Monzo Business alternatives: when another account suits you better

When Monzo Business is not the right fit

This site earns money only when someone opens Monzo Business through our link. That is exactly why this page exists: an account that does not fit costs you far more than £50 is worth, and a site that never says so is not worth reading. In our view you should look elsewhere if any of these apply:

• Your business is a partnership, LLP, charity, CIC or similar. Monzo cannot open an account for you.
• You bank a lot of cash. Monzo charges £1 per deposit and caps cash deposits at £10,000 a month (limited companies) or £3,000 a month (sole traders).
• You trade in several currencies. Monzo is a sterling account with international payments, not a multi-currency account.
• You want a branch or face-to-face relationship manager.
• You need to borrow as a limited company. Monzo’s own lending is aimed at sole traders.
• You have had a Monzo account before and a sign-up offer matters to you.

If none of those apply, Monzo Business is a strong choice and our Monzo Business review explains why. If one does, read the relevant section below.

Monzo Business alternatives at a glance

For comparison, Monzo Business Lite is free, Pro is £9 a month and Team is from £25 a month. Competitor figures were checked on 9 October 2026 against each provider’s own pages; follow the links before you apply, because fees and offers change.

Partnerships, LLPs and charities

Monzo Business is only for sole traders and private limited companies (limited by shares). It cannot bank partnerships, LLPs, PLCs, charities, CICs, companies limited by guarantee, trusts and funds, and it says it has no near-term plans to change that. Our Monzo Business eligibility page has the detail. For these structures:

• LLPs: Starling: LLPs accepted; general partnerships and unincorporated charities not supported. Santander: Partnerships and LLPs accepted. Maximum two directors, owners or partners, all UK-resident and 18+.
• General partnerships: Barclays: Partnerships accepted; charities use the Charity Impact Account. HSBC: Partnerships accepted; charities use the Charitable Bank Account.
• Charities: the high-street banks run dedicated charity accounts. Lloyds: Charities use the separate Charity Account. NatWest: Charities and community groups under £100,000 turnover get ongoing free banking.

Mettle and Countingup, two other app-based accounts, also exclude partnerships and charities, so for these structures the choice is mostly Starling or a high-street bank.

Cash-heavy businesses

Monzo accepts cash at PayPoint and the Post Office for £1 per deposit, with monthly limits of £3,000 a month (sole traders) and £10,000 a month (limited companies). That is fine for a business that banks the occasional cash payment. It does not work for a café, market trader or taxi driver who takes cash every day. Our Monzo Business cash deposits guide works through the numbers.

Cash fees elsewhere are usually a percentage or a charge per £100, so the right answer depends on how much you bank:

• Starling: Post Office, 0.7% (minimum £3). Sole trader limit £5,000 a day and £20,000 a year; cheques free by post or app.
• Tide: Post Office £2.50 up to £500 (0.99% above on Free); PayPoint 3%.
• Barclays: 60p per £100 at Post Office or machines; £1.20 per £100 at the counter.
• Lloyds: £0.85 per £100 at a deposit machine; £1.60 per £100 over the counter.
• Santander: £1,000 a month free at Santander machines, then £1.25 per £100.

Revolut Business and Wise do not take cash at all. Work out how much cash you bank in a typical month, then price it at each provider: the difference between a flat fee per deposit and a charge per £100 can be large in either direction.

Several currencies

Monzo Business holds sterling. You can send money abroad, at a fixed fee of up to £9 plus 0% to 1.8% (until 31 October 2026), changing to under £0.80 for most currencies, up to £11 in some cases, with a margin in the exchange rate (from 1 November 2026); and receiving euros and other currencies carries 1% conversion fee on incoming euros and other currencies, capped at £1,000. Card spending abroad has no fee on card spending abroad, which is excellent for travel. What Monzo does not do is let you hold euro or dollar balances, or give you local account details in other currencies.

If you invoice overseas clients, pay foreign suppliers regularly, or sell on international marketplaces, use a multi-currency account, either instead of Monzo or alongside it:

• Wise Business: £0 (one-off £50 set-up fee for account details); international payments from 0.24% conversion, varies by currency. Businesses that hold, send and receive foreign currency, as a second account alongside a UK bank.
• Revolut Business: £10 (Basic) on Basic; card spending free within £1,000 monthly fx allowance, then 0.6%. Limited companies that pay and get paid in several currencies and want strong FX tools.

