I don’t really understand the vitriol on this thread. I can think of at least Nationwide and Lloyds that have increased the monthly costs for no additional features.
At least with Monzo there’s the promise of more money.
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Cerberus
(There are no stupid questions, just stupid people.)
47
Because as stated there are other fintech banks that offer business accounts with the same features for free and or cheaper than £9
I had the business account from when it was first available and in that time nothing new was added apart from getting paid in another currency which was over a year later.
Offers were either non existent or useless. Only new thing recently that was added was a discount at fivrr
Also it’s not Vitriol, it’s customers who thought the value was questionable before a price rise.
Agreed. Frustration perhaps but certainly not vitriol.
Compare the Starling free account features to Monzo Pro and £9 seems a real stretch to me. Especially for a small business with just a couple of directors.
Fair - Perhaps the V word was a little over the top.
Then why did anyone bank with them then? I’m actually not often in Defence of Monzo on here, there are a lot of things they don’t get right. But to me this ain’t one.
They had a product, charged a price - up to you if you want to buy it or not. Then said it was a price rise (fair enough, I can see why people might’ve questioned it) but then said new features were coming. Whereas other banks kept the same features and straight up charged more.
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Cerberus
(There are no stupid questions, just stupid people.)
50
Because at the start it seemed reasonable and considering how Impressive non business accounts were and the updates and changes they have made it seems liked something to grow in to but after 2+ years very little additions had been made to business accounts but the price is increasing.
That’ll be different for everyone of course but in our case:
Starling’s business offering didn’t cover a limited company with two directors at the time. Monzo offered (paid) beta access and we considered it worthwhile compared to HSBC. Even after Starling started covering our needs for free, the hassle of moving business account again (accounting overhead and client comms) meant that inertia kept us with Monzo.
A price rise of 80%.
Sage integration - great for anyone using Sage, but of no added value for current customers happily using the existing integrations. People will only use one integration at a time.
Additional tax pots - may be useful for some people but we found the working of the tax pot didn’t suit our needs at all due to the way we managed our accounts. The addition of two more may provide a worthwhile benefit for some users of course.
More advanced Xero integration, auto export of statements - neither would help us, others may benefit.
Increased cash handling limits - may attract some new customers (depending on the amounts) but existing customers wouldn’t be with Monzo if they handled a lot of cash.
So yeah, it comes down to what works for you and your business. And it comes down to whether, as an existing customer annoyed about the price rise, you can be bothered with the hassle of moving a business account given that it’s more effort than moving a personal account.
I suspect that Monzo won’t lose too many existing Pro customers. But I do question how many new customers will be put off by the gap between the free account and the £9 for the Pro account and will look elsewhere. Only Monzo will be able to answer that one as they see figures for closed and new accounts over the coming year.
I had one for about 18 months - evaluated it at the time, worked for me. Would I personally still use it with the price increase, probably not, but would I care, not massively. I’d just look elsewhere.
Cerberus
(There are no stupid questions, just stupid people.)
53
Then you understand where we are coming from then. We paid monzo for a service and instead of making improvements they have charged more.
It’s a shame monzo is still my main bank but slowly everything is moving over to Revolut. Starting with my business account.
I will be going limited next year and then I’ll reassess my business banking again.
I always did - it’s fine to vent and I do get it. I still don’t really get all the frustration about it, I’m sure people can make a choice about how much business they want to give as a result, but I’m also sure the numbers will have been done and Monzo think it’s worth the risk of customer loss and did it anyway.
I will be leaving for Starling which has all the same features without the extra £4. I used to be loyal Monzo fanboy. Your COO should stop bringing the greedy American approach to what used to be UK’s best bank.
I think this price increase by £4 a month is a bit of a money grab with no real value. Are there any focus groups happening about the future plans for Monzo’s business account? There are some odd choices being made I don’t understand. Trying to get answers from support is comical.
There are plenty of topics about business accounts, and as with all feedback, we’re told it is passed on / read by staff. Sometimes they’ll engage on here too.
I honestly can’t understand why they’re doubling the price. I already felt the £5 fee offered little value, but £9 a month is now just a joke. I’ve had everything with Monzo, but this move has made me seriously reconsider. I’m now planning to move my limited company’s banking elsewhere, and when I do, I’ll likely move my joint and personal accounts too.
If they were adding real value to the Pro account, I might get it—but there’s nothing new, just a blunt email telling us it’s going up. No justification, no roadmap, just “pay more.” It’s a disappointing move from a bank that used to feel different.
Yes unfortunately the sync to my Accounting software was only reason I paid for Monzo Business Pro. With the price increase its not worth the money. I’ll be downgrading my account.
Support mentioned that they’ve added invoicing in-app, as well as integration with Xero and tax pots. While that may be seen as added value, anyone already using Xero is unlikely to use Monzo’s invoicing features. And if users have pots as a feature within their current accounts, is that not an odd feature to charging more for access to with a business account?
I don’t quite understand the direction here—especially with Monzo offering such low interest rates, while Starling provides all of the above for just £4 a month.
I genuinely believed in Mondo early on, even invested in it with crowdfunding, but that faith hasn’t really been rewarded. It feels like the American COO is just another typical corporate figure prioritising profit. As an American myself, upon arriving I was excited to find a UK bank that aligned with my values. But now, with so many other options available, it’s hard to justify staying.
Someone above summed it up well—customer departures will be the clearest feedback. I’m definitely planning to make the switch asap.
Do they not get briefed on these things? In my experience, only about one in four support staff at Monzo are actually engaged and helpful. You ask a multi-part question and get a four-word reply with an emoji at the end.
At this point, I have to laugh—otherwise I’d be genuinely frustrated. It’s clear they’re not investing that extra revenue into properly training their support team.