As a business owner, have you ever asked why you should open a Monzo business savings account today?
If No! There are numerous reasons to open your Monzo business savings account right away. But before then, could you please permit me to explain the benefits of selecting the bank for your business savings account?
Monzo Bank Limited is a British online bank established in London, England. This bank is one of the oldest operating mobile banking and prepaid debit cards in the United Kingdom (UK).
A bank that now operates a current account with the right banking license. As of June 2024, Monzo customers increased to more than 3.9 million users. Additionally, the record of their recent financial results issued in 2024 shows an annual net profit of £15.3 million.
Benefits of Selecting Monzo Business Account in 2025
A New Year is here and the change in banking policy flows along. This change does not exclude Monzo Bank Limited. Let’s explore the benefits of choosing Monzo Business Account:
1. Receive Payments Effortless
Using a Monzo business account makes receiving payments from customers easy for you. That means the bank provides top-notch services that grant your customers options to transact while you have time to do other activities and save energy to be more productive.
With the Pro and Team option, you can create and send invoices starting from £9 per month.
2. Pay People Conveniently
Another interesting feature of Monzo is its seamless approach that allows sending money to your suppliers, or anyone as easy as possible. You can also send money to people in bulk using the Team option at £25 a month.
Also Read:
- How to Start Trading Stocks with as Little as $100
- The 7 Best Stock Trading Apps for New Investors
- How to Read Stock Charts for Basic Technical Analysis: A Beginner’s Guide
3. Tax and Accounting
If you plan to keep your money aside for tax, Monzo is the solution. Using the Pro and Team options that cost £9 per month, Monzo helps connect your accounting software to put money aside for tax automatically.
The mobile banking app keeps you disciplined in managing your taxes.
4. Control Expenses
Using Monzo provides you with controls over how much your team can spend because limits are set before they need approval. You can enjoy this offer with Team from £25 per month.
5. Enjoy Loans and Overdrafts
If you’re an eligible trader with a Monzo business account, overdrafts and loans are available for you.
However, you must be 18+–Ts and C’s apply. That’s a good reason to open a Monzo business account.
6. Mobile and Web Access
Monzo allows seamless business transactions through your mobile phone. Whether you are using an iPhone or Android, you will enjoy good banking services anywhere in the world.
Simply put, the mobile bank is accessible anywhere, anytime through the mobile app or web.
7. Get Time Saving Expense Cards
With the employees’ expense cards, you have control over how your employees spend money; how they spend it, and the limit they can spend.
Through this feature, you can save everyone from reckless spending. The app is designed to record the receipts, reasons for spending, and the VAT for future reference.
You can find this feature in Team at £25 a month.
8. Generate High-Quality Invoice
The bank allows the creation of simple invoices; customise, send, chase, and pay.
Two options are available to create invoices with the bank–on the mobile app and the web, providing multiple ways for customers to pay you.
This feature is available with Pro and Team at £9 per month.
9. Bulk Payments Possible
Spare yourself manual payments. With Monzo, you can make bulk payments.
Upload people’s details in bulk and make payments with ease. This feature is available on the Team option at £25 per month.
Also, this option ensures that your essential payments go through properly.
10. Connect with Other Useful Tools
Imagine not knowing how you spend your money, it feels bad right? Lost and confused, isn’t it?
What about not remembering how you or your employees spend your business money? Looks more suspicious, isn’t it?
That’s why this feature of Monzo is perfect for your business. This feature can connect accounting tools, such as Freagent, Xero, or QuickBooks to document all your spending properly.
Explore this feature with Pro and Team, starting from £9 monthly subscription.
11. Save Business Money and Earn
This mobile bank (Monzo) is not only useful for business owners to save money for their businesses but also helps them earn interest while their money is safe with the company.
In other words, saving your money with Monzo adds value to it. Therefore, it does not sit idle in the account.
Here are some of the functions of the Monzo business savings account:
- Monzo savings pays you 1.60% AER interest per month excluding a minimum deposit and a maximum £100,000 balance (Ts&Cs apply).
- The bank helps set aside money automatically for you to tackle unplanned business expenses.
- The platform makes it easy to withdraw money instantly when you need it.
Services Monzo Offers Which Other Banks May or May Not Offer
There are services that Monzo Bank offers which you may or may not find with other prominent competitors such as Starling, Barclays, HSBC, and NatWest.
- The bank offers zero monthly fees to ease the banking experience for customers.
- Enjoy the UK current account with a debit card.
- Benefit almost £85,000 FSCS protection if your deposits are eligible.
- Complete mobile signups for new users or customers.
- 24/7 human customer support for customers’ satisfaction.
- Unlimited free-fee instant UK bank transfer for account holders.
- Monzo Offers payment links for their customers.
- Accept payments via tap to pay.
- Make free-fee transactions while abroad.
- Allows Google and Apple to pay for those willing to make transactions online.
- Access to instant savings both personal and business accounts.
- Offers savings pots for separate money
- Automatic tax budgeting for customers.
- The bank auto-exports transactions, invoices, and statements.
- Offer virtual cards and provide invoice service to customers.
- Supports account connections.
Note: Monzo as a mobile bank offers the entire services above, but you can’t find some of the features in all the options. To access all, you have to upgrade to enjoy all the features.
Also Read:
- How to Make Steady Income Online with Digital Marketing
- How to Earn Money by Testing Websites and Apps
- 5 Best Freelance Platforms for Beginners to Make Money Online
Conclusion
There are many reasons why you should open a Monzo business savings account today. From what I’ve said so far, you can tell how easy and convenient the bank’s services are.
The company is after ensuring that business owners enjoy satisfactory services, stay organized and save time and effort. With the bank’s mobile banking services, you can make bulk transactions, save for unplanned business expenses, and more.
