Monzo Business Account Review 2026: Fees, Plans & Features Quick Answer
Monzo Business is a strong app-first business bank account for UK sole traders and limited companies, with plans ranging from £0/month to Team accounts from £25/month.
There are three main options:
Lite covers everyday business banking.
Pro adds tools such as:
invoicing
Tax Pots
accounting integrations
additional business-management features
Team is aimed at businesses with employees and adds features such as:
expense cards
team access
payment approvals
bulk payments
Our view: Lite is a compelling £0 account for straightforward banking, while Pro is probably the more relevant comparison for self-employed people and small companies that want Monzo to help with bookkeeping, invoices and tax. Team becomes more useful once several people need controlled access to business spending.
Your business Plan to compare
Sole trader wanting basic banking
Lite
Freelancer sending invoices
Pro
Small limited company
Lite vs Pro
Business using Xero / QuickBooks
Pro
Business wanting automatic Tax Pots
Pro
Business with employees spending money
Team
Business making bulk supplier/payroll payments
Team
Cash-heavy business
Compare alternatives carefully
Complex international business
Compare specialist alternatives
Is Monzo the Right Business Account for You?
Compare Monzo with other UK business bank accounts based on monthly fees, cash deposits, international payments, accounting tools and borrowing.
Compare Business Bank Accounts
Compare current UK business banking options • No obligation
Key Takeaways
Monzo Business Lite currently costs £0/month.
Monzo Business Pro currently costs £9/month.
Monzo Business Team currently starts from £25/month.
Pro and Team currently include their first month free.
UK bank transfers are free and instant.
Cash deposits cost £1 each at participating Post Offices and PayPoints.
Pro and Team include integrated accounting with Xero, FreeAgent, Sage and QuickBooks.
Pro and Team include Tax Pots.
Team adds employee expense cards, payment approvals and bulk payments.
International incoming payments in foreign currency currently attract a 1% conversion fee, capped at £1,000 per transaction.
Eligible deposits can receive FSCS protection up to £120,000.
Monzo currently accepts applications from eligible UK sole traders and directors of limited companies by shares.
Monzo Business Plans & Pricing
Lite Pro Team
Monthly fee
£0
£9
From £25
Everyday business banking
Yes
Yes
Yes
Free UK transfers
Yes
Yes
Yes
Invoicing
Limited / check plan
Yes
Yes
Integrated accounting
No
Yes
Yes
Tax Pots
No
Yes
Yes
Expense cards
No
Limited / check current plan
Yes
Payment approvals
No
No
Yes
Bulk payments
No
No
Yes
Best for
Simple banking
Owner-managed businesses
Growing teams
Monzo can change plan features. Exact benefits should be checked during signup.
Our View: Which Monzo Business Plan Is Best? The biggest mistake would be assuming free = automatically best.
The right Monzo plan depends on how much admin you want the account to replace.
Choose Lite If
you mainly need to receive and send money
you want a separate business account
you do not need integrated accounting
you already handle invoicing elsewhere
keeping monthly banking costs at £0 matters most
Compare Pro If
you send invoices regularly
you use Xero, QuickBooks, FreeAgent or Sage
you want to automatically put money aside for tax
you want more bookkeeping tools in one app
Compare Team If
employees need cards
different people need controlled account access
you need payment approvals
you make bulk payments to suppliers or employees
Monzo Business Lite Monzo Business Lite currently costs £0/month and provides the core Monzo Business current account without a monthly subscription, which makes it particularly relevant to:
sole traders
side businesses
freelancers
small limited companies
businesses that already use separate accounting software
Our View
Lite is most attractive when you genuinely only need banking.
If you end up paying separately for invoicing, tax tools and bookkeeping software, it is worth comparing the £9 Pro plan rather than choosing Lite solely because it is free.
Looking for a Free Business Bank Account?
Monzo Lite is one £0/month option, but Starling, Tide and some high-street accounts also have fee-free entry options.
Compare Free & Paid Business Accounts
Monzo Business Pro Monzo Business Pro currently costs £9/month.
