@jackcully Looking real good and getting closer now…
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The final cards have my sign-off after months of setup and weeks of intensive testing.
They should start going out very soon. It’s up to the Business Banking team from here.
I’ll be talking more about the process at my Investival talk this weekend. 
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I second QuickFile support. It’s the service I use too.
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Maybe I’m being stupid, but I can’t find info about using the personal account for business anywhere in Monzo’s terms.
Can someone point me to the right place?!
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But where are the terms that’s based on?
I mean, you accept the terms when you open an account, not all the help articles!
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I presume the fact it’s called a current account and not a business account would be the main thing
The terms of the current account doesn’t state it is for personal use only. The issue of making it so simple, you miss ‘important’ parts
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I don’t think there are any. Monzo can refuse to open an account for you, or close your account for any reason. You can only open an account in your name (so not Acme Window Cleaners). I think that they accept that people use their account for business, or side hustle, purposes as long as it doesn’t impact on their business model.
All of the above is just my relatively uninformed personal view, by the way. 
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Edit: Also, once business accounts are up and running, they may look more closely at personal accounts which ‘look like’ business accounts and encourage those account holders to open business accounts instead (or as well as).
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Surely within the bounds of treating customers fairly, otherwise they’d fall foul of the FSA/FOS.
I’m not sure how “fair” it would be to close an account for a reason not in the terms
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I don’t know what the FSA rules are, but Monzo would have to stick to those, and they’d have be able to show that they weren’t closing an account due to discrimination of a protected characteristic.
Also, the T & Cs could change at any time if they needed to give themselves cover to close accounts. It’s all hypothetical, though.
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FCA*
The TCF rules are very important and should be ingrained in the way all financial organisations operate with all staff aware and trained on them.
As to whether this would be a breach of TCF is another matter entirely!
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I’m rubbish at acronyms and then they keep changing them 
You say that like there isn’t a tax implication. You wouldn’t be suggesting some kind of dodge, would you?
Certainly not!
Looking forward to this going live and being able to use it.
Barclays has bank account charges at £6.50 and then a loyalty reward.
For the account charges they send advance notification of e-payment plan charges, which can be used for booking.
For the loyalty reward they dont send any documentation. This rather annoying as the whole month statement has to be used for book keeping. Especially more annoying is if for that month Xero has to reconcile for over 20 bank transactions due to the one loyalty reward, as the Xero starter package covers up to 20 bank transactions and the plan over 20 bank transactions is double the price.
So let me get this straight…
Monzo currently has no terms explicitly limiting accounts to personal use?
But will nonetheless close your account if you are using it for business?
Why?
I’m not sure they ‘will’ close a personal account used for business.
As to why, I guess the clue is in the name.
Monzo don’t call it a personal account in their T&Cs. They just say “monzo account”. They also don’t specifically say that to u can’t use it for business reasons. This is the problem with monzo have such basic T&Cs. There’s a hell of a lot of ambiguity and room for interpretation.
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It’s a problem for customers, who lack the power in the relationship.
It’s handy for Monzo, though. They can close accounts for any reason anyway, as long as they treat the customer fairly and in a non discriminatory way. That could mean simply giving sufficient notice.
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