Business account declined. What would cause this?

Hey there,

So let me start by saying I have a personal account and a business account with Monzo set up as a sole trader which was created in 2016.

I haven’t used the account a great deal, however, I’ve just made a LTD company on March 20th as I’ve inherited about 30 clients from someone who is retiring and is essentially handing me their business.

In this case it makes sense for me to become a LTD company for the extra benefits and protection.

I thought I’d stick with Monzo as I had the two accounts already, however the message I get from them is “we cannot support your business” or “business type” I forget the exact message now.

Everything I do is domestic and it’s a simple web design/hosting company. It pulled the details fine from companies house.

There’s nothing in the eligibility that would exclude me or my business as far as I can see.

What else would possibly cause one’s business to be declined?

I don’t have any loans, etc with Monzo.

It’s a shame because I’d have preferred to keep everything in once place, rather than deal with multiple organisations for banking.

Is there a review system for this kind of thing or am I just out of luck here? It’ll likely just end up with me taking the other two accounts elsewhere to keep everything under one roof.

Presumably thinking about it, it’s probably down to “banned” sics, even though none of mine are anywhere near “high risk”

They just don’t want your business activity onboard, most certainly if it’s financial, investment, crypto or any form of cash related.

Plenty of options in the business banking market. Try Starling if you want fintech.

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Just seems odd. They’re happy for web design as a sole trader account but not for a LTD company.

Thanks, I’ve made the application with Starling. Will do the same for the personal account as well once all setup.

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Ended up going with Starling.

Funnily enough, I got a Monzo spam letter in the mail the day after writing this asking me to apply for an account with them.

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