Monzo VS Cambridge Building Society: Business Banking Review & Fee Comparison

Is Monzo or Cambridge Building Society better for your small business?

Below we look at both Monzo and Cambridge Building Society 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.

Monzo vs Cambridge Building Society Trustpilot Reviews

	Monzo	Cambridge Building Society
Trustpilot Review Score (out of 5)	3.9	3.1
Percent 5-Star Reviews	77%	53%
Percent 1- Star Reviews	14%	47%
Total Number of Reviews	30,333	15

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

Monzo vs Cambridge Building Society App Reviews

	Monzo	Cambridge Building Society
iPhone Review Score (out of 5)	4.9	4
Number of iPhone Reviews	189,000	35
Android Review Score (out of 5)	4.7	2.6
Number of Android Reviews	125,000	29

Sources:
https://apps.apple.com/gb/app/monzo-bank-mobile-banking/id1052238659
https://apps.apple.com/gb/app/cambridge-building-society/id1228676229

Monzo vs Cambridge Building Society Account Fees & Charges

	Monzo	Cambridge Building Society
Free Business Bank Account	Yes	No
Free Business Account Term Length	No Limit	NA
Cheapest Monthly Account Fee	No	£10
Most Expensive Monthly Account Fee	£5	£20
Electronic Payment Cost (in/out)	Free	Free
Cash Payments Cost (in/out)	£1	£1.50
Cheques (in/out)	Unknown	Free
CHAPS Payments Cost	£20	No
SEPA Payments Cost	No	No

Monzo vs Cambridge Building Society Business Savings Rates

	Monzo	Cambridge Building Society
Types of Business Savings Accounts	Instant Access Savings Pot	Business Saver, Council Saver, Notice Business Saver, Fixed Rate Business Bond
Lowest Savings Rate (AER)	1.60%	2.90%
Maximum Savings Rate (AER)	1.60%	4.25%
Minimum Savings Amount	No	£1,000
Interest Paid On Foreign Currencies	Yes	No

Monzo vs Cambridge Building Society Account Opening Times

	Monzo	Cambridge Building Society
Can You Apply Online?	Yes	Yes
How Long Does Opening An Account Typically Take?	1 to 8 Working days	Undisclosed
Do They Check Your Credit?	Yes	Yes
Current Account Switch Service	Yes	No

Monzo vs Cambridge Building Society Features & Account Types

	Monzo	Cambridge Building Society
Business Current Account	Yes	No
Business Savings Account	Yes	Yes
Business Credit Card	Yes	No
Business Overdraft	Yes	No
Accounts For Startups	Yes	Yes
Accounts For Charities	No	Yes
Accounts For Sole Traders	Yes	Yes
Joint Business Accounts Available	Yes	Yes
Card Type	Mastercard	None
Online Banking	Yes	Yes
Mobile Banking	Yes	Yes
In Person/Branch Banking	No	Yes
Branch Locations	None, online only	Locations around Cambridge

Monzo vs Cambridge Building Society Customer Support Options

	Monzo	Cambridge Building Society
Phone Support Available	Yes	Yes
Email Support Available	Yes	Yes
App Based Support	Yes	Yes
Web Based Support	Yes	Yes
In person Customer Support	No	Yes

Monzo vs Cambridge Building Society Foreign Currency Accounts

	Monzo	Cambridge Building Society
US Dollar (USD) Bank Accounts	Yes	No
Euro (EUR) Bank Accounts	Yes	No
Other Currencies Available:	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	No

Other Business Services From Monzo and Cambridge Building Society

	Monzo	Cambridge Building Society
Business Loans	Yes	Yes
Commercial Mortgages	Yes	Yes
Invoice Financing	Yes	No
International Payments	Yes	Yes
Merchant Payment Services	Yes	No
Card Machines	Yes	No
Free Accounting Software	Yes	No

Monzo vs Cambridge Building Society Banking Basics

	Monzo	Cambridge Building Society
Bank Type	Challenger	Building Society
FSCS Protection	Yes, up to £85,000	Yes, up to £85,000
FCA Number	730427	157223
Website	Monzo Website	Cambridge Building Society Website

Common Comparison Questions

Does Monzo or Cambridge Building Society have better customer reviews?

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

Whereas, Cambridge Building Society scores 3.1 out of 5 based 15 Trustpilot reviews. Of which 53% are 5-star and 47% are 1-star.

Does Monzo or Cambridge Building Society have a better App?

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.

In comparison, Cambridge Building Society’s iPhone App is rated 4 out of 5 based on 35 reviews. And it’s Android App is rated 2.6 out of 5 based on 29 reviews.

Does Monzo or Cambridge Building Society have better business savings rates?

Monzo offers the following types of business savings accounts: Instant Access Savings Pot with interest rates ranging from 1.60% to 1.60%. (AER)

In contrast, Cambridge Building Society offers Business Saver, Council Saver, Notice Business Saver, Fixed Rate Business Bond accounts with interest rates ranging from 2.90% to 4.25% (AER).

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For other business bank accounts see our guide here.