Since launching Monzo have been on a mission to overhaul the way that we view ‘regular banks’ by putting forward their innovative way of banking.
Monzo, like many other digital banks, are trying to offer a banking service that is worthy of the 21st century.
In this blog, we take a look at the long awaited Monzo Business and what you can expect if you get yourself an account.
Monzo For Business
Monzo has announced that the first 50,000 accounts will be for sole traders, micro businesses and small limited companies.
They will also be offering two types of business account:
1) Business Lite – Free
2) Business Pro – £5 a month.
Let’s take a look at these two options.
1) Business Lite Account – Free
Like every Monzo account, both business accounts come with features that seek to revolutionise the way your business banks.
The fully regulated bank, lets you set up an account straight from your phone and offers 24/7 customer support.
Once you receive your business debit card, which only normally takes a couple of days, you’ll be able to make free instant UK bank transfers.
You can also pay with both Apple Pay & Google Pay, and receive instant notifications whenever you spend, or get money into your account.
Two of the most popular features among Monzo users are ‘Pots’ which allow you to separate your money, whilst budgeting and categorising allows you to manage your spending.
You’ll also get digital receipts for purchases and fee free spending when you go abroad.
2) Business Pro Account – £5 per month
For £5 a month, businesses will get all of the above. However, they will also be able to take their Monzo account to a new level.
In the ‘Pots’ section, you’ll find ‘Tax Pots’ which allow you to choose a percentage to set aside when you are paid, that you can put towards your end of year tax payment.
You can also integrate Monzo with your account software, send invoices through the app and get exclusive offers for your business through 3rd party discounts.
Business pro also allows up to 2 users in a limited company to manage the finances.
Every Monzo account comes with advanced security, to make a switch from a ‘big bank’ to a ‘digital bank’ a safe bet.
If you would like to find out more about Monzo Business, then click here and have a browse at what they are offering.
Get More Business Blogs Like This
Interested In Our Accountancy, Tax, Bookkeeping & Payroll Services?
Get In Touch Below