The first month is currently free and it’s additional business tools include:
invoicing
Tax Pots
integrated accounting
additional bookkeeping functionality
Who Is Pro Best For?
We think Pro is the most interesting Monzo plan for:
full-time freelancers
consultants
contractors
professional services
owner-managed limited companies
Why ?
Because the extra £9/month is not buying better basic banking.
It is primarily buying less administration.
If the invoicing, tax and accounting features replace enough manual work or separate software, £9/month can be relatively easy to justify.
Monzo Business Team Monzo Business Team currently starts from £25/month – designed for businesses where banking is no longer controlled by one person.
Features include:
employee expense cards
spending controls
team access levels
payment approvals
bulk payments
Our View
Team solves a different problem from Lite and Pro.
The value is not simply more features.
It is giving employees controlled access to business money without giving everybody full control of the account.
Monzo Expense Cards Monzo’s employee expense-card functionality allows businesses to:
give employees cards
set spending limits
monitor spending
capture receipts
record VAT information
Expense cardholders do not need their own Monzo bank account.
They also do not automatically receive access to the main business balance.
Our View
This makes Monzo more relevant to growing small businesses than the idea of it being only a sole-trader banking app suggests.
Monzo Business Invoicing Invoicing is available with Pro and Team.
Businesses can:
create invoices
create quotes
convert quotes into invoices
save customer details
duplicate invoices
track invoices
add payment links
Invoices can also include:
company branding
discounts
currency
payment terms
Our View
This is especially useful for service businesses that primarily get paid through invoices rather than card machines or ecommerce checkouts.
Getting Paid With Monzo Monzo supports several ways for businesses to receive money.
UK Bank Transfers
UK bank transfers are currently free and instant.
Payment Links
Businesses can generate payment links that customers can use to pay via:
easy bank transfer
card
Apple Pay
Google Pay
Card payments are processed through Stripe, so Stripe’s relevant fees and terms apply.
Our View
This is useful, but Monzo should still be viewed primarily as a business bank account rather than a replacement for a full merchant account or card-machine proposition.
Businesses with significant card-payment turnover should separately compare merchant accounts and card machines .
Monzo Cash Deposits Businesses can deposit cash into Monzo through participating:
Current cost £1 per deposit.
PayPoint
The current limit is up to £300 per deposit.
Post Office
Current per-deposit limits include:
sole traders: up to £3,000limited companies: up to £4,000
Our View
£1 per deposit is simple to understand, but frequent cash handling can still make another account more suitable.
A business depositing cash once a week has a very different requirement from a retailer banking cash every day.
Cash Deposit Cost Example If you deposit cash 20 times per month
the current deposit fees would total £20/month
or £240/year.
That matters much more than Lite having a £0 monthly account fee.
Does Your Business Regularly Handle Cash?
Compare cash deposit charges as well as monthly account fees — the cheapest headline account may not be cheapest overall.
Compare Business Bank Account Costs
Monzo Accounting Integrations Pro and Team can connect with accounting platforms including:
Xero
QuickBooks
FreeAgent
Sage
Monzo can automatically share relevant transaction and account data with connected accounting tools.
Why This Matters
A separate £0 bank account may appear cheaper.
But if you spend significant time:
exporting statements
categorising transactions
uploading receipts
reconciling accounts
paying £9/month for more automation could make commercial sense.
Monzo & Xero Monzo currently offers new eligible Xero customers:
Pro: six months of Xero freeTeam: eight months of Xero free
The current promotion runs until 31 May 2027 subject to eligibility and terms.
Our View
Do not choose the account purely because of a temporary software promotion.
But if you were already planning to use both Monzo and Xero, include the offer when comparing first-year cost.
Monzo Tax Pots Tax Pots are available with Pro and Team.
They allow businesses to automatically move a chosen percentage of incoming money into a separate pot.
You can use this for:
Income Tax
Corporation Tax
VAT
other major bills
Monzo currently allows up to three Tax Pots depending on plan.
