11 reasons to get Monzo Business

Read the article

Here at Monzo, we want to make money work for everyone. And that includes businesses. So we've built business banking that just works, so you can too.

Choose between two accounts: Monzo Business Lite (free!) and Monzo Business Pro (£5 a month).

If you're considering Monzo for your business, we've got 11 reasons that might just convince you.

1. It lets you get on with running your business 😅

Before we built Monzo Business, we spoke to hundreds of companies. Over and over, we heard how much time you spend on banking and admin. Rather than what matters most – running your business.

So we've designed Monzo Business to let you get on with your work, knowing your banking's taken care of.

2. We'll help you save for your tax bill automatically (Pro only)

Tax Pots let you choose what percentage of your income you want to set aside for tax. Then whenever you’re paid, we’ll put it in your Tax Pot automatically.

You can add or take out money from your Tax Pot any time.

3. You'll know the second you pay, or get paid (Pro and Lite) 💨

No need to keep checking your account to know where you stand. Instant notifications mean you'll see any money going in and out of your account instantly – as soon as your client's paid you, or you pay a supplier.

4. We won't charge you for things you need to do most days, like making UK bank transfers (Pro and Lite)

Say goodbye to transaction fees on transfers – with Pro and Lite they're completely free.

Make instant UK bank transfers via Faster Payments. And receive payments from major UK payment schemes, like Faster Payments, CHAPS and Bacs. Plus you can see at a glance what you’ve sent and received.

5. Our customer support is award-winning, and we're here for you 24/7 (Pro and Lite)

We’re right here in the app to answer your questions and solve your problems, 24/7.

There's no need to make an appointment or wonder when you’ll hear back. Our friendly, effective customer support team are here when you need us.

6. You can manage your money from anywhere, on your phone or laptop (Pro and Lite)

Manage your account from wherever you are, on your mobile or your desktop.

On the web app you can: pay people, export statements and see your transaction history. Plus more coming soon!

Our secure login system means there’s no need to carry around dongles or remember lengthy passwords. Your account’s fully protected, and available wherever you are.

7. You can use it with the rest of your team (Pro only)

Limited companies can add up to two other people, so you can manage your business' finances together.

They can pay people, see incoming and outgoing payments, and edit account information - just like you.

8. It works with accounting tools you use, like Xero, FreeAgent and QuickBooks (Pro only)

With Monzo Business Pro, you can automatically share your balance and transactions every day. No need to switch between tools, or manually upload statements. Keep on top of your accounts with everything in one place, and see where you’re at with a glance.

You can even try out Xero for 6 months, absolutely free (new users only, subject to offer terms from Xero). We’ve teamed up with the award-winning cloud accounting platform to give you an exclusive offer, worth £180. Offer available until 31 March 2021. You can cancel any time.

So it's extra clear, we’ll never share your data with anyone else unless you agree to it, or ask us to.

And you can also easily export a file of your transactions (CSV, PDF or QIF) when you need to.

9. Your money's protected by the Financial Services Compensation Scheme (FSCS)

Both Monzo Business accounts are full UK current accounts. We've been a bank since we got our banking licence back in April 2017, and we're regulated by all the same rules as high street banks.

Plus, your eligible deposits in Monzo are FSCS protected up to £85,000.

10. You can sign up straight from your phone (no need to go to the bank!)

Now it's so important to stay home, it's useful to know you can open a Monzo Business account from your phone. No need to go to a branch, fill in endless paperwork, or wait ages for a decision.

You can check if you're eligible before applying. At the moment you can apply for an account if you’re:

  • a sole trader or a registered limited company by shares (LTD),

  • based in the UK and

  • a tax resident in the UK only (if you're a limited company by shares).

Our eligibility criteria has more details about businesses and industries we can and can’t support at the moment.

Then we'll just ask a few questions about your business, like what you do and how you take payments.

If you have a Monzo current account – you can sign up straight from the app 👇

If you don't have a Monzo account already – download the Monzo app to sign up for a free current account. Then head to your account and tap 'Apply for a business account.'

11. And we'll help you switch from your old bank, hassle-free ⚡️

If you already have a business account with another bank, you can switch to Monzo easily.

With the Current Account Switch Service, we'll move all your money and payments (like Direct Debits and standing orders) and close down your old account for you.

Just sign up for a Monzo Business account and we'll help you make the switch, hassle-free.