Alternately, if you fall into any of the following groups:
- 📖 Companies with two or more partners; partnerships; LLPs
- 📖 LLPs (limited liability partnerships)
- 📖 Charities
- 📖 Corporations in the interests of civilians (CIC)
- 📖 Openly traded public limited corporations
- 📖 Clubs and other unincorporated groups
- 📖 Funds and trusts
Other legal forms of organisation registration include the Unltd., IPS, and RC (Royal Charter).
What other options do I have?
Opening a business bank account is a statutory prerequisite for forming a limited liability company. Finding the finest business bank account requires doing some research and comparing options.
Overdraft services and invoice generation through the service provider’s app may be necessities. Keep an eye out for fees associated with making transfers or withdrawals, as well as the account’s yearly fee. If you operate as a solo proprietor, independent contractor, or ‘gig’ worker (for an organisation like Uber), comparing personal checking accounts might be useful.
Get Bank Deals & More
Sign up for our email updates on the best bank deals, money savings tips and more.