Our View
Tax Pots are particularly useful for self-employed people whose tax is not automatically deducted through payroll.
They do not calculate your actual tax liability, so businesses still need appropriate accounting and tax records.
Monzo & Making Tax Digital Monzo is increasingly positioning Business banking around digital record keeping and Making Tax Digital.
Its current Lite proposition includes tools designed to support digital tax record keeping, while Pro and Team add deeper accounting integrations and tax automation.
Our View
This is a stronger proposition for sole traders than simply “here is a free current account.”
For businesses preparing for more digital tax reporting, bookkeeping functionality should form part of the bank-account comparison.
Monzo International Payments Monzo Business supports sending and receiving international payments.
Receiving GBP
If an international payment reaches Monzo already converted into pounds, Monzo currently does not charge a receiving fee.
Receiving Foreign Currency
If Monzo needs to convert the incoming currency to GBP, it currently charges 1% with a maximum conversion fee of £1,000 per transaction.
Sending International Payments
Outgoing charges depend on:
currency
destination
amount
Monzo displays the exchange rate and applicable fee before the payment is confirmed.
Our View
Monzo can handle international banking, but businesses regularly moving large amounts across currencies should compare specialist multi-currency accounts as well.
For those businesses, foreign-exchange cost can matter more than a £9 monthly subscription.
Monzo Business Loans & Overdrafts Monzo now offers more borrowing functionality than businesses may associate with an app-first bank but availability is subject to:
business structure
eligibility
credit assessment
account history
Sole Trader Overdrafts
Eligible sole traders can currently apply for arranged overdrafts of up to £3,000.
Rates vary and borrowing can be expensive, so the current representative figures should always be checked before applying.
Limited Company Borrowing
Eligible limited companies can also check available:
business loans
overdrafts
through the Monzo app.
Our View
Monzo should no longer automatically be dismissed if access to borrowing matters.
However, businesses expecting significant lending requirements should still compare:
alongside Monzo.
Is Monzo Business FSCS Protected? Yes, Monzo is a UK bank so eligible deposits are currently protected by the Financial Services Compensation Scheme up to £120,000 per eligible depositor.
The protection limit increased from £85,000 to £120,000 on 1 December 2025.
Important for Sole Traders
A sole trader is not a legally separate entity from the individual.
Eligible personal and sole-trader money held with the same authorised bank can therefore count towards the same FSCS protection limit.
Limited Companies
An eligible limited company is a separate legal entity and can generally have its own FSCS protection entitlement.
Who Can Open a Monzo Business Account? Monzo currently accepts applications from eligible UK:
sole traders
directors of registered limited companies by shares
Applicants must meet Monzo’s eligibility criteria.
For a limited company, requirements currently include:
being based in the UK
active Companies House status
an active eligible director
UK tax residence
meeting Monzo’s supported business/industry criteria
Eligibility does not guarantee approval.
Businesses Monzo Might Not Support Monzo applies restrictions to certain:
business structures
industries
activities
Check Monzo’s latest eligibility list before applying.
Our View
This is important if you operate in:
regulated sectors
unusual business structures
higher-risk activities
Do not assume eligibility simply because you are a UK business.
Monzo Business Pros & Cons
Pros Cons
£0 Lite plan
Best bookkeeping tools require paid plan
Free UK transfers
Cash deposits cost £1 each
Pro only £9/month
Cash-heavy businesses may find alternatives cheaper
Integrated accounting
Foreign-currency receipts can incur 1% conversion fee
Tax Pots
Not all business types are eligible
Built-in invoicing
No branch network
Team expense controls
More complex international needs may suit specialists
FSCS protected for eligible deposits
Team starts considerably higher at £25/month
Borrowing available for some customers
Borrowing eligibility and pricing vary
Monzo Looks Good — But Is It Cheapest for Your Business?
Compare Monzo against Starling, Tide and high-street business accounts based on the transactions your business actually makes.
