Business account owners: let's get to know you


(Mirella Deocadiz) #1

:wave:everyone! Thanks so much for your interest in being a part of our business banking trial. We know that things aren’t perfect yet, but we’re grateful that you’re willing to be a part of this journey with us. :rocket:

My name is Mirella and I joined the Monzo team recently. I also just moved to London (after stints in New York and Hong Kong) so I’m just getting up to speed with the way that things work in the UK :see_no_evil:. I’m very excited to hear about what you want from a business bank account and work with the team here to build something that solves all your problems.

To kick things off, I’d love to hear about you, your business, and what you’re looking forward to with the Monzo business account. I’m particularly interested to get your take on your experience so far (even if it is a bit early!).

I hope I’ll get to know (at least some!) of you better over the next few weeks, and that we can build something that will make running your business much easier :muscle:


New Pots shared between Personal and Business
(Jordan) #2

:wave: :hot_coral_heart: Really excited to hear from everyone :slight_smile: In addition to Mirella and myself, we’ll also have @jackcully and @mattsmith reading and responding to all your feedback.

We’d love for you to see this as an open space to share your honest thoughts about the account so far, at any time. We want to spark interesting conversations, and really understand how we can make the account work better for everyone.

We’ll also send out some surveys every now and again to ask about specific things - so be on the lookout for those!

If you’re not currently a Monzo Business Account holder, but you have any thoughts/ideas/things you’d love to see, please share them in the main topic here!


(Jason Artemis Winstanley) #3

I’m very excited to be taking part in the scoping out of the trials right now… Had my first call this afternoon, so very very excited to be waiting to see what the next steps are! Eeeeep! :smiley:

Update: Well, that was timely. Just had a notification saying my account was ready. Oh hey, I have a Monzo Business account… Huh! Time to start transferring things I think! :smiley:


(Matt Smith) #4

Hey everyone :wave:I’m Matt and I’ve been working with @jrdn and @mirelladeocadiz on the business banking project over the last few weeks. So excited for this trial - it’s starting to get real which is great! As Mirella and Jordan have said above :arrow_up: please share all of your thoughts on the account so far - I’m really keen to hear what works / what doesn’t work so we can start making business banking great! Thanks to everyone for getting involved :+1:


#5

Thanks for selecting my business to trial one of the first business accounts!

It’s really, really early days, but here are my initial thoughts (on iOS).

I’m pleased to see that the pots are retained from the current account with no changes. I can see uses for the ‘goal’ functionality especially.

I’d really like it if the switcher could indicate the type of account (personal/business/other) by perhaps an icon rather than ‘personal account for…’ and ‘business account for…’ and then have the name of the business/person as the only text.

I’m not keen on the fact that the ‘recent payees’ carries over from the personal account. I’d much rather the list be entirely separate.

It’s clear that the categories available for transactions on the business account will need changing to be more representative of what a business actually spends money on.

I’m really looking forward to the API being opened up for business accounts as that’s where (for me) they really have the opportunity to shine.

That’s it for now!


(Tom ) #6

I was also selected for small scale trial. In the process of letting those who it affects know my new details. I’m a very low level user with only a few payments in and out a month.

Absolutely with you on this. It needs to be kept separate. I feel this way about the CA / JA too which has the same behaviour.

Again - with you on this. When thinking about my main income via my employed work (not the one used on this trial) it would be incredible to link into Xero so that nominal codes can be set either side - on Xero or within the Monzo app.

I’ve noticed the profile photo is the same for both CA and Business which could be a bit confusing.

Looks like the card will be another Hot Coral card - expected for this small trial. I’ll get my Sharpie out again.

I also don’t have any need or think it’s required to have Summary at all. You’d be doing this in accounting software.

Really pleased to have pots - I was only told yesterday it wouldn’t be available from launch. It’s good to set money aside (deposits) that I know I can’t touch.


(Tom ) #7

I’ve also just noticed that my limits are tied in to the same limits as my CA and JA. These need to be separate limits siloed off from my personal accounts, but I can’t seem to find any information about limits for the Business Accounts.

For anyone interested:
Terms and Conditions
Privacy Policy
Fee information

The fee is £5 per month. My view is that it should be waived during this small scale test, but I imagine they don’t want to set a precedent so are charging it. Everything else is identical to non-business account currently (50p per day overdraft, 3% over £200 foreign withdrawals).


(William Hamilton) #8

I’m also really excited to have been selected for the business accounts trial. In addition to my normal day job, I’m the admin guy for my brother’s roofing company.

Again, it’s really early days, but I like that you’re able to support the two users from the get-go (although I know he’s still waiting for it to show up on his app). This is something we’ve had serious issues in accomplishing with the legacy bank (which is ridiculous!) and I know Starling does not support.

I think I’d mirror the comments from @colin and @tomsr. The carryover of payees is somewhat messy and I don’t doubt that we’d have some issues with it carrying back the other way. Categories definitely need to be customisable - each business is going to have its own way of categorising income/expenses based upon the nature of the business.


(benjaminlbowles) #9

You chaps want to share some screenshots of what the app looks like and feels?


(Tom ) #10

It’s exactly the same look and feel as the personal Monzo experience as far as I can tell so far. It’s the exact same app with account switcher.

I wasn’t asked if I wanted anyone else to have access.


(William Hamilton) #11

I just told @jackcully it was a requirement when he first contacted and then it was all put in place in the phone call this afternoon. I know my brother has been contacted about being ‘added’ to the account and we’ll both effectively be ‘joint’ admins for the account.


#12

This I hadn’t noticed, and they need to be increased as otherwise businesses are going to be paying taxes in multiple payments spread over a few days, which is hardly ideal!


#13

This would be excellent, echoing somewhat the way Curve works with Xero integration. You’d assign the nominal code to the category in the Monzo app, and then it makes its way into Xero automatically. I’m sure other accounts software providers could be supported in the same way.


(Tom ) split this topic #14

A post was merged into an existing topic: Help us understand what features you’d like to see in a Monzo business account!


(Jason Artemis Winstanley) #15

Hey!

So… I set up a pot on my new Business account yesterday to prepare for the future (and because I got excited about having the account…), and noticed that the Pot I created also appears on my Personal account. And when I transferred a small nominal amount into the pot from my personal account, the nominal amount is now showing up in the Pot on both accounts.

Is this to be expected? Should newly created Pots be shared between Personal and Business accounts? :slight_smile:


#16

I just noticed this too. I’d hope that was a bug, as I certainly don’t think it should work that way.


#17

I don’t have a business account, but this feels like exactly the type of bug the beta is here to catch and fix :bug:

Have you been given a way to directly report issues during the closed beta?


(Tom ) #18

Hey Termy
Moved your post here so we can keep all feedback together. You’re absolutely right - I have the same bug. Good spot.


(Daniel Cannon) #19

Thanks for flagging this, this should be fixed later today (you shouldn’t need to update your app).


(Jason Artemis Winstanley) #20

Thanks for making it all a bit cleaner, Tom! :slight_smile: Much appreciated!
@daniel.cannon Amazing work! Thanks for letting us know! :3