The future of Monzo Business Accounts

:see_no_evil: they sound like a nightmare!

yep been pointed out by a few … me putting convenience over legality!

Because a Pot is held within the Monzo account (sub-account). If I want another RBS or other account, no matter what it’s for, I’d have to apply for a sister account to the one I already hold.

As above I could like with less interest - it’s handful of £s over a year - if I could budget properly within the account - and see the budget pots grow. I can budget, but it helps to see it in action. And if IFTTT could hook up to invoice incomings, so much the better…

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Can you give some indication of when you will be starting to open Business Accounts again? I really want to get going with this (I have registered) having evaluated the market.

Barclays pingit pots do have sort code and account number.

Please please tell me the business account will launch soon…

We have business accounts with RBS and TSB and their antiquated online systems straight out 2010 of are really starting to frustrate me!

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Hey folks :wave:

It’s been a little while since we’ve updated you on the progress we’re making with business accounts. I’m sorry we’ve been quiet! We’ve just sent the Business Banking Monthly email to those who’ve registered interest with a full update - so check your email if you’re signed up (if you’re not, you can sign up here )!

We’ve just opened our 1,000th account

Since June, we’ve been slowly inviting more businesses to open accounts with us. We moved from 100, who tested accounts with us, to now having 1,000 businesses. We’ve been listening to lots of feedback, and we’re really pleased with the progress we’ve made so far.

We’re going to focus on building things you’ll love, and making sure everything’s smooth in the background

We’ve learned a lot moving from 100 to 1,000 business accounts, but we’ve got more to do. So we’ve decided to focus on building more great business-specific features, like the Tax Pot , proper multi-level and multi-user access, supporting our upcoming new look , and a few of the bigger features from our ideas board . We also know that there’s lots of prep work in the background that we still need to do to make sure that we can support businesses operationally, so we’re focusing on that too.

So we’re slowing down on offering more business accounts for now

But, we’ll let you know through email and an app notification when we’re ready to offer you an account. Some of you have been in touch to let us know that you really need an account soon - if that’s the case, for now, we’d recommend opening a business account somewhere else (you’ll be able to use the Current Account Switch Service when we’re able to open you an account later, if you’d like!)

We know it’s been a while for those of you who registered interest towards the very beginning - and we really appreciate your support. But the most important thing to us is getting this right, so we’re going to do just that!

Have a great bank holiday weekend! :sunny:

^^^^^

Above was the latest update only 3 weeks ago so id doubt alot has changed from this :slight_smile:

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@jackcully @simonb

Coming up to near on 3 months since the last big update if my maths is correct. Anything you can share in terms of updates to business banking?

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Hey Nathan :grinning:

Alex Fox, from our Business Banking team shared a quick update here. More to come :soon:

Thanks simon, i suppose an update to say no update is better than no update :laughing:

Try say that 5 times quick!

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How long does it take for my business account to be accepted, it says its currently on a waiting list :see_no_evil::man_shrugging:t5:

They are slowly adding more so there is no way of knowing how long it will be unfortunately

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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