I’ve always said that Monzos free business offering is poor compared to others. I don’t need invoicing or anything like that, but I do need to connect my account to my accounting package. No way I’m going to pay Monzo for that when Starling does it all for free. I’m sure that’s the case for a large number of people who would otherwise happily have a Monzo business account.
Is this true? I’ve just looked at Barclays and HSBC and from what I can tell after a free introductory period Barclays charge £8.50/month and HSBC charge £5.50/month for a business account. However, I’ve never needed a business account myself so might be looking at prices incorrectly.
That’s because they’re already charging you for a business account. You’re comparing Monzo’s free account with other banks’ paid accounts, which is an unequal comparison. If you pay for a Monzo business account you get the access other banks provide plus more.
HSBC used to charge a monthly fee for the business account, and an additional fee per account for data feeds. I think I paid £5 per month account fee and IIRC they wanted £4.50 each for data feeds for the current account and the deposit account to link to Sage. That was before I moved to Monzo as a beta user on the business account though.
Mettle and Starling maybe as they’re actual banks, but Revolut and Tide aren’t in the same category at all as they’re not banks. With the former, fine to compare, but I don’t know what you get with their free business accounts compared to Monzo. So, yes, compare them, but if the free offerings are missing something fundamental that Monzo provides then that’s part of the mix. Even if that’s not the case, it’s clear that Monzo is far from the only bank that charges for access to the data feed.