Cost of living: how we’re supporting you and your business

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Being self-employed or a business owner can be hard and the cost of living crisis is affecting everyone in some way. Increasing energy prices, high interest rates and supporting employees (if you have any) can all make running a business harder than ever. We know you might be feeling more pressure right now.

We’re here to support you

We have special teams who work exclusively on helping people in vulnerable circumstances. They’re on hand whenever you need them.

Contact specialist teams 

We might be able to help if anything is affecting how you deal with your money or how you can communicate with us. The best way to get in touch is through our in-app chat to speak to our business support team.

Get help from other sources

Sometimes, the support you need might not be best coming from us. If you tell us a little about your situation, we’ll do whatever we can to help. But we may also point you to relevant specialist organisations who offer free, impartial advice on topics from managing debt to dealing with anxiety.

Read more about some of the charities and organisations we signpost.

Be aware of fraudsters

Unfortunately fraudsters are always trying to take advantage of business owners. We’ve gathered advice on how to spot suspicious activity, including people pretending to be the police, utility suppliers, HMRC or your bank.

Find more information here if you’ve been a victim of fraud

Making the most of your Monzo Business Account

You’ve told us you’re using the tools and features of your Monzo Business Account more than ever before, and they’re proving helpful. We know for some people though, these tools won’t be enough and the situation could be beyond your control. 

These are the features you’ve told us you’re finding helpful right now.

Pots: neatly separate your spending, savings, bills and tax payments

Pots let you turn your one main account into lots of little separate areas for your money. If you put physical cash aside to save up for big spends or bills, Pots let you do the same thing but inside your Monzo Business Account.

You can open a Pot in a few taps. You can hide them or lock them. You can also set up bills to be paid from Pots rather than your main balance (so there’s no danger of overspending).

If you’ve got Monzo Business Pro, you can use Tax Pots to choose a percentage to automatically set aside for tax, every time you’re paid. That way, you won’t have to manually shift money between accounts. 

Read all about the different kinds of Pots and how they work

Read all about Tax Pots and how they work if you have a Monzo Business Pro account

Business - Hero Mobile - Tax Pots

Get paid features can help keep track of what you’re owed 

Getting paid should be simple, but we know it's often a long, painful process. When we surveyed 400 Monzo Business customers, 9 in 10 said they’d experienced late payments and 2 in 5 said the issue was getting worse because of rising prices.

You can send your customers a payment link they can use to pay by easy bank transfer or card. They’re in the ‘get paid’ section of your app, and we’ve extended the free period for easy bank transfers till at least January 2024. 

Then we'll take care of the admin. You can see all your payment requests with status updates in one place. 

Read all about our get paid features here

Get paid hero image

Budgets and transaction categories: Get visibility of spending 

You can categorise your transactions into things like ‘wages’, ‘equipment’, ‘bills’ and ‘Insurance’, to give you an overview of where your money goes each month. You can set budgets for each category and see if you’re on track to stay on budget.

If you pay bills through Monzo, we’ll remind you the day before they’re due to go out, and warn you if you need to move money around to cover them. We also tell you if they’re different month to month, so you track things like shifting energy prices.

You can also add scheduled payments like standing orders, direct debits and online subscriptions, so all your committed spend is in one place.

Screens showing the new business categories in the app.

Change your spending limits 

Set your contactless spending limits to levels you’re comfortable with, directly through the Monzo app. 

Read more about customising your spending limits.

Financial support for your business

We don't offer lending products for businesses yet.

If you're a limited company, you could be eligible for a loan with our partner Funding Xchange. It's a lending aggregator that offers a range of lending options from 70 providers, so you can pick one that's right for your business. You can find out more about this in the app. Tap on your profile picture, then on loans and funding.* 

You could also be eligible for a business grant, which offers money or resources to small business owners and entrepreneurs. The government website is a good place to start to see if you’re eligible. You can also contact your local council, enterprise partnership or other local business organisations to find out what support you can get. 

*If you take out a loan from our partner, we will get paid a commission.

We’ll keep listening

We’re always thinking of more ways to support you, and we’ll keep hearing your feedback. 

If there are things about using Monzo which you find helpful, please let us know so we can highlight them for other people.