The future of Monzo Business Accounts

I just got my invite, filled in the form, it said it would take up to 24 hours to process but i got a notificaiton almost instantly saying my account was ready. Maybe having my business address and my home address helped them verify it quickly.

I’ve been on the waiting list since the very beginning. I’d opened an account with Tide, then Natwest, while waiting, and had given up hope of them rolling out further, but very happy to be able to use Monzo. I’m just hoping my switch works, I’m not sure if I ever updated my address with Natwest, but I don’t get a lot of payments in, just invoices every few weeks, so it won’t be too difficult to transfer those across manually until all my clients have updated.

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Seems to be taking ages to get version 1 of business banking off the ground, do you have any timescale?

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My fear for business accounts will be for the long term they will only be for average consumers that do a few invoices a month and don’t have any complex banking needs like international payments ect.

There hasn’t been much progress on the Trello board recently.

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Im on the waiting list since a month ago, how long do new business have to wait to open an account with Monzo??? :sweat_smile:

They’re doing a very slow roll out while they build the product. If you need a business account now I’d get one with a high street bank until they offer it to you, but don’t expect it anytime soon. (I went with Natwest and they were perfectly adequate…)

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Not sure if this has been asked elsewhere…

I can understand the need to have a personal monzo account alongside a joint. But not the need to have a personal account alongside a business account.

Is there any plans to remove this requirement in the future?

If I wanted to give an employee access to the business account it would be strange to ask them to sign up for personal bank account to only access something for work.

I don’t see having a Personal Account as a prerequisite for having a Business/Joint Account. While I personally don’t have a business account, if I didn’t need to have the personal account, I wouldn’t have it. I see where it originates from though (JA’s bolted onto PA’s as an afterthought in late-2018) but there is no need for both. I’m guessing the Business Accounts are also ‘bolted-on’ to PA’s in the same fashion. My PA lies almost dormant. My wife’s PA lies dormant. We operate only with the JA - so we can’t get loans/overdrafts or shared tabs, monzo.me links, IFTTT integration, etc., etc., etc.

Substantial work required to make Monzo account types ‘equal’ in operational parity.

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Good point they should all be separate tbh.

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This seems tailored for one person business.

I doubt many larger business would do their banking from a phone. A good start though :grinning:

Wonder when enterprise accounts will start!

Which is why they’re developing a web solution for business accounts.

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I did not see that on the launch page.

It’s been on the road map for a while and was reiterated here

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Do we have a launch date for the rest of us on the waiting list for business accounts?

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Not yet.

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I’ve been on the waiting list since Feb’19

Eh?

Monzo business accounts are likely to be chargeable.

Some illustrative pricing plans are over in this thread:

(Nothing finalised yet, though, as I understand it).

I struggle to get my head around having to pay for an account. Certainly a business account.

I’ll.take a look at your link. Thanks

Edit: while I realise this could be present as “transaction” or other fees rather than annual/monthly/etc fee for the account. I guess it depends how you word it. But still, if I’m getting true accountancy services, that’s another kettle of fish

Whatever the rights or wrongs of it, aren’t almost all business accounts in the UK paid for? Honourable exception to Starling Bank, of course.

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You’re of course correct.

I guess I’m holding on to legacy bank business relationships. In that, I pay for the account but don’t actually get anything for it. Certainly not of actual worth/benefit.

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