Business account owners: let's get to know you

(Jack Cully) #63

Hey @Stuskl! Thanks for this, it’s all super useful :heart_eyes:

There’s no limit on payments made into your business account :blush:We’re working on what outbound limits will look like for businesses in the future, but please do reach out to me on Monzo Chat if you have any problems here :+1:

We’re hearing this! We’re thinking about this a lot, stay tuned over the next couple of months :blush:

Thanks for your feedback on the other points! Keep it coming :raised_hands:

(Jack Cully) #64

Thanks everyone for all your feedback here! We’re reading every post, and it’s really helping us understand what to work on next :smiley:

(Stephen Early) #65

This is going to be an interesting one! I think the requirements will vary a lot more from business to business than they do from person to person.

Let’s use my business as an example: we’re a small pub company. The turnover reported in our accounts is about £1.7 million per year. That’s excluding VAT, though, so the actual cash that comes in is £2 million.

Our current account doesn’t accumulate money over time, so whatever comes in must go out again. That’s about £5.5k per day (or £7.7k per day if you only include weekdays) — so, well within Monzo’s existing limit of £10k per day on the personal accounts.

However, we don’t pay out at a constant rate. Some days we don’t pay anyone anything at all! Once a month we pay all our staff, once a quarter we pay our VAT, and once a year we pay corporation tax and dividends. Very occasionally we make even larger payments, for example when we buy a new pub.

To deal with these payments, we have a limit of £100k outgoing per day on our current current account.
We find it adequate: usually we’re nowhere near that, but once or twice per year we get close to it. (When we know there’s a very large payment coming up we can plan to make it over more than one day.) I wonder whether this limit (5% of annual receipts) would be appropriate to most businesses, or whether there’s a lot of variation per industry?


I want to move my business banking to Monzo
I am on the wait list for full launch
My company is an LTD we are a consultant that turns over 50,000 per year minimum

I have been asked what we want to from a business account:

So easy access to information instantly - like Monzo right now
An easy interface our current bank’s online interface is very clunky
We get charged £5.50 per month for one statement
There is no value added and logging in on line is difficult
All the good stuff of Monzo in a Monzo business account is a dream!

(Michael) #67

Welcome to the forum Tim

Are you sure you are happy to have your email address shown?


Please remove my email address. Good call Hopefully my comments otherwise are of value


(Michael) #69

Quickest way would be to edit your own post using the “pencil” icon below and to the right

Otherwise hopefully someone from @Coral-Crew can help you out

(Chris Middleton) #70

Hi Tim, you can edit the post to remove your email address. I gather it’s usual on this forum to then add a comment explaining the purpose of the edit.

Cheers, Chris