and TSB…which annoying as owned by one of the biggest banks in the world
Very interesting! Hopefully, we might see some rumblings of something as we get halfway through the next year.
Hopefully the temptation is enough for them to start moving into it.
I use Tide and it’s fantastic, free and the onboarding process is just ridiculously good. Monzo is good, but Tide takes it one step further. Worth a shot in my opinion.
Tide does look good and has been extensively discussed previously but, in my own personal opinion, while plenty of people are unaffected, the sheer number of serious issues that people experience when using tide rule it out for me immediately.
That’s fair, I don’t know about issues, nor have I had any myself - hence the recommendation.
Re Monzo business banking - I’m hesitant. Monzos personal banking only has the bare skeleton of features (even compared to some legacy banks) and there isn’t application parity yet. I wouldn’t want them moving to business banking until they have a solid, up-to-date personal banking experience.
Running before you can walk and all that…
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That would be my concern, for purely selfish reasons of course.
I think we’re seeing this with both Monzo and Starling with the latter making announcements before they can deliver.
Whilst I’d welcome business accounts from both, I do really want to see some decent apps from them. This MVP stuff is not being iterated quickly enough and Android users complain of being less equal.
Totally agree. Each time I get frustrated though, I have to remember we’re at the starting line of a big change in banking and it’s only reasonable to expect good things a few years from now.
I’m a freelancer. I don’t need an all singing all dancing business account, but it would be handy to have something like a business “pot” so, for accounting purposes, I can keep all my business transactions separate and easily check invoices have been paid etc. I realise this is easier said than done as in order for clients to pay me directly into the pot it would need a separate account number, so perhaps not a realistic prospect.
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Quick update - Monzo are looking into creating business accounts for freelancers & sole traders -
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Hello. Yes we need to be able to keep personal salary and spend (HMRC Tax and NI “net” by employer) separate from our other business money and spend (HMRC Tax and NI “gross” to be actioned by us or accountant at end of year).
- There is only one Monzo app. Keep it that way and give us the ability to flick between 2 accounts; Personal and Biz as stipulated above.
- Give us a second nice vibrantly coloured Mastercard that makes us look cool when buying our prospect a coffee in Nero’s.
- Charge us a “small” monthly fee for it so you can get out of the deficit. We would like to see this project succeed. We will help you get to the billion users you desire.
- I am a Xero user. Can you iterate on possibly using Yodlee and hook a bank feed to accounting software. I should be making more of my customers happy, not downloading, saving and uploading CSV files for my accountant. I could be sitting in a coffee shop on a Sunday simply matching up transactions and invoices during the time it takes me to drink a coffee purchased with the business monzo bank card.
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I only saw this now, too late for calendar slots… As many have said before, it would be great to be able to switch between personal and business account on same app (while keeping said accounts completely separate), and bank reconciliation integrated with accountancy platforms would be a big plus - I’m with Crunch myself.
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Second the Crunch integration.
I recently opened personal and business accounts with Starling but closed both when they wouldn’t recognise businesses with a different trading address to their registered office (quite a fail on their part, has to be said).
As a new personal customer I would love to move my business account to Monzo as well.
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It would have to be a wholly separate account, not just a pot in your personal account. You and your ltd company are separate legal entities and accounts should be ringfenced accordingly.
Starling allowed users to manage both accounts in the same app, however, so would hope Monzo do the same.
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I’m a sole trader, not a Ltd company - I have such simple business finances that I don’t need a separate business account.
I don’t really mind whether they are separate accounts or not, as long as I can manage my personal, business (and ideally joint) finances in one app without having multiple login details.
Agreed!
Tide?
No monthly fees, all app based. Ideal for people with Beach in their name. 
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I too would love to use a second Monzo account for my fledgling tiny business. I opened a Starling account only because they started offering free business accounts, but their app/service/workflows are nowhere near as polished as Monzo, and their Android app is broken for me (so can’t even use my accounts!), though all other banking apps including Monzo work just fine. I opened a forum post with now over 200 comments about it from others with issues, but it seems their interest in fixing it might be waning.
Can I just open a second Monzo account to use for my business? or will the app not work with multiple accounts?
Only one account per customer (excepting joint accounts now) I’m afraid.
I’d love a business account too, for a limited VAT registered biz. I don’t have any real issues with Barclays, and I’m happy to pay a fee to have the account, but having to wait a couple days for outgoing transactions to show in in the iOS app is just annoying.
In a perfect world, I’d like one current account for all money in or out, and a few savings accounts/pots. The ability to give pre-paid cards to employees for expenses would be great too. And, tighter integration with Freeagent vs what Barclays Data Services gives would be swoon-worthy.
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