Metro Bank vs Monzo for business banking

Updated on 7 August 2023

As businesses grapple with the complexities of the modern market, the need for reliable, convenient and innovative banking services has never been more crucial. Two of the UK’s prominent banks, Metro Bank vs Monzo, both offer competitive business banking services. This article will scrutinise these offerings, comparing them side-by-side to aid your decision-making process.

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Metro Bank vs Monzo

FeaturesMetro BankMonzo
Business Current AccountsAvailable with various options based on business size and needTwo options available: Monzo Business Lite and Monzo Business Pro
Mobile Banking AppOffers basic banking operations, less comprehensive than MonzoHighly intuitive, offering real-time notifications and spending analytics
Business Saving AccountsAvailable with various interest rate optionsNot available
Cash Deposits at BranchesAvailable at all physical branchesAvailable through PayPoint, not at branches
24/7 Customer SupportAvailable via phone, email, and in-person at branchesAvailable via in-app chat and email
International PaymentsAvailable, with a standard fee for outbound paymentsAvailable, with a fee lower than Metro Bank
Free transactionsLimited, fees may apply depending on the transaction typeUnlimited and fee-free
Overdraft FacilitiesAvailable, subject to approvalAvailable, subject to approval
Business LoansAvailable, with competitive interest ratesNot available
Business Credit CardsAvailable, subject to approvalNot available
Integration with Accounting SoftwareAvailable with software like Xero and QuickBooksAvailable with software like Xero and FreeAgent
Cheque ImagingAvailable through the mobile appAvailable through the mobile app
Real-time NotificationsAvailable through the mobile appOne of Monzo’s standout features
Multiple Cards/AccountsAvailable with multiple signatory optionsAvailable with the option to share account access with others
In-app Spending ControlsAvailable with the mobile app, less comprehensive than MonzoHighly comprehensive controls including spending caps, categories, and more
Fee-free European SpendingCharges apply for European transactionsFee-free for European transactions
Direct DebitsAvailable with notification featureAvailable with real-time notifications
Standing OrdersAvailable with the option to set up recurring paymentsAvailable with the option to set up recurring payments
Cashback RewardsNot availableNot available
Business MortgagesAvailable with various term and rate optionsNot available
Fixed Term DepositsAvailable with various term and rate optionsNot available
Metro Bank vs Monzo

Revolut Business
✓ Business Current Account
✓ Award-Winning Mobile App
✓ Quick & Easy Application Process
Pricing Trial period Contact

Tide Business Bank Accounts
✓ Free, Plus, or Pro Account
✓ iOS & Android Mobile App
✓ Upload & Auto-Match Receipts
Pricing Trial period Contact

Card One Money
✓ No Credit Checks
✓ Simple Fees
✓ Up To 3.5% Cashback
Pricing Trial period Contact

ANNA Money
✓ Apply In 10 Minutes
✓ Bookkeeping & Payroll Tools
✓ User-Friendly Mobile App
Pricing Trial period Contact

HSBC Business Banking
✓ Business Current Account
✓ In-Branch, Online & App Banking
✓ FSCS Protected
Pricing Trial period Contact

Metro Business Banking
✓ Business Current Account
✓ High Street Presence
✓ FSCS Protected
Pricing Trial period Contact

Mettle Business Banking
✓ Business Bank Account
✓ Online & App
✓ Quick & Easy Application Process
Pricing Trial period Contact

Monzo Business Banking
✓ Business Current Account
✓ Dedicated mobile app experience
✓ FSCS Protected
Pricing Trial period Contact

Virgin Money
✓ Business M Account
✓ In-Store, Online & App Banking
✓ Insights & Forecasting Platform
Pricing Trial period Contact

Metro Bank

Metro Bank, established in 2010, boasts an extensive network of physical branches and comprehensive business banking services. The bank provides a blend of traditional and digital banking facilities, catering to businesses of all sizes.