Compare Business Bank Accounts
Monzo vs Starling Both offer:
£0 entry business accounts
app-first banking
free UK transfers
accounting functionality
The Main Difference to Compare
Monzo places more of its advanced:
invoicing
tax
accounting
team
functionality inside Pro and Team.
Starling has a different add-on and pricing structure.
Our View
Compare the exact features you will use rather than deciding based on which app you prefer personally.
Monzo vs Tide Both target:
sole traders
startups
small businesses
digitally managed companies
But the pricing structures are different.
Monzo offers:
Lite £0
Pro £9
Team from £25
Tide uses a broader range of free and paid subscription tiers with different transfer allowances and business features.
Our View
Businesses making lots of transfers should compare the two carefully rather than comparing monthly subscription prices alone.
Monzo vs HSBC HSBC’s current Small Business Banking Account also has £0 monthly account fee.
That makes this a useful comparison between app-first banking vs traditional banking infrastructure.
Compare
cash handling
international services
borrowing
accounting tools
branch access
See our HSBC Business Banking review .
Monzo vs Lloyds Monzo’s entry account has no monthly fee.
Lloyds currently offers eligible startups an introductory fee-free period before its standard monthly account fee applies.
Our View
Monzo is likely to appeal more to businesses prioritising:
app functionality
simple digital banking
built-in admin tools
Lloyds deserves comparison where:
branches
broader commercial banking
lending relationships
matter more.
See our Lloyds Business Banking review .
Who Is Monzo Business Best For? Strong Fit
sole traders
freelancers
consultants
contractors
online businesses
small limited companies
service businesses
businesses using cloud accounting
Pro Is Particularly Relevant For
businesses sending invoices
businesses wanting Tax Pots
Xero / QuickBooks/FreeAgent/Sage users
owner-managed companies wanting less admin
Team Is Particularly Relevant For
businesses with employees
teams needing expense cards
businesses requiring payment approvals
companies making bulk payments
Who Should Compare Alternatives? Monzo may be less suitable if:
you bank large amounts of cash frequently
you require regular branch access
you operate an unsupported business type
you need sophisticated treasury services
you hold or receive large foreign-currency balances regularly
you require a complex commercial lending relationship
Example: What Does Monzo Pro Actually Cost? Monthly £9
Annual subscription £108
So the relevant buying question is: Are invoicing, accounting integrations and Tax Pots worth £108 per year to your business?
For a freelancer spending even one hour per month manually reconciling accounts or organising invoices, that may be a more meaningful comparison than looking at the monthly fee in isolation.
Example: Lite vs Pro Over One Year
Lite Pro
Monthly fee
£0
£9
Annual plan cost
£0
£108
Accounting integrations
No
Yes
Tax Pots
No
Yes
Advanced invoicing
No / limited
Yes
Our View
Choose Lite to minimise banking cost. Choose Pro if the additional automation saves more than £9/month in time or separate software.
Common Monzo Business Buying Mistakes
choosing Lite purely because it is free
paying for Pro without using the accounting or tax tools
ignoring cash-deposit frequency
assuming every international payment is free
choosing Team before staff genuinely need controlled banking access
assuming every UK business is eligible
comparing only monthly account fees
not checking borrowing requirements before switching
What to Check Before Opening Monzo Business
Are you eligible?
Lite, Pro or Team?
How much cash do you deposit?
Do you receive foreign currency?
Do you use accounting software?
Do you need invoicing?
Would Tax Pots be useful?
Do employees need cards?
Do you need payment approvals?
Do you need borrowing?
Do you need branches?
Could another £0 account suit your transaction pattern better?
Our Verdict: Is Monzo Business Worth It? Monzo Business is a strong option for UK sole traders and small companies that want banking and business administration inside the same app.
