Monzo vs Cashplus Bank for business banking

Updated on 7 August 2023

In the era of digital banking, there are two names that continue to command attention from businesses in the UK: Monzo vs Cashplus. Their innovative approach to banking has revolutionised the sector, making it simpler, more convenient, and more adaptable.

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In this article, we will compare these two leading online banking institutions, looking specifically at their features, fees, unique offerings, and the pros and cons of each, to help you decide which is the best option for your business banking needs.

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Monzo vs Cashplus Bank

FeaturesMonzoCashplus
Free business accountYes (Business Lite account)No (Monthly fee of £6.50)
Business loansYes (subject to credit check)Yes (subject to credit check)
OverdraftsYes (up to £15,000)Yes (up to £2,000)
FSCS protectionYes (up to £85,000)No
Customisable expensesYes (through mobile app)No
Accountancy software integrationYes (Quickbooks, Xero, FreeAgent)Yes (Quickbooks, Xero)
24/7 customer serviceYes (through chat on app and phone)Yes (through phone and email)
Mobile app bankingYesYes
Web-based bankingNoYes
Instant notificationsYes (for all transactions)Yes (for all transactions)
Foreign currency accountNoYes (Euro and USD accounts)
Direct DebitsYesYes
Payment schedulingYes (through mobile app)Yes (through online banking)
Invoicing featureNoYes (via online portal)
Multi-user accessYes (up to 2 users)Yes (up to 20 users)
Bulk paymentsNoYes (up to 25 recipients)
Business expense cardsYes (with Business Pro account)Yes (additional fee applies)
Cash depositsNoYes (via Post Office, fees apply)
Cheque depositsYes (via Freepost)Yes (via Post Office, fees apply)
Cashback rewardsNoYes (0.5% cashback on card purchases)
Monzo vs Cashplus

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✓ Business Current Account
✓ Award-Winning Mobile App
✓ Quick & Easy Application Process
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Tide Business Bank Accounts
✓ Free, Plus, or Pro Account
✓ iOS & Android Mobile App
✓ Upload & Auto-Match Receipts
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Card One Money
✓ No Credit Checks
✓ Simple Fees
✓ Up To 3.5% Cashback
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ANNA Money
✓ Apply In 10 Minutes
✓ Bookkeeping & Payroll Tools
✓ User-Friendly Mobile App
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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

Monzo

Monzo began as a trailblazer in personal banking before expanding into the business banking sector. This digitally-native bank brings its innovative, customer-focused approach to business clients, creating a convenient and efficient banking experience.

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Pros and cons

Pros

  • Free Business Account: Monzo offers a free business account that has essential features for smaller businesses.
  • Integration with Accountancy Software: Monzo seamlessly integrates with popular accounting software like Xero, Quickbooks, and FreeAgent.
  • Instant Notifications: Monzo provides instant notifications for every transaction, keeping you in the loop in real-time.
  • 24/7 Customer Service: Exceptional round-the-clock customer service sets Monzo apart.
  • Expense Management: Monzo offers customisable expenses, allowing businesses to categorise and manage their expenditures efficiently.

Cons

  • No Web-Based Banking: Monzo only offers a mobile app, which may limit accessibility for some users.
  • No Cash or Cheque Deposits: Businesses that handle cash or cheques may find it challenging as Monzo does not offer this service.
  • Limited International Services: Monzo does not provide a foreign currency account or international banking services.

Table of fees and charges

ServiceFee
Free business account£0
Business Pro account£5 per month
ATM withdrawals (UK)£0
Cash deposits via PayPointNot available
Foreign currency transfers0.3-3% above the interbank exchange rate
Monzo fees and charges

Unique and standout features

Monzo provides businesses with a user-friendly mobile app that integrates seamlessly with various popular accounting software.

Its instant notification feature ensures transparency, while its ability to categorise expenses simplifies bookkeeping.

One of its standout features is the multi-user access, enabling businesses to give controlled access to multiple users – a handy tool for businesses with multiple employees handling finances.

Cashplus Bank

Cashplus Bank is a UK digital bank providing an array of services to businesses. It was one of the first digital banks to offer business accounts and has grown to cater to a diverse range of business clients.

Pros and cons

Pros

  • Comprehensive Services: Cashplus offers a range of services, including business loans, overdrafts, and business expense cards.
  • Web-Based and Mobile Banking: Cashplus offers both web-based and mobile banking options.
  • Foreign Currency Account: Businesses dealing with foreign currencies will appreciate Cashplus’s international banking services.
  • Invoicing and Bulk Payments: Cashplus makes it easier for businesses to manage their cash flow.
  • Cash and Cheque Deposits: Cashplus allows businesses to deposit cash and cheques, a service not provided by many digital banks.

Cons

  • No Free Business Account: Unlike Monzo, Cashplus does not offer a free business account.
  • No FSCS Protection: Cashplus is not covered by the Financial Services Compensation Scheme.
  • Limited Customer Service: Cashplus’s customer service, while available 24/7, is reported to be less responsive than Monzo’s.

Table of fees and charges

ServiceFee
Business account monthly maintenance£6.50
ATM withdrawals (UK)£2
Cash deposits via Post Office£1
Cheque deposit via Post Office£1
Foreign currency transfers£3 + 2.99% transaction fee
Cashplus fees and charges

Unique and standout features

Cashplus offers a myriad of unique features, including an invoicing tool, bulk payments, cash and cheque depositing, and a foreign currency account.

Businesses will appreciate the cashback rewards on card purchases, which is rare among business accounts.

Also, Cashplus caters to a broader range of business needs with its ability to manage multiple accounts and multiple cards, making it a versatile choice for larger businesses.

Conclusion – Monzo vs Cashplus

Choosing between Monzo and Cashplus depends largely on your business needs.

For small businesses or startups looking for a straightforward, free business account, Monzo could be an ideal choice.

On the other hand, if you require more comprehensive services, deal with cash and cheques, or make international transactions, Cashplus may better serve your needs.

However, it’s essential to consider factors such as customer service, where Monzo generally excels, and financial protection, where Cashplus lacks FSCS coverage.

Both banks offer unique advantages and different approaches to business banking, making it crucial to assess your specific business requirements before making a decision.

FAQ

Do Monzo and Cashplus offer loans to businesses?

Yes, both Monzo and Cashplus offer loan facilities to their business account holders. However, the availability and terms of these loans may vary based on the individual business’s circumstances.

Can I integrate my accounting software with these banks?

Yes, both banks offer integration with popular accounting software like Quickbooks and Xero, simplifying the accounting process.

Can I deposit cash or cheques with these banks?

Cashplus allows both cash and cheque deposits. However, Monzo does not currently offer this service.

Which bank is better for international transactions?

Cashplus offers a foreign currency account, making it more suitable for businesses dealing with international transactions.

Does either bank offer a free business account?

Yes, Monzo offers a free business account. However, Cashplus does not have a free account option; their business account comes with a monthly fee.

How do the banks compare in terms of customer service?

While both banks offer 24/7 customer service, users have generally reported a more positive experience with Monzo’s customer service.

Reviewed by , Managing Director

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