I was quite happy using my personal account for my business as many hundreds of other people do when Monzo updated their terms & conditions, one part of which was that you couldn’t use your account for business purposes any more. Since I have read around and seen that Monzo is now becoming famous for closing accounts & stopping people accessing their money, I didn’t want to take the risk of losing access to my money. I sought advice and was told I HAD to have a business account. So I opened one. Wishing I hadn’t now. What’s the point of a business account with a bank that doesn’t offer 100% backed loans from the government? What exactly is my £5 a month fee going on if they can’t offer any help?
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You could have opened a free business account. Why did you decided on the one with a fee when all you needed was the free one to replicate what you had when you used your personal account?
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You are assuming that monzo and not the government picked the lenders.
Monzo business accounts are only a few months old so offering business loans in probably a long time off.
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The British Business Bank accredits the lenders
Monzo would have to apply with them.
Business accounts usually have a fee even if they start off free.
There were two options
One of them was free, so why did you pick the one with £5 fee.
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and you can change at any time to business lite (free)
“You can cancel your account, or move between Monzo Business Pro and Monzo Business Lite any time, with no charge. And there’s no minimum term on either account, so you’re not locked in.”
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If you were that concerned about Monzo’s reputation for closing accounts, why on earth did you open a business account with them and not take your business elsewhere?
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Thats a fair enough concern, however if you did do some reading - you’d see the reasoning for closed account is legitimate and a large majority of those people complaining are spam accounts etc. Also, every bank closes accounts. If I’m not mistaken Lloyds and Barclays Have closed more account in comparison to Monzo have 
AYM ask loan
I would also be interested if Monzo will be offering the Bounce back loan as I moved my business banking from Yorkshire bank in April and am really struggling to access the BBL now. HSBC are offering the service to people without an account but I applied for the feeder account that you must have over 3 weeks ago and have still not heard anything back.
Sterling bank are also offering the BBL but you have to use them as your main business bank account.
I tried the Funding Exchange in the Monzo app but that came back with a 2 year BBL for some bizarre reason which does not fill me with confidence.
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Agree with the above. Moved from Natwest Business to Monzo as one of the business beta users, having used Monzo as my main personal account for years. This whole BBLS is a bit of a shambles… Messaged via chat and was told that Funding XChange will be the way to get it through Monzo, Funding XChange then tell you that HSBC are the only option. HSBC then tell you that, they’re prioritizing their own customers and you’ll have to open a holding account to transfer the money into and use for the duration of the loan.
Starling? Direct BBLS to their customers. I can feel my loyalty swaying.
I get that it’s a pain if it’s something you need and I don’t want to talk that down in any way but it’s hardly ‘a shambles’. It’s simply something they don’t (and have never pretended to) provide as far as I can tell. Have I missed something?
Well, Monzo are in the process of losing my custom. I have applied for a business account with Barclays (who I also have a personal account with) with a years free banking. No point having 2 business accounts so it’s bye bye Monzo because if a bank can’t provide for their customers needs, what’s the point?
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Maybe shambles was a slightly strong description of the situation.
That’s exactly the point though, they don’t provide it, but why? They expect to get business account holders to use them, over the traditional banks or Starling, yet can’t offer the same? I’m an IT Consultant, so as you can imagine the market has died during the pandemic. I may never use the loan, but it’s a nice thought to know it’s there and if not, you can pay it back in full without touching it.
There’s no way we can know. They’re not big into loans so perhaps they don’t have the capital/manpower/ability to make these work at the moment with everything else going on. I have no idea what restrictions the Government have put on who’s allowed into the scheme.
I can imagine the horror of the consulting situation at the moment, I’m very lucky in my job, but I suspect there’s more going on here than a simple mess up. As with everything, not every business can fill every need in the market so moving to a more established business account player may be only way around this in the short term.
Banks don’t generally modify their offerings (in the short term) for customer need, rather they offer a set of facilities they they define and it’s down to the customer to choose the product that best fits their needs. These are extraordinary times and I don’t know the ins and outs of offering loans or working with government but I suggest that this rule still applies.
Banks don’t generally modify their offerings (in the short term) for customer need, rather they offer a set of facilities they they define and it’s down to the customer to choose the product that best fits their needs. These are extraordinary times and I don’t know the ins and outs of offering loans or working with government but I suggest that this rule still applies.
Starling Bank did.
I couldn’t care less now. If Monzo are happy to lose business then that’s up to them. I will exercise my freedom of choice & choose another bank, which is disappointing because Monzo seemed to be a forward thinking bank, oh so keen to differentiate themselves from the high street banks. But in these unprecedented times, it’s clear Monzo cannot step up & be a true challenger bank because they cannot offer what the other banks are doing.
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So what? Each business will (and should) take decisions based on their own circumstances. There’s no way the behaviour of one can be directly mapped onto another.
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