Its biggest strengths are:
£0 Lite plan
£9 Pro plan
free UK transfers
invoicing
Tax Pots
accounting integrations
team expense controls
FSCS protection for eligible deposits
The main reasons to compare another provider are:
frequent cash banking
branch requirements
complex international banking
advanced commercial banking requirements
ineligible business structure or industry
Our view by business type:
Sole trader with simple needs: compare LiteFreelancer / consultant: compare ProOwner-managed Ltd company: Lite vs ProSmall team: compare TeamCash-heavy retailer: compare alternatives carefullyInternational-heavy business: compare specialist optionsBusiness needing branches: compare high-street banks
The real Monzo decision is not whether £0 banking sounds attractive. It is whether Lite, Pro or Team matches the way your business actually banks and handles its financial admin.
Compare Monzo With Other UK Business Accounts
Compare business banking based on:
monthly fees
cash deposits
UK transfers
international payments
accounting integrations
borrowing
team access
Compare current UK options • No obligation
Frequently Asked Questions How much is Monzo Business?
Monzo Business Lite currently costs £0/month, Pro costs £9/month and Team starts from £25/month.
Is Monzo Business free?
Yes. Monzo Business Lite has no monthly subscription fee. Some services and transactions can still carry charges.
What is the difference between Monzo Lite and Pro?
Lite provides the core business bank account. Pro adds features including invoicing, Tax Pots and integrations with accounting software such as Xero, QuickBooks, FreeAgent and Sage.
What is Monzo Business Team?
Team is designed for businesses with multiple people involved in spending and payments. It adds functionality including employee expense cards, access controls, payment approvals and bulk payments.
Can sole traders use Monzo Business?
Yes. Eligible UK sole traders can apply for Monzo Business.
Can limited companies use Monzo Business?
Yes. Eligible directors of UK limited companies by shares can apply, subject to Monzo’s business and eligibility requirements.
Does Monzo Business integrate with Xero?
Yes. Xero integration is available on relevant paid Monzo Business plans. Monzo also supports integrations with QuickBooks, FreeAgent and Sage.
Does Monzo Business have invoicing?
Yes. Invoicing is available with relevant paid plans and includes features for creating, sending and tracking invoices.
Does Monzo Business have Tax Pots?
Yes. Pro and Team customers can use Tax Pots to automatically put a chosen percentage of incoming money aside.
How much does it cost to deposit cash with Monzo Business?
Monzo currently charges £1 per cash deposit at participating PayPoints and Post Offices.
Can Monzo Business receive international payments?
Yes. Payments that arrive already converted to GBP do not currently attract a Monzo receiving fee. Foreign-currency payments requiring conversion currently have a 1% conversion charge capped at £1,000 per transaction.
Does Monzo Business offer overdrafts?
Eligible customers can apply for overdrafts. Limits, rates and eligibility differ between sole traders and limited companies and are subject to credit assessment.
Is Monzo Business FSCS protected?
Eligible deposits with Monzo are currently protected under the FSCS up to £120,000 per eligible depositor.
Is Monzo Business good for cash businesses?
Monzo accepts cash deposits, but businesses making frequent deposits should calculate the £1-per-deposit cost and compare other banking options.
Is Monzo Business good for freelancers?
It can be particularly suitable for freelancers because Lite has no monthly fee, while Pro adds invoicing, tax and accounting features.
Is Monzo Business good for limited companies?
Yes, for eligible companies. Lite and Pro suit owner-managed companies, while Team adds controls for businesses with employees.
Is Monzo better than Starling for business?
Both offer free entry accounts and app-first banking. The better choice depends on which paid features, cash services, accounting tools and international functionality your business needs.
What are the main alternatives to Monzo Business?
Alternatives include Starling, Tide, HSBC, Lloyds, Barclays, RBS, Santander and other UK business banking providers.
Related Business Banking Guides Hi, I’m Ally Cox , a senior copywriter and blogger at CompareYourBusinessCosts.co.uk, the UK’s trusted platform for comparing business services.over a decade of experience in the B2B sector, I specialise in simplifying complex topics like leased lines, VoIP, business energy, HR and payroll solutions, accounting software, and EPOS systems .HR, copywriting, and business operations- from clocking-in systems to card machines and office technology .informed, confident decisions when choosing products and services that improve efficiency and save money.
