Barclays VS Monzo: Business Banking Review & Fee Comparison

Is Barclays or Monzo better for your small business?

Below we look at both Barclays and Monzo reviews on Trustpilot along with their App reviews from Apple and Google.

We then look at typical fees, business savings rates, foreign currency options and a whole bunch of other account features to help you make up your mind.

Barclays vs Monzo Trustpilot Reviews

	Barclays	Monzo
Trustpilot Review Score (out of 5)	1.4	3.9
Percent 5-Star Reviews	8%	77%
Percent 1- Star Reviews	86%	14%
Total Number of Reviews	9,859	30,333

Sources:
https://www.trustpilot.com/review/www.barclays.co.uk
https://www.trustpilot.com/review/www.monzo.com

Barclays vs Monzo App Reviews

	Barclays	Monzo
iPhone Review Score (out of 5)	4.8	4.9
Number of iPhone Reviews	1,700,000	189,000
Android Review Score (out of 5)	4.8	4.7
Number of Android Reviews	506,000	125,000

Sources:
https://apps.apple.com/gb/app/barclays/id536248734
https://apps.apple.com/gb/app/monzo-bank-mobile-banking/id1052238659

Barclays vs Monzo Account Fees & Charges

	Barclays	Monzo
Free Business Bank Account	Yes	Yes
Free Business Account Term Length	12 Months	No Limit
Cheapest Monthly Account Fee	£8.50	No
Most Expensive Monthly Account Fee	£8.50	£5
Electronic Payment Cost (in/out)	Free (up to 500 per month; 35p after)	Free
Cash Payments Cost (in/out)	60p per £100/Free	£1
Cheques (in/out)	60p each/60p each	Unknown
CHAPS Payments Cost	£15	£20
SEPA Payments Cost	35p	No

Barclays vs Monzo Business Savings Rates

	Barclays	Monzo
Types of Business Savings Accounts	Instant access, Fixed-term Treasury Reserve Accounts	Instant Access Savings Pot
Lowest Savings Rate (AER)	1.51%	1.60%
Maximum Savings Rate (AER)	1.96%	1.60%
Minimum Savings Amount	£1	No
Interest Paid On Foreign Currencies	Yes	Yes

Barclays vs Monzo Account Opening Times

	Barclays	Monzo
Can You Apply Online?	Yes	Yes
How Long Does Opening An Account Typically Take?	Up to 7 Working Days	1 to 8 Working days
Do They Check Your Credit?	Yes	Yes
Current Account Switch Service	Yes	Yes

Barclays vs Monzo Features & Account Types

	Barclays	Monzo
Business Current Account	Yes	Yes
Business Savings Account	Yes	Yes
Business Credit Card	Yes, via Barclaycard	Yes
Business Overdraft	Yes	Yes
Accounts For Startups	Yes	Yes
Accounts For Charities	Yes	No
Accounts For Sole Traders	Yes	Yes
Joint Business Accounts Available	Yes	Yes
Card Type	Mastercard	Mastercard
Online Banking	Yes	Yes
Mobile Banking	Yes	Yes
In Person/Branch Banking	Yes	No
Branch Locations	UK-wide	None, online only

Barclays vs Monzo Customer Support Options

	Barclays	Monzo
Phone Support Available	Yes	Yes
Email Support Available	Yes	Yes
App Based Support	Yes	Yes
Web Based Support	Yes	Yes
In person Customer Support	Yes	No

Barclays vs Monzo Foreign Currency Accounts

	Barclays	Monzo
US Dollar (USD) Bank Accounts	Yes	Yes
Euro (EUR) Bank Accounts	Yes	Yes
Other Currencies Available:	Australian Dollar (AUD) Canadian Dollar (CAD) Chinese Yuan (CNY) Czech Koruna (CZK) Danish Krone (DKK) Hong Kong Dollar (HKD) Japanese Yen (JPY) New Zealand Dollar (NZD) Norwegian Krone (NOK) Polish Zloty (PLN) Singapore Dollar (SGD) South African Rand (ZAR) Swedish Krona (SEK) Swiss Franc (CHF) UAE Dirham (AED)	AED – United Arab Emirates dirham AUD – Australian dollar BGN – Bulgarian lev BRL – Brazilian real CAD – Canadian dollar CHF – Swiss franc CZK – Czech koruna DKK – Danish krone EUR – Euro GBP – British pound HRK – Croatian kuna HUF – Hungarian forint ILS – Israeli new shekel ISK – Icelandic króna JPY – Japanese yen KRW – South Korean won MXN – Mexican peso MYR – Malaysian ringgit NOK – Norwegian krone NZD – New Zealand dollar PLN – Polish zloty RON – Romanian leu RUB – Russian ruble SEK – Swedish krona SGD – Singapore dollar THB – Thai baht TRY – Turkish lira USD – United States dollar

Other Business Services From Barclays and Monzo

	Barclays	Monzo
Business Loans	Yes	Yes
Commercial Mortgages	Yes	Yes
Invoice Financing	Yes	Yes
International Payments	Yes	Yes
Merchant Payment Services	Yes, via Barclaycard	Yes
Card Machines	Yes, via Barclaycard	Yes
Free Accounting Software	Yes, FreshBooks	Yes

Barclays vs Monzo Banking Basics

	Barclays	Monzo
Bank Type	High Street	Challenger
FSCS Protection	Yes, up to £85,000	Yes, up to £85,000
FCA Number	122702	730427
Website	Barclays Website	Monzo Website

Common Comparison Questions

Does Barclays or Monzo have better customer reviews?

Barclays scores 1.4 out of 5 based 9,859 Trustpilot reviews. Of these reviews 8% are 5-star and 86% are 1-star.

Whereas, Monzo scores 3.9 out of 5 based 30,333 Trustpilot reviews. Of which 77% are 5-star and 14% are 1-star.

Does Barclays or Monzo have a better App?

Barclays’s iPhone App is rated 4.8 out of 5 based on 1,700,000 reviews. And it’s Android App is rated 4.8 out of 5 based on 506,000 reviews.

In comparison, Monzo’s iPhone App is rated 4.9 out of 5 based on 189,000 reviews. And it’s Android App is rated 4.7 out of 5 based on 125,000 reviews.

Does Barclays or Monzo have better business savings rates?

Barclays offers the following types of business savings accounts: Instant access, Fixed-term Treasury Reserve Accounts with interest rates ranging from 1.51% to 1.96%. (AER)

In contrast, Monzo offers Instant Access Savings Pot accounts with interest rates ranging from 1.60% to 1.60% (AER).

See Other Comparisons:
Barclays vs Bank of Scotland
Barclays vs Metro Bank
Barclays vs TSB
Barclays vs Starling Bank
Barclays vs Shawbrook Bank


For other business bank accounts see our guide here.