Both are electronic money accounts, so balances are safeguarded rather than FSCS-protected. Many businesses keep Monzo or another bank as the main account and use Wise or Revolut for currency. See Monzo Business vs Revolut Business and our Monzo Business international payments guide.

You want a branch

Monzo has no branches. Support is in the app, by phone and by email, around the clock. For most businesses that is fine, and often faster. But some businesses want to sit down with someone, pay in cash and cheques over a counter, or have a relationship manager for borrowing.

The high-street banks still offer that, though branch networks are smaller than they were. Entry fees: Barclays £0 for 12 months, then £8.50; HSBC £0; Lloyds £0 for 12 months, then £10; NatWest £0 (no monthly charge on the Standard Tariff); Santander £9.99 (first 12 months free for start-ups and switchers). In exchange, card spending abroad typically costs more (Barclays 2.75%, HSBC 2.75%) and international payments carry fixed fees. Our Monzo Business vs high-street banks comparison sets them out side by side.

Limited company borrowing

Monzo lends directly to sole traders, with overdrafts up to £3,000 at a representative 39.0% EAR (variable) and loans of £200 to £25,000, 19.9% APR representative over £10,000 or 29.9% up to £10,000. For limited companies the picture is less clear. Loans go through partner iwoca: £500 to £35,000 at a representative 33.1% APR. On overdrafts, Monzo’s own pages conflict: one describes limited company overdrafts of £500 to £5,000 at a representative 35.9% EAR (variable), with an annual fee and a personal guarantee, while another says Monzo does not offer overdrafts to limited companies. Check in the app before relying on either. Our Monzo Business overdrafts and loans page has the detail.

If borrowing is central to your plans, a bank that lends to companies directly may suit better:

• HSBC: Borrowing up to £100k (subject to status).
• Santander: Overdraft £500 to £25,000 (subject to acceptance).
• NatWest: Overdrafts and loans available; unarranged overdraft 15% p.a..
• Tide: Loans and finance from £1,000 to £20 million via Tide.

All lending is subject to status. You do not have to bank with a lender to borrow from it, so many companies keep Monzo for day-to-day banking and borrow elsewhere when they need to.

You have had a Monzo account before

The £50 referral reward is only for people who have never opened a Monzo account before. If you have ever had a Monzo personal or joint account, you can still open Monzo Business, from Home and then + in your existing app, but no reward is paid.

If the account is right for you, that should not stop you; £50 is small next to years of banking. But if you are choosing between similar accounts and a sign-up offer tips the balance, others are available:

• Tide: £100 for the referee after £500 card spend in 90 days.
• Lloyds: £200 for opening online by 15 October 2026, with conditions.
• Starling: £25 each to referrer and referee, by invitation only.
• Free banking periods: Barclays 12 months with no monthly fee; NatWest 2 years' free everyday banking (start-ups and full switchers).

Offers change often. Our business bank account offers page keeps the current list with conditions and end dates. We earn nothing from any of them.

The closest like-for-like: Starling

If you want what Monzo offers but Monzo is ruled out, Starling is usually the first place to look. It is a UK bank (Yes, up to £120,000 (Starling Bank Limited)), and its business account has a monthly fee of £0. On UK transfers: Free. On card spending abroad: No fees from Starling. Invoicing: Free invoicing in the app. Team: Free expense cards; Team Access for up to 5 users. And it accepts LLPs.

Where Monzo is stronger, in our view, is the depth of its paid plans: Tax Pots that move a percentage of each payment automatically, bulk payments and approvals on Team, and accounting sync across the main packages. Where Starling is stronger is cash at the Post Office and getting more without a paid plan. The full comparison is at Monzo Business vs Starling.

Other app-based options worth a look: Tide (sole traders and small companies who want a free app account with a big feature menu and are happy to upgrade for more transfers.) and Mettle (sole traders and one-owner companies who want a free NatWest-backed account with FreeAgent thrown in.). Both have their own head-to-head comparisons in our compare section.

When Monzo Business is still the answer

For a UK sole trader or limited company that runs its finances from a phone, takes little cash, trades mainly in sterling and does not need a branch, Monzo Business is hard to beat. Lite is free with free UK transfers; Pro and Team add Tax Pots, invoicing, accounting integrations, virtual cards, connected accounts and custom categories.

The best business bank accounts comparison covers the whole market. If Monzo does fit and you have never had a Monzo account, the Monzo Business referral explains how to get £50 each.