How to Open a Monzo Account Online
For both personal and business accounts.

Contents

    Monzo is a leading online challenger bank and is also one of the most innovative startups in the UK.

    The growing popularity of challenger banks in the world has allowed Monzo to develop a huge following since its launch in 2015.

    This article will outline the services Monzo has to offer for you and your business and how you can open a Monzo account online.

    What is Monzo?

    Monzo is a completely online challenger bank based in the United Kingdom.

    Initially, Monzo only operated through a mobile application and a prepaid debit card.

    However, after the change in banking license restrictions in the United Kingdom, Monzo is now able to offer a full current account.

    The challenger bank operates without any branches and offers a full current account, integrated savings accounts, and personal loans.

    When you sign up with Monzo, you get their signature hot coral contactless Mastercard!

    What services does Monzo Offer?

    When you choose to set up a personal current account with Monzo, you have three types of personal accounts to opt for.

    These include a standard Monzo account, a Monzo Plus account, and a Monzo Premium account.

    Monzo Account

    A standard Monzo account has no account or UK ATM withdrawal fees.

    However, there is a £0.26 fixed fee and 0.35% variable fee for all overseas transactions.

    There is also absolutely no overseas ATM withdrawal fee up to the first £200 withdrawn, along with a currency conversion charge of 0%.

    Monzo Plus

    Like a standard Monzo account, a Monzo plus also accounts for free UK ATM withdrawals and £0.26 fixed fee and 0.35% variable fee for all overseas transactions.

    However, a Monzo plus account has a minimum term of 3 months and comes with a £5 as you benefit from additional features and services.

    These include:

    • Free overseas ATM withdrawal fee up to £400 per month alongside a currency conversion charge of 0%
    • Free cash deposits at Pay points across the UK once a month.
    • Option to add other bank accounts and credit cards to Monzo to see your total balance, manage all your transactions and move money around with easy bank transfers.
    • In-built credit tracker to see your credit score and track how it changes each month
    • The rewards program offers include 15% and 25% off on multiple brands.

    Lastly, with a Monzo Plus account, you have the option to choose between a ‘midnight sky’ or ‘blue lagoon’ holographic contactless Mastercard compared to the standard hot coral card color.

    Monzo Plus is a great option for someone who is happy to pay £5 a month to have greater control over their finances all in one place as you can easily track your credit score, move money easily between accounts and make conveniently make transactions abroad.

    Monzo Premium

    A Monzo Premium personal account comes with a six-month minimum term with an account fee of £15 a month.

    However, a Monzo Premium personal account includes all the features of a standard Monzo account and a Monzo Plus account.

    The additional benefits and services offered include;

    • Phone and family-wide travel insurance provided by Assurant and AXA, respectively
    • Access to 1100 discounted airport lounges provided by LoungeKey
    • 1.50%/1.49AER/Gross (variable) interest
    • Custom saving categories
    • Advanced roundups
    • More retail offers
    • Five free cash deposits a month
    • Credit tracker
    • Auto-export transactions
    • £600 fee-free cash withdrawals abroad

    Compared to the holographic and hot coral cards, a Monzo Premium account comes with a white metal card.

    Eligibility Requirements:

    To open a Monzo personal account, you will need to meet the following eligibility requirements:

    • At least 16 years old
    • Live in the UK full time
    • Mobile phone number and valid identification document (driving license, national ID card, or biometric residency permit).

    Can I Open a Business Bank Account with Monzo?

    Yes, Monzo Business helps small businesses stay on top of their finances with absolutely no monthly fees!

    Monzo Business is a great option for smaller businesses and startups.

    It's important to note that while Monzo operates completely virtually, it is a fully regulated bank that is subject to all the same rules and compliance requirements as all other high street banks.

    The best part about Monzo Business is that you can open and manage your business account online straight from your phone!

    Here you have two options:

    Monzo Business Pro

    • A monthly account fee of £5
    • Tax Pots - You no longer have to worry about saving for your tax bill!
    • Multi-user access for limited companies - You can add up to 2 other people from the app and manage your finances together.
    • Easily integrate your business accounting tools (Xero, QuickBooks, Free Agent)
    • All other services are offered with a Monzo Business Lite account.

    Monzo Business Lite

    • No monthly account fee
    • Fee-free UK bank transfers
    • 24/7 customer support
    • Manage your money from anywhere with mobile and web access
    • Get notified the second you pay, or get paid, with instant notifications

    Eligibility Requirements

    To sign up for a Monzo business account, you will need to meet the following requirements:

    • A sole trader or a registered limited company by shares
    • Based in the UK and
    • A tax resident in the UK only (if you’re a limited company by shares)

    You can find out more details regarding the eligibility requirements for a Monzo business account here.

    How Can I Open an Account Online?

    To sign up for either a standard Monzo account, a Monzo Plus account, Monzo Premium account, Monzo Business Pro account, or a Monzo Business Lite account, all you need to do is have a stable internet connection and the latest version of the Monzo mobile application downloaded on your phone.

    New customers can easily apply for the account of their choice through the app.

    You also have the option to sign up with a standard Monzo account and upgrade to a Monzo Plus account whenever you like depending on your financial situation and preferences.

    After signing up through the mobile app, submitting your identification documents, and completing all security checks, your Monzo card will be delivered right to your doorstep!

    Final Words

    After considering all the features Monzo has to offer and learning about the application process, it is time to make a decision regarding whether opening a personal or a business bank account with Monzo is for you!

    FAQs

    Can I Open a Business Bank Account with Monzo?

    Can I Open a Monzo Account Online?

    85% of our customers open their account in less than 48 hours.

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