Pros and cons

Pros

  • Comprehensive banking services: Unlike most digital banks, Metro Bank offers an extensive array of business banking services, including business loans, credit cards, savings accounts, and even business mortgages.
  • Physical branches: Businesses can benefit from face-to-face customer service and deposit cash and cheques at physical branches.
  • Integration with accounting software: Businesses can seamlessly integrate their Metro Bank account with accounting software like Xero and QuickBooks.

Cons

  • Fee structure: Unlike Monzo, Metro Bank’s transactions are not entirely free, and fees may apply.
  • Limited mobile app functionalities: Metro Bank’s mobile app is not as comprehensive or intuitive as Monzo’s app.
  • No cashback rewards: Unlike some other banks, Metro does not offer cashback rewards on its business accounts.

Fees and charges

Fees and ChargesAmount
Business Current Account monthly maintenance fee£5
Cash deposits£0.70 per £100
Outbound international payments£25
SEPA payments£5
Automated credit (in or out)Free
Metro Bank fees and charges

Unique and Standout Features

Metro Bank’s primary distinguishing feature is the fusion of traditional banking services with digital functionalities.

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The bank’s extensive physical network sets it apart from its digital-only counterparts, providing a tangible presence and in-person customer service.

Their offering of comprehensive business services, including loans, credit cards, and mortgages, makes them an excellent choice for businesses looking for an all-inclusive banking solution.

Monzo

Monzo, a digital-only bank launched in 2015, has rapidly gained popularity with its intuitive mobile app and no-nonsense approach to banking. They offer a streamlined, user-friendly business banking experience.

Pros and cons

Pros

  • Innovative mobile app: Monzo’s user-friendly app offers real-time notifications, spending analytics, and other innovative features.
  • No transaction fees: Monzo’s business banking does not charge for transactions, unlike Metro Bank.
  • Fee-free European spending: Monzo does not charge extra for spending in Europe, an advantage for businesses with European transactions.

Cons

  • No physical branches: As a digital-only bank, Monzo lacks physical branches for in-person customer service or cash deposits.
  • Limited banking services: Monzo does not provide certain services, such as business loans, credit cards, and saving accounts.
  • Customer service: While it offers 24/7 support, some users have raised concerns about Monzo’s customer service responsiveness.

Fees and charges

Fees and ChargesAmount
Business Current Account monthly maintenance fee£5 (Lite) – £12.50 (Pro)
Cash deposits via PayPoint£1
Outbound international payments£3
SEPA payments£2
Automated credit (in or out)Free
Monzo fees and charges

Unique and standout features

Monzo’s main appeal lies in its straightforward, transparent approach to banking and its cutting-edge mobile app.

The app offers real-time transaction notifications, categorisation of expenses, easy bill splitting, and more.

Its fee-free European spending makes it ideal for businesses transacting within Europe.

Despite being a digital-only bank, Monzo offers the option of depositing cash via PayPoint, which can be an advantage for some businesses.

Conclusion – Metro Bank vs Monzo

The decision between Metro Bank and Monzo ultimately hinges on your business needs.

Metro Bank, with its extensive physical network and broad range of business banking services, is ideal for businesses seeking a comprehensive banking solution, including the availability of face-to-face services.

Monzo, on the other hand, suits digitally-oriented businesses seeking a simple, intuitive banking experience, especially those transacting frequently within Europe.

FAQ

Can I integrate accounting software with Metro Bank or Monzo?

Yes, both Metro Bank and Monzo support integration with popular accounting software like Xero and QuickBooks.

Do either Metro Bank or Monzo offer business loans?

Metro Bank does offer business loans, while Monzo does not currently provide this service.

Can I deposit cash at Monzo?

While Monzo does not have physical branches, cash can be deposited via PayPoint for a small fee.

Do either Metro Bank or Monzo charge for transactions?

Metro Bank may charge for certain types of transactions. Monzo offers unlimited free transactions.

Can I get a business mortgage with these banks?

Metro Bank offers business mortgages, while Monzo does not provide this service.

Do Metro Bank or Monzo offer 24/7 customer support?

Yes, both banks provide 24/7 customer support. However, customer service quality can vary, so it’s worth checking user reviews.

Reviewed by , Managing Director

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