So after eagerly awaiting the launch of business banking from Monzo, I finally got an invitation in-app today, which is great!
However, going through the sign-up process, it occurred to me that, as a sole-trader with a very simple company structure, the vast majority of 'business banking features – such as accounting software integration, managing payroll and all sorts of other interesting stuff like that – don’t really apply to me. And paying £5 per month for features I’m not going to use all feels a bit legacy-banking to me.
What I’m really after is a dedicated spot to manage all my business-related expenses, receive income and set aside money for taxes. All of the extra business features, while interesting and potentially of use in the future, aren’t really relevant to me at this stage.
All this to say, really, that a number of potential ‘business account’ users might really just be after something much more akin to a second Current Account, rather than a bells-and-whistles ‘business account’.
There seems like there would be room for a separate (cheaper or free) tier of Business Account with a reduced functionality that’s more in line with the Current Account offering. I’d suggest this would help users like myself – who do not currently have a specialist ‘Business Account’ elsewhere – make the move into business banking.
I know it’s still early days for Monzo’s business offering, and it’s still in a testing stage – but what I can see on offer at the moment feels a bit 1-size-fits-all for Monzo