UK challenger bank Monzo announced on Tuesday the launch of its new business banking accounts. The banking group reported that it has spent the past twelve months building the account to make banking “effortless” for small businesses. Monzo’s team explained:
“We want our business accounts to change the lives of business owners and set a new industry standard for business banking. They’re designed to let you get on with running your business, knowing that banking’s taken care of.”
The types of accounts are the following:
- Monzo Business Pro: Business’ finances taken care of, for £5 per month
- Monzo Business Lite: Monzo’s service but for businesses, with no monthly fee
Monzo further observed that both accounts are full UK current accounts, and the banking group is regulated by all the same rules as high street banks. Features of the accounts include:
- Tax Pots (Pro only): Choose what percentage of income to be set aside for taxes
- Multi-user access for limited companies (Pro only): Add up to two other people from the app to manage finances together
- Integrate accounting tools such as Xero, FreeAgent, and QuickBooks (Pro only): Automatically share balance and transactions everyday without needing to switch between tools or manually upload statements.
- Notifications (Pro and Lite): Users will receive notification of which where money is going and when its deposited instantly
- Manage money anywhere with mobile and web access (Pro and Lite): Manage accounts from phone or laptop. Through the web app users can pay people, export statements, and see transaction history.
- Fee-Free UK Bank Transfers (Pro and Lite): Completely free
- 24/7 Customer Support (Pro and Lite): Available to answer questions about the accounts
The business accounts are available to the following:
- a sole trader or a registered limited company by shares (LTD)
- based in the UK
- only pay tax in the UK