Monzo business account review

Check out what accounts challenger bank Monzo provides and whether they could be the right business banking solution for you.

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You’ve probably heard of Monzo, as the challenger bank has been making waves in the personal current account market for years. In 2020 it brought its high level of service and innovative features to business banking, through its Monzo Lite and Monzo Pro accounts, while in 2024 it added a Team account option. It has also been selected as one of our recommended business accounts.

Compare Monzo’s business accounts

3 of 3 results
Updated regularly
Finder Score Account fee Bank transfers Requires credit check Arranged overdraft Accounting integrations Account management Key benefits Business bottom txt
Monzo logo
8.3Great
Monzo Business Lite
8.3Great
Free
Free
FreeAgent, QuickBooks, Xero
Online & app
Only sole traders or limited company directors in the UK can apply. Ts&Cs apply.
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Monzo logo
9.3Excellent
Monzo Business Team
9.3Excellent
£25 per month
Free
FreeAgent, QuickBooks, Xero
Online & app
Only sole traders or limited company directors in the UK can apply. Ts&Cs apply.
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Compare product selection
Monzo logo
9.7Excellent
Monzo Business Pro
9.7Excellent
£9 per month
Free
FreeAgent, QuickBooks, Xero
Online & app
Only sole traders or limited company directors in the UK can apply. Ts&Cs apply.
Go to site View details
Compare product selection
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Finder Score for bank accounts

To make comparing even easier we came up with the Finder Score. Fees, features and customer service across 20+ of the most popular banks are all weighted and scaled to produce a score out of 10. The higher the score the better the account – simple.

Read the full methodology

Discover and compare the fees and features of other business accounts here

8:50

What business accounts does Monzo offer and how much do they cost?

Monzo has the option of 3 business accounts to choose from:

  • Lite. A free basic business account.
  • Pro. A more advanced business account that has a monthly fee.
  • Team. A business account designed for a bigger team, with a higher monthly fee.

All accounts charge £1 to deposit cash via one of the UK’s PayPoints or Post Office branches (you can post cheques to Monzo to deposit for free). It’s free to spend on your Monzo card either in the UK or abroad, plus cash withdrawals are also free in the UK and the EEA. If you withdraw cash outside the EEA, you get to take out £200 for free every 30 days, then there’s a charge of 3%.

Monzo doesn’t have a branch network, so its business accounts are designed to be managed by customers digitally. This is done mainly through the bank’s mobile app, although unlike with its better-known current account, Monzo does offer web access for its business accounts, so they can be managed on your home office computer and not just your smartphone.

What features do I get with a Monzo business account?

These are the features on offer with all versions of Monzo business banking:

  • Business debit card
  • 24/7 customer support
  • Free instant UK bank transfers
  • Pots to separate money
  • Instant notifications
  • Budgeting and categorised spending
  • Digital receipts
  • Apple Pay and Google Pay
  • Card freezing option
  • Biometric login

What extra features do I get with the Monzo Pro business account?

As you would expect, the paid-for Pro account comes with some extra features, especially designed for business banking users:

  • Integrated accounting with Xero, QuickBooks and FreeAgent
  • Tax Pots to set aside money for your tax bill
  • Account access and payment cards for up to 2 other people (limited companies only)
  • Invoicing capabilities, where you can create, send and track invoices in the app
  • Exclusive offers, such as a free trial with Xero

What extra features do I get with the Monzo Team business account?

Team comes with all the features of the other accounts, plus more that will help businesses with more employees:

  • Expense cards for the team members you choose
  • Approve payments and set limits to suit you and your business
  • Bulk payments
  • Can have up to 15 users, with the first 6 included in the monthly price

How do I apply for a Monzo business account?

You can apply for a Monzo business account through your smartphone, by downloading the bank’s app.

You must be a sole trader or a registered limited company by shares (a “Ltd” company) based in the UK. If you’re a Ltd company, you’ll also need to be a tax resident in the UK only.

Is Monzo safe?

Yes. Monzo is a fully licensed bank in the UK, so it’s covered by the Financial Services Compensation Scheme, or the FSCS for short. What this means is that all of your eligible money, up to a total of £120,000, is protected by the government should the bank fail.

Is Monzo Making Tax Digital (MTD) ready?

Yes, Monzo is Making Tax Digital ready. It is included in all of Monzo’s business plans, for free. You can see Monzo listed as “Ready” on HMRC’s software finder tool.

