If I make an account for a limited company and add the other director, will it be £5 each or £5 for the company?
Hey @samwhu30! Pricing is by business, rather than by person (so, your account will be £5/month!)
I just saw the £5 per month fee. I can’t see any benefit in switching away from Starling Business which is free. Even Tide works out better than this.
Thankfully you’re not being forced to switch.
@tbutz Would you rather I don’t give feedback like this which is the main point of the community forum?
Feedback would be “£5 per month is too much, I’d prefer it if it were free for small businesses upto £30K pa turnover, and then £5 per month after, or perhaps a graduated scale” or something similar.
You just said you don’t like the fee. Can I shock you with a pertinent fact? Nobody likes fees.
By all means offer feedback. Tell Monzo what would encourage you to switch, what features are of importance to you, how a small tweak to something would benefit you. But complaining about a fee? I can’t see that being of use to Monzo.
He didn’t say he didn’t like the fee, just that he couldn’t see any benefit to paying for Monzo’s account over Starling’s free offering, which is valid feedback. In terms of features, they’re basically identical at the moment.
Personally I’d like to see a free-tier, with some of the forthcoming invoicing features stripped out. FreeAgent/Xero integration means a lot of folk won’t ever need their bank to deal with invoices.
What Tom said
The above image is what monzo have in mind, you could only vote for one. (It was sent out as a questionnaire on 26th June.) I personally think they should build all three and allow each business to pick which suits them. If there was a free offering, I’d snap it right up (as I have said before).
Must have missed that! Web-portal and integrations should be default for all accounts, IMO. Definitely web-portal at least.
Hmm. I didn’t see that back in June. Thinking about it now, none of those three options is compelling for my business:
Option A misses out too much basic business bank account functionality: a transaction feed to an accounting system is absolutely essential, and it doesn’t provide any features I don’t already have
Option B might be usable, except that the payee limit on batch payments relegates it to “chocolate teapot” levels of functionality. (We only want to make one batch payment per month, but it’s to ~60 payees. I can make five payments manually, no problem.)
Option C would be usable, but is far too expensive for a secondary business account. (It can’t be our primary business account because there’s no provision for cash handling.) £15/month is more expensive than both Barclays and Handelsbanken.
All I’m looking for from Monzo is a bank account that allows me to issue debit cards to branch managers, has a transaction feed to Xero, and which supports batch payment files from Xero. I’d be very happy to pay £5/month for this. £15/month is pushing it. I don’t need or want it to replicate features of my accounting system.
Is multiple debit cards (with granular permissions) definitely on the roadmap?
My company does quite a bit of work for an overseas client who pays in GBP via wire transfer. Would we be charged any fee to receive the funds into a Monzo Business account? Our current ‘high street’ bank charge GBP 7.00 to receive each payment which, over the course of a year, can mount up significantly.
Never understood why small companies are charged for business bank accounts, unless all these integrations (that I don’t use) cost the bank money. I don’t do anything different with my business account from my personal account. I have some standing orders for wages and make manual payments for dividends and tax payments. That’s it.
I’m sure all of that is not worth any fee at all. I don’t need any integrations, any additional functionality. A free account is definitely something I would look for. As a matter of fact, I do more transactions on my personal account than my business account.
I honestly don’t see any point on using Monzo at this point in time given the fee.
Cononut is free - Also I invested in them so I have lifetime fee free on their £5 quid “Premium” account.
But for now, the best is still Starling on my honest opinion. It has all the features Monzo has, and is 100% free. Really, what’s the point of using Monzo at the moment?
Also Monzo should gibe premium access to this account to investors that invested more than X on the company. Just saying . . .
They should only do this if they said they were going to when you invested, I think.
Tide user here, the fees is the reason I won’t be switching to Monzo for business. Never mind.
I only have a small business… currently using Starling Business… I want to be with Monzo so much, however…
£5 per month is too much, I don’t earn enough through the business to justify £5 when my current bank is free.
Have Monzo considered a small business free account or £1 a month for small businesses? To me £5 a month is pushing the small businesses out?
I see the above plans, that would be idea, however it would be amazing to have Invoicing included. The rest such as batch payments, Multi user etc I don’t need…
I may be wrong just my opinion on the matter…
They have hinted there may be a fee-free option with fewer features in the future. But for the launch, it’s £5 per account.
Gotta say I agree, I currently have the monzo business account @ £5 per month, my usage is low and therefore my attention is being drawn away to some of the free accounts out there, having said that I do wish that the fee was an option to be paid annually rather than monthly.
Not sure what I’m gonna do but Ill probably stick with monzo for the rest of this financial year and then reevaluate (the many worthwhile features that are coming) and then decide fully.