Business accounts are now open!

We’re excited to share that, from today, we’ve launched two business bank accounts :raised_hands:

We’ve spent the past 12 months building an account that makes banking effortless for small businesses.

With your help, we’ve built a business account fit for the 21st century. Thanks to everyone that joined the waitlist, and the 2,000 businesses who signed up to an account, over the past 12 months.

The feedback, stories and time spent together has helped us create an account built around you. And together, we truly believe this is a business account that just works, so you can get back to what matters most: running your business.

We’ve been so inspired by what gets people into business in the first place – loving something so much that you want to spend all your time on it, or the freedom to choose your own projects, your own hours and be your own boss. We’re so excited to take away some of the financial admin and problems you’ve faced with other business bank accounts.

We’ve been learning from your feedback :busts_in_silhouette:

Over the past year we’ve spoken to many of you who joined the waitlist, to see what you need from a business account. For the first few months, 100 of you signed up as we built out the account and learned from you each step of the way.

Here’s what you told us about :female_detective:

  1. Opening an account elsewhere is often difficult
    Many of you shared experiences of opening an account elsewhere – telling us how painful the process was and that it can take weeks to be set up. So we built a sign up process that can be completed from your phone, with no need to make any appointments. We only ask the questions we really need to, to comply with regulations.

  2. Financial admin is repetitive and time-consuming
    And lots of you said you struggle to get a clear view of your cash flow. We’re pleased to say that the days of manually downloading and uploading transaction files are over. You can now automatically sync Monzo transactions with accounting tools like Xero, QuickBooks and FreeAgent.

  3. It’s hard to know if you’ve saved enough for tax
    We’re so passionate about doing more to help this problem, so you can worry less and have tax take care of itself. Our first step is Tax Pots. Just choose how much you want to put away for tax, and we’ll automatically move the money into a separate Tax Pot each time you’re paid. It’s really simple.

Today we’re launching 2 accounts, so you can choose whats best for your business :tada:

Say hello to Monzo Business Pro and Monzo Business Lite :briefcase:

Monzo Business Lite: the best of Monzo but for your business, with no monthly fee. A full UK current account including mobile and web access, instant notifications, Pots to separate your money, free instant UK bank transfers, award-winning customer support and more.

Monzo Business Pro: your business’ finances taken care of, for £5 a month. A full UK current account including everything in Business Lite, plus Tax Pots, integrated accounting, multi-user access for limited companies, invoicing and more.

We’re a fully regulated UK bank, regulated by all the same rules as high street banks. Your eligible deposits in Monzo are protected up to £85,000 by the FSCS.

Head to our website to see all our features and compare accounts.

We’re always looking to learn and improve :sparkles:

We truly want to make money work for everyone, and this includes businesses. We’ll keep moving towards our vision of being the hub for all your business finances, whether that’s directly or through a partner. In future, we want to support even more types of businesses. And in the meantime, we’ll carry on getting your ideas and feedback so our business bank accounts can keep getting better.

Coming soon

Here’s a sneak peak of what we’re focussing on next, based on your feedback. None of these are live yet, but we’ll let you know updates as soon we have them.

Business categories: Group incoming and outgoing payments in a way that suits your business.

Batch payments (web only): save time by paying employees, suppliers and expenses in one go, instead of one transfer at a time.

International payments: take your business to the next level by sending and receiving money around the world.

We want to take care of your finances, so you can get back to doing what you love.

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Native or Transferwise?

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It all sounds great, but I have just a couple of questions…

  1. Is the Monzo Business Lite account just a current account but worse as it has less features?
  2. Why wouldn’t the tax pot be part of lite? I’d have signed up if that was the case :cry:
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Also, currently no option to downgrade if on Pro

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I would have thought you’d get ‘normal’ pots in the lite plan, the Tax Pots just do an automatic Salary Sorter type thing, I thought?

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Ask in chat? Maybe they can help

Without FreeAgent etc integration on the Lite package, it’s a non-starter.

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According to the website it automatically sets aside a percentage everytime you’re paid.

I do freelance work alongside my full time job so I’d class myself as a lite user. Tax is still important to me and it would have been nice to have this feature :frowning_face:

So as it stands I’d be no better off splitting out my business from my personal account :man_shrugging:

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Proprietary invoicing?

Is the web access the same as emergency web access for personal customers ? If not will personal customers see improved web access?

Hi there,

You can change your plan at any time to one that best suits your business. Right now, if you want to swap to a Pro or Lite account, you’ll need to reach out to us in chat.

Also, if you joined Monzo Business before today, then look out for an email in the next few hours with some extra details :eyes:

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The web interface is handy, but having to first click an email link and then authorise in app with your PIN is going to put me off ever using it. Why not one or the other? I’d prefer to use the app as a default authentication, with an email as a backup (though I’d much rather have full 2FA so I can input a code from 1Password/Google Authenticator/Authy etc).

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Could you answer some of the other questions people have been asking please? More importantly mine :stuck_out_tongue:

Or should we direct them in chat?

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It’s a shame that tax pots are paywalled… As I don’t see what business lite offers over my starling business account…

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I wonder if you could diy tax pots using ifttt ?

You can’t create a trigger for incoming payments on IFTTT. I doubt business accounts are supported, just like joint account aren’t? @leepethers can you add this question to the list please :blush:

The signup process isn’t very friendly on iOS IMHO. I had a little peak in app, but found there is no way to back out (like you can in joint), short of closing the app

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Each business has very different needs, but to answer some of your questions.

  • Tax Pots are currently only available with the Pro account
  • Regular pots are available on both plans, of which you can manually move tax money in to.

One of the benefits of the Lite account is the ability to separate business finances from personal finances, for free. As the business grows (or your business needs change), it’s also possible at any time to change to a Pro account to get access to more advanced features.

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For that matter is none regulated (AISP/PISP) API access available (and will it continue for foreseeable)