lol true , and if you spend 2 minutes a day working on something that the Monzo business account does to save you time , and you earn £10 an hour (16.6p per minute gross ) - you’re a step further forward to maximising your business profits - and that’s before deducting the business account subscription on your tax return
Is Monzo looking to support small businesses during COVID-19 maybe by providing Business Pro for free for a few months? It would be great for businesses just starting out
I suspect Monzo can I’ll afford to subsidise many small businesses. It needs to start earning money and the monthly fee is very reasonable all things considered.
There are two business account options, one of which is free.
It is £5 a month. That is not Monzo supporting small businesses, that is you asking for a freebie.
That said, I am a little surprised they didn’t put everyone on pro for free by default for a couple of months with the ability to downgrade should people want to.
Beta testers had 3 months fees credited. But we have 2 users so could not be downgraded anyway. That said, £5 per month is less than we were paying for out HSBC account. Their app and service were awful, and they charged an extra £1.50 per account per month for an accounting package feed. Only one savings account, so although it paid (some) interest it wasn’t as good as having separate pots for VAT, corporation tax, accountant fees, insurance, etc. Personally I think £5 per month is fine. I know people keep saying Starling do the same for free but I’m with Monzo now and the hassle involved in changing to save £5 per month just isn’t worth it.
Agreed. Also, it’s a big assumption that Starlings offering will remain free.