We have a business account with a ‘new’ bank but not really happy with the user experience and the charges. They charge £25/month.
I also have another business and use HSBC for that which is much better and only charges £5.50/month.
We were limited in our choice of account as we’re an LLP and are equal partners in the business.
We’re really excited about the Monzo Business account as this would’ve been our ideal scenario this time last year!
From my perspective the most important things for the Monzo’s Biz account to have are:
Flexible and open to LLPs and companies with 2 directors needing equal access and approval rights
Good user experience online - needs to have a dashboard which allows you to download PDF statements for both the commercial card and the account
Option for having a virtual commercial card for subscription payments
Compatible with Quickbooks and other accountancy programmes for ease of invoicing and expenses
Happy to pay reasonable bank charges but based on account usage and profit
Looking forward to seeing the new Monzo Business service!