As we know, Monzo is a personal account solution only. As someone who has run small businesses before, and is now trading as a limited company for my freelance work I needed to set up another solution. There are a few threads about other options out there but I thought it might be helpful to do something together about solutions people are actually using day to day at the moment.
I’m using Tide, which seems to work really well. It has a 20p transaction fee, but I’m dealing in low volumes typically. They’ve recently redesigned their cards with a nice portrait layout, and their app looks decent. They’ve just launched FreeAgent support too which is ideal as it’s my chosen bookkeeping and solution (and another British company to support). I like that it’s easy to set up additional accounts and you can order cards for these for free if you like. I’ve got a separate account to hold my tax payments in for example, and another for expenses so I can make sure I only spend what I know can be spared (though given the transaction fee, I’ve usually just been reclaiming what I spent on my Monzo card).
I looked at Coconut but they only support sole traders and not limited company setups sadly. I’m keeping an eye on their announcements though.
I signed up with Countingup also but despite them accepting my ID the app has been ‘Setting up my account’ for a few hours now. Apparently, they were founded by the guy behind Clearbooks which is another solution I’ve used in the past and really liked and it’s going to aim to have your bank account and accounting software all in one solution. It’s got a £20 monthly fee for limited companies if you want features beyond the basic bank account so I don’t think I’m going to use it for now, unless they suddenly offer everything that FreeAgent or Clear Books is able to do.