Review · checked 25 October 2026
Monzo Business review: is the Monzo Business account right for you?
Monzo Business is an app-based business account from Monzo Bank for sole traders and limited companies. This Monzo Business review explains what each plan costs, what you pay per item, how your money is protected, and who should look elsewhere.
Our verdict
Good fit if you
- want a £0 plan with no charge for UK payments
- pay by card in foreign currencies
- want your money held by a UK bank
- want to switch with the Current Account Switch Service
- are a sole trader who may need an overdraft
Look elsewhere if you
- need invoicing but don't want to pay for it
- run a partnership or LLP
- are a limited company that needs an overdraft or loan
- pay in a lot of cash
Our Monzo Business review finds a strong everyday account. The Lite plan has no monthly fee and no charge for UK payments or foreign card spending, and Monzo is a bank, so eligible deposits are FSCS-protected. The catch is that invoicing, Tax Pots and accounting software links need the Pro plan at £9 a month.
Visit Monzo BusinessMonzo runs a refer a friend scheme, and we may earn a referral reward if you open an account. It doesn't change our assessment. Disclosure
This Monzo Business review uses Monzo's own fee information document, plans page and help articles. In short, the Monzo Business account suits sole traders and limited companies who make lots of UK payments and want a bank, not an e-money account. If you need invoicing, budget for the Pro plan.
Monzo Business account at a glance
| Provider | Monzo Bank Limited, company number 09446231 |
|---|---|
| Regulator status | Authorised by the PRA and regulated by the FCA and PRA. Monzo shows FS Register number 730427 |
| Protection | FSCS up to £120,000 on eligible deposits |
| Monthly fee | £0 on Lite, £9 on Pro, £25 on Team |
| Who can apply | Sole traders based in the UK, and UK limited companies. Aged 16 or over |
| How to open | Mainly in the Monzo app; web sign-up is also possible |
| Support | Phone and in-app chat, 7am to 8pm, seven days a week. Fraud and urgent issues 24/7 in the app |
Monzo Business review: plans and fees
Monzo has three plans. Every Monzo Business account, whichever plan, is a proper bank account with a debit card. What changes is the tools you get, and this Monzo Business review looks at whether they are worth paying for.
| Plan | Monthly price | What it adds |
|---|---|---|
| Lite | £0 | Card payments, contactless, payment links, Making Tax Digital software and savings pots |
| Pro | £9 (first month free) | Invoicing, Tax Pots, Xero, FreeAgent, Sage and QuickBooks integration, auto-exports, virtual cards, connected accounts and team access levels |
| Team | £25, plus £5 for each member after the first 6 | Bulk payments, expense cards, payment approvals and spend management |
Monzo doesn't say whether the Pro and Team prices include VAT. Check with Monzo if you plan to reclaim it.
Team size. A sole trader can have a team of 3: you plus 2 members. A limited company on Team can have up to 15 members, of whom up to 3 can be admins. The first 6 are included and each extra member costs £5 a month.
These per-item fees apply to every Monzo Business account, whichever plan you choose:
| Item | Fee |
|---|---|
| UK payments, Direct Debits and standing orders | £0 |
| Receiving pounds | £0 |
| Receiving euros or other currencies | 1% conversion fee, capped at £1,000 |
| Cash deposit (PayPoint or Post Office) | £1 per deposit |
| ATM withdrawals in the UK and EEA | £0 |
| ATM withdrawals outside the EEA | £0 up to £200 per rolling 30 days, then 3% |
| Card payments in a foreign currency | £0 |
| International transfers | Changing on 1 November 2026 (see below) |
| Unarranged overdraft | £0 |
| Arranged overdraft (sole traders) | 29% to 39% annual interest (rates as at 30 June 2026) |
| CHAPS | Not listed. Check with Monzo |
Monzo runs a refer a friend scheme, and we may earn a referral reward. Disclosure
Features
The Monzo Business account has a clean, simple app and a good set of tools, though the most useful ones for paperwork sit on the paid plans.
- Getting paid: payment links and Tap to Pay on every plan. Invoicing needs Pro or above.
- Tax: Making Tax Digital for Income Tax software is included for sole traders and landlords on all plans. Tax Pots need Pro.
- Accounting: Xero, FreeAgent, Sage and QuickBooks integration and auto-exports on Pro and Team.
