I am trying to open up an account for my company. It’s me and my wife trying to rent out our flat. Monzo seems to not like this, even though we were told by many, including our mortgage advisor, to open up with Monzo as it was easy and doable. Somehow opening a bank account in general has been a nightmare.
Would anyone know why Monzo is not making this happen?
If Monzo don’t want you as a business customer then that is their decision.
You don’t require a business account to do this, just any standard bank account will do as you’re not running a business, or in theory even a sole trader.
give revolut a go, they seem to be the least fussy
They say for their company, so they would need a business account. Assuming they are moving the property into a ltd company to get around the new property income tax rules
I’ve heard Monzo can be strict with property rental or SPV setups, sometimes they see it as higher risk or outside their criteria.You may need to try another business bank or provide clearer info on your activity—please like so more people can share their experiences!