Monzo Business

Monzo Business is a business current account run from the Monzo app and web. Monzo is a licensed UK bank, and eligible deposits are covered by the FSCS. Only UK sole traders and UK limited companies registered by shares can open an account. Partnerships, LLPs, charities and PLCs are not eligible. Pricing comes in three tiers. Lite is free and covers the account, a debit card, free UK transfers, Pots, payment links, Tap to Pay and Making Tax Digital software built with Sage. Pro costs £9 a month, with the first month free. It adds invoicing, Tax Pots that set aside a share of income, virtual cards, exports, and live bank feeds to Xero, QuickBooks, FreeAgent and Sage. Team starts at £25 a month and includes six users, with £5 a month for each extra member up to 15. It adds expense cards with spending limits, payment approvals and bulk payments. Monzo Business suits freelancers and small UK companies that bank in sterling and want simple tools that feed into a separate accounting package. It is not accounting software: it has no ledger and no financial statements. The account holds GBP only, and incoming foreign currency is converted at a 1% fee. Cash deposits cost £1 each and are capped. Users also report frozen accounts and slow resolution when compliance checks come up.