Monzo Business Team plan: why we pay for it as a limited company

The short answer

Team is worth it for a limited company where several people spend the business’s money, or where the higher savings rate shown for Team in the app earns back the difference. If you work alone and keep a modest balance, Pro does almost everything Team does for £192 a year less.

What Team adds over Pro

Team adds expense cards, payment approvals, bulk payments and a bigger team. Everything else on Pro carries over: Tax Pots, invoicing, accounting sync, virtual cards, connected accounts and custom categories.

The Xero offer in full: 6 months' free Xero with Pro, 8 months with Team (new Xero customers, until 31 May 2027). For the complete three-way comparison including Lite, see Monzo Business Lite vs Pro vs Team.

Cost per team member

Team gets cheaper per person up to six people, then each extra person adds £5 a month per extra team member. This table shows the monthly cost and the cost per person at different team sizes for a limited company.

Expense cards are separate from team membership: Team includes 5 expense cardholders as standard, and additional cards carry an extra charge. Not everyone on the account needs a card; an accountant with view access, for example, does not. The cost calculator adds plan fees to the other costs of running the account.

Why we chose Team

We are a small private limited company and have been on Monzo Business for a few years, now on the Team plan. Our reasons are not the ones Team is usually sold on.

The savings maths

If Team earns the higher advertised rate and Pro does not, Team pays for its extra cost once your average savings balance passes roughly £9,900. That figure is illustrative, and it rests on an assumption Monzo has not confirmed.

Here is the working. Team costs £192 a year more than Pro at the base price. Monzo’s savings page advertises up to 3.25% AER (variable); its features page shows 1.30% AER (variable). The gap is 1.95 percentage points. £192 divided by that gap is about £9,900.

For more on how the pots work, see the Monzo Business savings guide.

Cards, approvals and bulk payments

These are the features Team is designed around, and they replace expense claims and manual payment runs.

Expense cards

Team includes 5 expense cardholders as standard. Each cardholder spends from the business account with their own limit, and you see each payment as it happens. For a company where staff buy materials, travel or software, that ends the cycle of personal card, receipt, claim and reimbursement.

Payment approvals

Team offers spend and transfer limits per person, with admin approval above them. A junior member of staff can set up a supplier payment, and a director approves it before it leaves. That is useful control for a growing company and a sensible fraud defence.

Bulk payments

Team supports up to 200 payments at once from a CSV. Paying a dozen freelancers at month end becomes one upload and one approval rather than a dozen separate transfers.

Admins and access

A limited company on Team can have up to 15 people and 3 admins. Access levels let you give an accountant or bookkeeper a view of the account without the ability to move money.

What Team does not add

Team changes how many people can use the account and how they spend; it does not change the account’s costs or its limits. UK transfers are free on every plan. Cash deposits cost the same and have the same monthly limits. Stripe’s card acceptance fees and the international tariff do not change. Team is not a lending product, and it does not change which business types Monzo accepts. The Monzo Business fees guide lists every charge.

Nor does Team give you a relationship manager. Support is the same 24/7 in-app chat, phone and email that Lite and Pro customers use. If a named contact at your bank matters to you, that is a reason to look at a high-street bank rather than a reason to pay for Team.

Moving from Pro to Team

Upgrading is done in the app and there is no minimum term; downgrades refunded pro rata. Your Tax Pots, invoices, accounting connection and virtual cards carry on as before; Team adds to them. Once you are on Team, invite the people who need access, issue expense cards and set approval thresholds. If Team turns out not to earn its cost, moving back to Pro is refunded pro rata, though expense cards and approvals stop when you do.

Setting up Team for a small company

Team works best when roles and limits are set before anyone starts spending. A sensible order:

1. Decide who the admins are. You have 3 admins. Most small companies make the directors admins and nobody else.
2. Add people with the access they need, not more. A bookkeeper or accountant usually needs to see transactions, not move money.
3. Issue expense cards with limits. Set a monthly limit for each cardholder that matches what they normally spend, and raise it when needed rather than starting high.
4. Turn on approvals for larger payments. Pick a threshold above which a director has to approve a transfer.
5. Use virtual cards for subscriptions. One card per supplier makes it easy to cancel a single service without disrupting the rest.
6. Check who can move money out of Tax Pots and savings pots, so tax money is not spent by mistake.

What happens when you add a seventh person

Each person beyond the 6 included costs £5 a month per extra team member. At 15 people, the maximum for a limited company, the account costs £70 a month, or £840 a year. If your company is heading past 15 people, Team will not stretch further, and a bank built for larger teams may be the next step.

Before adding someone, ask whether they need to be a team member at all. A contractor you pay monthly does not need access to the account; a bulk payment or a scheduled payment covers them.

Questions to ask before choosing Team

• Does anyone other than the directors spend the company’s money today? If not, the card and approval features will sit unused.
• How many people pay through expense claims each month, and how long do those claims take to process?
• How many payments do you make at month end? A handful does not need bulk payments; dozens might.
• What average balance do you keep in savings pots, and what rate does the app show on Pro and on Team?
• Will you need more than 15 people in the next year or two?

When Pro is enough

Pro is enough if you work alone or with a co-director, nobody else needs a card, and your savings balance is modest.

• You want Tax Pots, invoicing and accounting sync, which are all on Pro.
• Virtual cards cover your subscriptions and online suppliers.
• You pay a handful of people a month, not dozens.
• The savings rate the app shows on Team does not earn back the £192 difference on your balance.

We work through Pro’s own value on is Monzo Business Pro worth it? If you are a limited company still choosing a bank, our guide for limited companies compares Monzo with the alternatives.

Team for sole traders

Sole traders can choose Team, but the team is capped at a team of 3 (you plus 2). That suits a sole trader with a partner or assistant who needs a card. For most sole traders, Pro or Lite is the better value; the plan picker helps you decide.

Getting the bonus

The referral reward of £50 works on any Monzo Business plan, including free Lite. It is only paid if you have never opened a Monzo account before, including a personal account, and you download the app, apply, add money and make a first card payment within 30 days. The referral page covers the rules in full.