Monzo Business review
Full UK bank (Monzo Bank Ltd, PRA-authorised, FCA reg 730427)
Sole traders and limited companies wanting a free FSCS-protected account with pots-based budgeting and MTD tools
At a glance
- Monthly fee
- Lite £0
- Paid tiers
- Pro £9/month, Team £25/month
- Free transfers
- Free UK transfers on all tiers, no per-transaction fee
- FSCS protection
- Protected — £120,000Direct FSCS protection up to £120,000 under a full UK banking licence.
- Best for
- Sole traders and limited companies wanting a free FSCS-protected account with pots-based budgeting and MTD tools
Pros
- Full FSCS protection up to £120,000
- Free Lite plan with no monthly fee
- Pots for ring-fencing tax
- MTD filing included on all plans, including free
Cons
- No Sage integration on any plan
- No overdraft and limited lending
- No cash deposit facility
- Accounting integrations require Pro tier
Who can apply
UK sole traders and UK-registered limited companies only. Does not accept partnerships, LLPs, charities, companies limited by guarantee, trusts or clubs.
Integrations
Xero · QuickBooks · FreeAgent · Sage (Pro/Team tiers)