Monzo, the U.K. challenger bank, is officially launching business bank accounts today, after an extensive trial period over the last 12 months that saw early access given to 2,500 business customers. Its business bank accounts are open to UK-based sole traders or limited companies that only pay tax in the UK.Limited companies must be active on Companies House with an active company director and at least one person of significant control. You can sign up straight away by downloading the app however, you'll need to be a current account user in order to apply. Already, Monzo has achieved its goal, with 85% of day-to-day business questions answered by staff directly, without consulting the Monzo data team. Monzo’s mission is to provide you with an alternative to the banking of the past.Initially ‘Mondo’, Monzo is a U.K. based digital, mobile-only bank founded in February 2015 and launched in October of the same year by five radical visionaries who want to change how we perceive and experience banking in the 21Shortly after formation, the Company experienced its first road bump when the name Mondo was legally disputed by an undisclosed company bearing a similar name. Up to £85,000 of your money is protected by the Financial Services Compensation Scheme if Monzo becomes insolvent and you also have a right to complain to the Financial Ombudsman Service.Below we compare the features of the Monzo business bank account vs the features on offer from Starling bank's business account:Starling Bank offers much of the same service as Monzo's paid-for 'Pro' option, but does so for free. of your money.Simply find your nearest qualified and regulated adviser using the UK’s largest adviser 4. Help me help more people by sharing the site with your family, friends and colleagues.What is Tide business banking? You can unsubscribe at any time. Tide does offer a legal helpline with its Plus service, which could come in handy if you need support drafting documents or work in a particularly litigious sector.Below we compare the features of the Monzo business bank account vs the features on offer from Revolut for business:20 free local transfers and five free international transfers on paid-for planMonzo offers more extras but Revolut is useful for those holding multiple currencies or not solely UK-based, so could be better for freelancers or companies operating internationally.Complimentary access to FreeAgent accountancy softwareOpening a business account has traditionally been a long-winded process that involves arranging a branch appointment during opening hours and bringing along paperwork to be assessed by the local bank manager.Banking apps such as Monzo take away a lot of the time and hassle involved as you can apply online at any time of day and get a quick decision rather than making you wait for weeks as some high street lenders do.Monzo offers a lot more than mainstream high street banks with lower monthly fees and far more fintech-focused extras to actually help you manage your business. Since 2010 I've been helping people with their personal finances for FREE.

Lean and customer centric business model 5. This is only available on the Pro versionReceive messages when a payment has been made. For international transfers, you will need to pay a TransferWise fee.Monzo is fully regulated by the Financial Conduct Authority (FCA) so must follow rules on separating client money, being clear about charges and treating customers fairly. Overdrafts and Lending: Monzo introduced overdrafts as its first lending product early in 2018, and has stated that close to 40,000 customers have opted-in to the option on their accounts. Monzo’s mission is to provide you with an alternative to the banking of the past. Increase in market valuation with every series of funding round: 1. Monzo Bank’s tax pots feature in its Pro version is useful and unique, although Starling Bank is working on a similar Business Toolkit that will cost £7 a month and offers bookkeeping and VAT management. Monzo has said that this is the first step towards offering new lending features in the future which will positively impact revenues for the bank.

The business bank offerings from traditional banks such as Santander, HSBC and Barclays all charge a monthly fee like the Monzo Business Pro account, though Monzo is the cheapest at £5 per month.
Finally, in October 2016 Monzo received further funding to the tune of £4.8 million from Passion Capital.Despite the fact that Monzo is not a licensed bank and cannot offer financial services just yet, applications for authorization are already underway, with the Company intending to be a fully accredited bank within the following year. All payments made with the Monzo MaterCards will trigger notifications in real-time on the phones running the application. Limited companies must also make money mostly from selling goods or services, not from interest or investment income.The app doesn’t currently support other business structures such as partnerships, charities, limited companies by guarantee, public limited companies, trusts or funds. Monzo is one of the most popular and established challenger banks, with 3 million account holders, but it operates much like a normal business current account with a few helpful extras. You can take out £200 cash for free every 30 days outside the EEA and there is a charge of 3% after that. Tide can also be pricey if you are making a lot of transfers at 20p a time.

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