Monzo VS Co-operative Bank: Business Banking Review & Fee Comparison

Is Monzo or Co-operative Bank better for your small business?

Below we look at both Monzo and Co-operative Bank 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 Co-operative Bank Trustpilot Reviews

	Monzo	Co-operative Bank
Trustpilot Review Score (out of 5)	3.9	4.2
Percent 5-Star Reviews	77%	51%
Percent 1- Star Reviews	14%	39%
Total Number of Reviews	30,333	7,699

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

Monzo vs Co-operative Bank App Reviews

	Monzo	Co-operative Bank
iPhone Review Score (out of 5)	4.9	4.7
Number of iPhone Reviews	189,000	47,800
Android Review Score (out of 5)	4.7	4.3
Number of Android Reviews	125,000	33,000

Sources:
https://apps.apple.com/gb/app/monzo-bank-mobile-banking/id1052238659
https://apps.apple.com/gb/app/co-operative-bank/id1439204021

Monzo vs Co-operative Bank Account Fees & Charges

	Monzo	Co-operative Bank
Free Business Bank Account	Yes	Yes
Free Business Account Term Length	No Limit	30 Months
Cheapest Monthly Account Fee	No	Free
Most Expensive Monthly Account Fee	£5	Free
Electronic Payment Cost (in/out)	Free	Free
Cash Payments Cost (in/out)	£1	£1.50 per £100
Cheques (in/out)	Unknown	£1.50
CHAPS Payments Cost	£20	£25
SEPA Payments Cost	No	No

Monzo vs Co-operative Bank Business Savings Rates

	Monzo	Co-operative Bank
Types of Business Savings Accounts	Instant Access Savings Pot	Instant access, 35+ day, 95+ day
Lowest Savings Rate (AER)	1.60%	1.63%
Maximum Savings Rate (AER)	1.60%	2.51%
Minimum Savings Amount	No	No
Interest Paid On Foreign Currencies	Yes	No

Monzo vs Co-operative Bank Account Opening Times

	Monzo	Co-operative Bank
Can You Apply Online?	Yes	Yes
How Long Does Opening An Account Typically Take?	1 to 8 Working days	5 Working days
Do They Check Your Credit?	Yes	Yes
Current Account Switch Service	Yes	Yes

Monzo vs Co-operative Bank Features & Account Types

	Monzo	Co-operative Bank
Business Current Account	Yes	Yes
Business Savings Account	Yes	Yes
Business Credit Card	Yes	Yes
Business Overdraft	Yes	Yes
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	Visa
Online Banking	Yes	Yes
Mobile Banking	Yes	Yes
In Person/Branch Banking	No	Yes
Branch Locations	None, online only	Limited locations accross the UK

Monzo vs Co-operative Bank Customer Support Options

	Monzo	Co-operative Bank
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 Co-operative Bank Foreign Currency Accounts

	Monzo	Co-operative Bank
US Dollar (USD) Bank Accounts	Yes	Yes
Euro (EUR) Bank Accounts	Yes	Yes
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 Co-operative Bank

	Monzo	Co-operative Bank
Business Loans	Yes	Yes
Commercial Mortgages	Yes	Yes
Invoice Financing	Yes	Yes
International Payments	Yes	Yes
Merchant Payment Services	Yes	Yes
Card Machines	Yes	No
Free Accounting Software	Yes	Yes

Monzo vs Co-operative Bank Banking Basics

	Monzo	Co-operative Bank
Bank Type	Challenger	High Street
FSCS Protection	Yes, up to £85,000	Yes, up to £85,000
FCA Number	730427	990937
Website	Monzo Website	Co-operative Bank Website

Common Comparison Questions

Does Monzo or Co-operative Bank 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, Co-operative Bank scores 4.2 out of 5 based 7,699 Trustpilot reviews. Of which 51% are 5-star and 39% are 1-star.

Does Monzo or Co-operative Bank 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, Co-operative Bank’s iPhone App is rated 4.7 out of 5 based on 47,800 reviews. And it’s Android App is rated 4.3 out of 5 based on 33,000 reviews.

Does Monzo or Co-operative Bank 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, Co-operative Bank offers Instant access, 35+ day, 95+ day accounts with interest rates ranging from 1.63% to 2.51% (AER).

See Other Comparisons:
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For other business bank accounts see our guide here.