Business Accounts for Freelancers/Micro Ltd Co's

Hi Monzolais,

I know this is mentioned a few times in other threads, so apologies for raising it again, but can you please please please setup micro-business accounts for freelancers and single director Limited Companies!

I’m a recent convert to Monzo and have taken up all of its new features with open arms, and unfortunately, I missed out on the discussion about small business accounts.

But I am getting so fed up with my existing Business Account from a high-street retailer, putting up with such nonsense as:

  • 14-factor authentication - Needing a dongle, email, text message, clunky app just to log in. “Because security, innit”
  • Anything apart from viewing basic transactions or anything to do with your account, requires you to call, mail or even fax a form which you need to find yourself
  • Transactions on Online Banking and your App that take 5 days to appear on your account, then disappear after a month as it’s gone to a statement
  • A chat interface with people with barely passable English skills, with zero powers to do anything armed with shotgun stock standard answers or otherwise get you to call an 0345 number and wait for an hour.

I’m and experienced User Experience consultant working in, funnily enough, banking, and I’m sick to death of their excuses for lazy user-centred design and hair-pulling friction, like “oh regulatory compliance this”, or “legacy systems” and classic “because security”. They’re just not motivated to focus on customers as a business to drive real change.

They are clearly breaking the FCA’s Treating Customers Fairly outcomes numbers 1, 3, 5 and 6, but somehow are getting away with it, “because security” and compliance teams are stuck in 2008.

Anyway, I’m aware Starling Bank have a very temptingly similar product, but I’d really love to keep my personal (and my new joint account with my girlfriend) in the same ecosystem.

I know you guys are working on it, if there are any ways I can help speed it a long I’m more than willing! Please make it happen!

</frustrated business banking customer>


Yes please please please I second this. I have recently gone full Monzo (!) with both joint and personal accounts and whilst using the joint account works really well for my husband and I, the personal account card is useless because I can’t move my business account, into which all my money is paid! I did initially sign up with Starling but are now fully on board with Monzo - however, this is the one thing Starling offer which is still missing at Monzo. Please don’t be outdone by your competitor and introduce Business Accounts (or at least another personal account I can call a business account - using the pots system doesn’t cut it for this I’m afraid) soon. PLEASE.

1 Like

Revolut also have a product, but at £25 a month I couldn’t justify it when high street banks offer it for free when you open and then a few quid a month after the first year or two.

Have you tried Tide? Its Monzo for business, with no fees.
Otherwise, Metro bank - they are pretty decent, 5 pounds a month and their app is simple but well designed. Payments are instant, branches open till late and their credit card rates aren’t bad either.

Don’t underestimate the accumulative effect of fees - in banking, share trading etc. Its normally a sign of bad design (ie inefficient) or just being too greedy.