- Cards and teams: virtual cards on Pro, plus expense cards, payment approvals and spend controls on Team.
- Bulk payments: on Team, for paying many suppliers or staff at once.
- Savings: savings pots on every Monzo Business account, with a maximum balance of £1,000,000.
- Credit: overdrafts and loans are for sole traders only.
Savings rates. Monzo's pages differ here. The features page shows 1.30% AER (variable). The business savings page says "up to 3.25% AER (variable)", and the switching page links 3.25% to the Team plan and 1.30% to Lite and Pro. Check the rate for your plan in the app before you move money.
Is the Monzo Business account safe?
Monzo is a bank, not an e-money institution. The Monzo Business account is provided by Monzo Bank Limited, which is authorised by the PRA and regulated by the FCA and PRA. Eligible deposits are protected by the FSCS up to £120,000.
That's a different kind of protection from safeguarding, which is what an e-money account offers. Our guide to bank vs e-money accounts explains the difference. If you also hold a personal Monzo account, remember FSCS limits apply per bank, so check how your balances add up on the FSCS website if you hold large sums.
For a Monzo Business account, fraud reports and urgent problems are handled 24 hours a day through the app, which is worth knowing if you ever lose your card or spot a payment you don't recognise.
Cash and international payments
Cash. You can pay cash into a Monzo Business account at any PayPoint or Post Office for £1 a deposit. That's low for a flat fee, but it adds up if you bank cash every day. Monzo's fee document doesn't set out cash deposit limits, so check them before you rely on Monzo for a cash-heavy business.
Spending abroad. With a Monzo Business account, card payments in foreign currencies cost nothing, and ATM withdrawals are free in the UK and EEA. Outside the EEA, withdrawals are free up to £200 every rolling 30 days, then 3%.
Receiving money from abroad. Pounds paid into your Monzo Business account arrive with no charge. Euros and other currencies are converted with a 1% fee, capped at £1,000.
Sending money abroad. International transfer pricing changes on 1 November 2026. Until 31 October 2026, it's a fixed fee of no more than £9 plus a variable fee of 0% to 1.80%. From 1 November, Monzo says the fixed fee is under £0.80 for most currencies, rising to £11 in some cases. Check the full cost, including any percentage, in the app before you send.
Who it suits
Here's how the Monzo Business account fits different kinds of business.
New sole trader
Lite gives you a bank account with no monthly fee and free MTD software. Add Pro at £9 if you want invoicing and Tax Pots.
Compare plansLimited company paying many suppliers
No charge for UK payments on any plan. Team adds bulk payments and approvals.
Team planBusiness with staff who spend
Team includes expense cards and spend management for up to 15 members.
Team featuresLimited company needing credit
Not a fit. Overdrafts and loans are for sole traders only.
Compare accountsOpening and switching
Most people open a Monzo Business account in the Monzo app, and Monzo also supports web sign-up. Monzo publishes service figures: about 95% of customers get an account number the same day and 99% within 7 days. Cards arrive in 2 days on average, and 99% within 4 days.
- 1
Check you're eligible
Be 16 or over. Sole traders must be UK-based. Limited companies must be UK tax resident only, active on Companies House and not dormant, and earn mainly from goods and services.
- 2
Gather documents
Photo ID that hasn't expired, proof of business address, your UTR and, for a limited company, your company number.
- 3
Apply in the app
Download the Monzo app and apply for a Monzo Business account. If you're a limited company, the applicant must be an active director.
- 4
Choose your plan
Start on Lite or try Pro or Team; the first month of a paid plan is free.
Switching. You can move an existing account to a Monzo Business account. Monzo supports the Current Account Switch Service, with the switch completed in 7 working days and covered by the Current Account Switch Guarantee. To use it, your business must have turnover of no more than £6.5m and fewer than 50 employees. Monzo doesn't offer a switching incentive.
Referrals. If an existing customer refers you, Monzo's business referral scheme says you must never have had a Monzo account, must apply within 30 days, add money and make a card payment. ATM withdrawals, transfers and virtual card payments don't count.
Limitations
Monzo is clear about what it doesn't do, and this Monzo Business review wouldn't be complete without them. These are the points that most often rule it out:
- Business types: sole traders and limited companies only. No partnerships or LLPs.
- Credit: overdrafts and loans are for sole traders only.
- Paid tools: invoicing, Tax Pots and accounting software sync aren't on Lite.
