Help us understand what features you'd like to see in a Monzo business account!

Monzo Chat Business Banking
38

Great news, and potentially more complicated than a regular consumer account, but in my world I see the following…

Necessary features for Full Monzo:

  • Support for single-owner Ltd, multi-owner/multi-director Ltd, Ltd owned by Ltd (subsidiary), sole trader, LLP etc
  • Multiple businesses for one Monzo user (like me I’m a Sole Trader, and a director of four Ltd’s - all with separate banking)
  • Annoyingly, a better way to deposit cheques - Post Office
  • A better way to deposit cash - much much higher limit (i.e none), but prepared to pay
  • High faster payment limits - up to £100k in one transaction, and high daily limits
  • Standing Order management (Tide!)
  • Direct Debit management
  • CSV/QIF export
  • Bank statements as PDF (monthly)
  • Option for printed bank statement - I know, I know, but some lenders won’t accept online PDFs as originals
  • A simple/quick AML & KYC process
  • Current Account Switch Service
  • UK account number and IBAN/BIC numbers for GBP payments
  • No dongles/card readers/legacy 2FA stuff

All of the above is everything a legacy business bank does, albeit poorly or in a badly designed manner.

Ideal world features to convince me to switch:

  • Support for plugging into lenders, credit cards and open banking
  • Overdrafts
  • Pots
  • Multiple monzo users (& debit cards) to access the same business account
  • Apple Pay
  • No silly invoicing in the banking app nonsense (Tide etc), or any attempts to try and do a rubbish job at accounting in the app (leave this to your accounting app/platform - i.e Xero/QuickBooks/Sage etc).
  • Payee management - i.e multiple accounts per payee (USD/GBP)
  • Multiple currency payments/international payments
  • Xero bank feeds API connection, or at worst case Yodlee support

General thoughts

In my opinion, I would say a separate “Monzo Business” app would be preferable, and please, a different colour debit card - look at Starling for a reference on this.

I think all of that would be a good starting point, and basically would make my businesses eligible for #fullmonzo.

For this I’d pay a flat rate of £10-20 per account, per month with 2 debit cards/users for each account, but no transaction costs for card payments, faster payments or direct debits - a flat rate really makes sense for this product.

Then interest/arrangement fees for debt (overdrafts/small loans etc) on top.
Also cheque deposits I’d pay a £1 per cheque and cash deposits I’d happily pay 0.25-0.5%.

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