This isn’t Business Banking, as I’m a sole trader. But I’ll check that out Coconut thanks.
A quick update on this, whereas the answer to whether or not Monzo will provide business banking has always been a flat no in the past, Tom changed his tone slightly at this month’s open office.
Rather than saying no, he mentioned that there’s are a few interesting things going on in the UK market which might mean that offering a business account could be interesting, in the next year or so. But he also made it clear that we shouldn’t expect anything within the next year.
This is only anecdotal but I’ve heard quite a lot of negative feedback about Tide so perhaps that conflict (Monzo’s investors Passion Capital also back Tide), will be going away 
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Well, that’s an interesting turn.
I had come to the conclusion that for sole traders there is a differing idemand between (a) “business banking” with all of the associated services around invoicing and VAT and (b) using a current account simply to keep business transactions separate from personal ones. As the gig economy grows, the latter, for smaller sole traders (like me) is increasingly attractive.
Regarding Ben’s thought of 20% top-slicing of credits, maybe Monzo could look at a “savings pot” rule to automatically make such transfers.
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I’ve recently received my Monzo current account was was debating how I should use it. As someone who independant and a freelancer and is more interested in analysing business spending I’m willing to use it as a Business Account.
My understanding is that for Limited Co’s there’s a requirement to have a dedicated account 
and from what I gather some banks are ok (Nationwide but not Barclays). Does Monzo restrict me in from using it for business?
VAT does not worry my as I can do that elsewhere.
I’m not aware of any legal requirement to have a separate bank account for a limited company, but there is a legal duty to have company financial accounts so having a separate bank account makes the job a lot easier. That does not mean it needs to be a formal “business” account with those business-orientated bells and whistles, if you don’t need them.
As a sole trader with no company registration, any current account could do the job for me, providing there is nothing in the bank’s T&C’s to prevent it. I imagine bank’s that sell business accounts are more likely to object to a customer using a personal account product for business. I haven’t found anything in Monzo T&C’s to prevent using the CA for this sort of self employed /gig usage
The important thing for me is to be able to export a transactions report from a bank account as a CSV for my records and doing tax self assessment. Android Monzo doesn’t provide that yet, but will do, I understand, at full launch.
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Just wondering if Monzo will ever offer a business prepaid facility in terms of one profile but more than one card linked to that profile? I require a prepaid option where by cards can be issued to freelancers to use for business purchases that I can keep track of under one umbrella. Each freelancer/ cardholder would require access to their own online app to track their balance and expenditure. Any suggestions?
Nobody can say yes or no to this ‘ever’ being done but it’s clear at the moment that Monzo have:
- No current plans for business facilities
- No current plans for pre-paid facilities
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so if you want a prepaid business card you are doublely out of luck
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You can also try Expend
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