If you want to open a quick and easy business bank account for trading, then you can do that with Monzo.
We give a quick review of the Monzo Business Account, its features and the pros and cons of using it to manage your business.
Monzo has created an app based business bank account so you can manage all your business transactions and dealings on the go on your phone.
Unlike their personal account, you can also manage the Monzo Business Account online.
At the moment there is not the full functionality online such as making batch payments; but, Monzo is working on that and additional features.
If you would like to open an account go, here: Monzon Business Bank Account.
Key functions and features
- Monzo is fully regulated by the Financial Conduct Authority (FCA).
- You can open an account online, from your phone.
- Move money free, with instant bank transfers.
- Get notifications on all your transactions.
- Separate money into Pots.
Monzo Lite and Pro
Monzo has two bank accounts, there are: Monzo Lite (free) and Monzo Pro (£5 per month).
Here are some of the differences between Monzo Lite and Pro:
| Lite | Pro | |
|---|---|---|
| Fee | No (no monthly fee) | Yes (£5 per/month) |
| Integrated accounting | No | Yes |
| Invoicing | No | Yes |
| Exclusive offers | No | Yes |
| Multi-user access | No | Yes |
| Virtual cards | No | Yes |
| Mobile and web access | Yes | Yes |
| Full UK Business current account | Yes | Yes |
| Fee free spending abroad | Yes | Yes |
| Apple pay and Google pay | Yes | Yes |
Pros and Cons
Here are some of the pros and cons of Monzo:
Pros
- Unlimited UK bank transfers.
- Fee-free spending abroad.
- Free version available (Lite).
- Send and receive international payments.
Cons
- There is a £5 monthly fee for the Pro version.
- No overdraft facility.
- No invoicing on the Lite version.
- There is a pound charge for paying in at a PayPoint. There is a limit of £200 withdrawals every 30 days. After that there is a 3% charge.
Conclusion
Monzo Business Account is a quick and easy way to get full UK banking on an app and online. You are able to manage all your business transitions from your mobile.
The LIte version is free but you have to pay £5 per month for the Pro version. If you are looking for an easy way to open bank account to manage your business, then a Monzo Business Account could be a good option.
Additional Information
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Money Advice Service
For debt management and advice on how to pay for bills go here: Money Advice Service info page.
If you are interested, check out: Best Bank Accounts for Bad Credit.