Through this HMRC-recognised software, which has been built with Sage, sole traders using Monzo will be able to submit quarterly updates and their final declaration each tax year to HMRC. They will also keep their records digitally, as MTD rules require, as well as put transactions into categories, attach receipts and put money aside for tax.

The new software will include explainers, timelines and reminders to help customers file on time.

Interestingly, Tide had the first-mover advantage and integrated MTD into its business bank account several weeks before Monzo, opting to build it itself (rather than embedding Sage).

What do customers say about Monzo Business?

90% of customers we surveyed in 2026 would recommend Monzo Business to a friend.

It's celebrated for its incredibly quick and easy setup, especially for those who already hold a personal account. The app is highly intuitive, featuring excellent online tools like "Pots" for separating funds and clear breakdowns of monthly spending.

Customers trust the brand for its modern features, reliable service, and instant access to money, making it a highly competitive and user-friendly product.

AI-generated summary from the text of customer reviews on Finder.

Monzo and Finder Awards

Finder Awards logo

Our Finder Awards celebrate brands that truly stand out in their field. Monzo is one of these brands and has won multiple awards!

  • 2025 Customer Satisfaction Award (Business Bank Accounts)
  • 2025 Provider of the Year Award (Business Bank)

Pros and cons of a Monzo business account

Pros

  • Can manage the account online or through the mobile app
  • 24/7 customer support
  • Pots to separate money
  • Budgeting tools and categorised spending
  • FSCS protected, up to £120,000
  • The basic Lite account has no monthly fees
  • Option to upgrade to the Pro or Team account for more advanced features

Cons

  • Charge to deposit cash and can only pay in a maximum of £1,000 every 6 months
  • Accounting software integration only available with the Pro and Team paid-for accounts
  • No branch network if you prefer to speak to bank staff in person

Monzo is well known for its current account, and its business accounts do not disappoint. It also offers an overdraft which isn’t common for business accounts – but only to sole traders, not limited companies. If you’re trying to decide which account to go for, if you know you’ll use the extra benefits that come with the paid-for accounts, such as QuickBooks or FreeAgent, and would likely pay for these separately, it’s worth getting for the monthly fee. If you won’t use them, or can find alternatives for less elsewhere, the free account is a better option.”

– Rebecca Goodman, financial journalist

Customer service information for Monzo

Email support
Telephone support
In-app or live chat
Contact form
Branch support

Our verdict

As one of the UK’s original challenger banks, Monzo is rated highly by its customers for ease of use and the ability to manage accounts through its innovative mobile banking app. One of the nice touches with a Monzo business account is you can also access it through a web browser – handy if you’re working on an office computer.

Monzo’s business accounts come with decent features, although as expected, for the more advanced stuff such as Tax Pots and software integration, you’ll have to sign up to the paid-for Pro account. If you have a bigger team, you might be better suited paying for the Team account.

Monzo does offer 24/7 support through its digital channels and telephone lines, but if you’d prefer to be able to visit a branch in person (or you need to make cash deposits of more than £1,000 every 6 months), then a business account with a high street bank might be a better option for you.

Get started by visiting Monzo’s website and sign up for an account. If you have read this review and decided that Monzo’s account is not for you, you can also compare other business bank accounts on the market.

Frequently asked questions

Our “Best for” picks highlight top options in specific categories based on our independent evaluation (see our full methodology), while “Promoted” tags indicate sponsored placements. Selected products may not suit everyone. We track selected market offers, which may not cover every product. Products are listed in no particular order unless specified, and inclusion or ordering may be influenced by popularity or commercial agreements. Most comparison table data is provided by Defaqto or sourced directly from providers. Always evaluate your own circumstances and consider independent advice before making major financial decisions.

Sources

Michelle Stevens's headshot
Deputy editor
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Michelle Stevens is a deputy editor at Finder, specialising in banking, credit, loans and mortgages. She has a journalism degree from the University of Sheffield and has been a journalist for 15 years, writing on topics including fintech, payment systems and retail. In her spare time, Michelle likes to travel, explore new foodie experiences and attempt to improve her own culinary skills. See full bio

Michelle's expertise
Michelle has written 69 Finder guides across topics including:
  • Banking
  • Mortgages
  • Credit
  • Fintech
  • Payments
  • Loans
Jason Loewenthal's headshot
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Senior writer

Jason is a writer and editor. He worked as a senior subeditor for Finder for 5 years and in that time became familiar with a wide range of financial products and services. Before that, he worked for Australian Associated Press. He has a BA from Macquarie University in Australia. Jason loves to help other people find new ways to save money. See full bio

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