- Cash: £1 per deposit.
- ATMs outside the EEA: 3% after the first £200 in a rolling 30 days.
- Team size: up to 3 people for sole traders and 15 for limited companies.
- International fees: the fee structure changes on 1 November 2026, so older comparisons may be out of date.
If one of these is a deal-breaker, there's no point stretching to make the Monzo Business account fit.
Monzo Business vs Tide
Tide is our featured partner, so here's a fair, side-by-side look. Both have a £0 plan and both are app-based, but the Monzo Business account and Tide are built differently.
| Feature | Monzo Business | Tide |
|---|---|---|
| Entry plan | Lite, £0 | Free, £0 |
| Next plan up | Pro, £9 | Smart, £12.49 |
| Provider | Monzo Bank, a UK bank | Tide Platform Ltd, an e-money institution |
| Protection | FSCS up to £120,000 | FSCS up to £120,000 through ClearBank; some older accounts are safeguarded e-money |
| UK transfers on the £0 plan | No charge | 5 a month |
| Foreign card payments on the £0 plan | £0 | 2.75% |
| Invoicing on the £0 plan | No (Pro and above) | Yes, 3 a month |
| Cash deposits | £1 each | Available; check Tide's tariff |
| Company formation | Not offered | £14.99, including a Tide account |
On a £0 plan, the Monzo Business account is stronger for UK payments and spending abroad. Tide's Free plan includes some invoicing, and Tide adds company registration. Our Tide review covers the paid plans, and our is Tide safe? guide explains how Tide protects your money.
If Tide suits you better, new Tide members can use code STARTUP200 for up to £200 cashback: £75 after spending £100 on the Tide card within 30 days, plus £125 for paying £5,000 into a Tide Instant Saver within 7 days of opening and keeping it there for 30 days*. *T&Cs apply See our Tide promo code page for the details.
Alternatives to consider
If this Monzo Business review has shown a gap, compare business bank accounts side by side, or read these reviews:
- Starling review: one plan with no monthly fee, accepts LLPs, and offers arranged overdrafts to limited companies.
- Mettle review: no monthly fee, with invoicing and FreeAgent included, for one-person businesses.
- Also see ANNA, Zempler, Revolut Business and Wise Business.
Our featured partner Tide also has a sign-up offer: code STARTUP200 can earn new Tide members up to £200 cashback, so compare it with Monzo before you decide*. *T&Cs apply
Happy with what you've read in this Monzo Business review? You can try a paid plan free for the first month and drop back to Lite if it isn't worth it.
Visit Monzo BusinessMonzo runs a refer a friend scheme, and we may earn a referral reward. Disclosure
Frequently asked questions
Is Monzo Business a real bank account?
Yes. The Monzo Business account is provided by Monzo Bank Limited, a UK bank. Eligible deposits are FSCS-protected up to £120,000.
Is the Monzo Business account free?
On a Monzo Business account, the Lite plan has no monthly fee and no charge for UK payments. You still pay £1 per cash deposit, 1% to receive foreign currency, 3% on ATM withdrawals outside the EEA above £200 in a rolling 30 days, and fees on international transfers.
Does Monzo Business include invoicing?
Only on Pro (£9 a month) and Team (£25 a month). Lite includes payment links but not invoicing.
Can limited companies get a Monzo Business overdraft?
No. As this Monzo Business review explains, Monzo says overdrafts and loans are only available to sole traders.
How long does it take to open a Monzo Business account?
Monzo says about 95% of customers get an account number the same day and 99% within 7 days.
Can I switch to Monzo Business?
Yes. Monzo supports the Current Account Switch Service, which takes 7 working days, if your turnover is no more than £6.5m and you have fewer than 50 employees.
Can partnerships open a Monzo Business account?
No. Monzo currently offers business accounts to sole traders and limited companies only.
Sources
Every fact in this Monzo Business review comes from Monzo's own pages. All sources checked 25 October 2026.
- Monzo: business banking
- Monzo: business account fee information (v1.16)
- Monzo: plans and pricing
- Monzo: business features
- Monzo: multi-user access
- Monzo: business savings
- Monzo: information about business current account services
- Monzo: eligible businesses
- Monzo: business account sign-up
- Monzo: changing your plan
- Monzo: switch your business account
- Monzo: business referral scheme terms