Is Monzo or Cynergy Bank better for your small business?
Below we look at both Monzo and Cynergy 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 Cynergy Bank Trustpilot Reviews
| Monzo | Cynergy Bank | |
| Trustpilot Review Score (out of 5) | 3.9 | 4 |
| Percent 5-Star Reviews | 77% | 58% |
| Percent 1- Star Reviews | 14% | 27% |
| Total Number of Reviews | 30,333 | 2,235 |
https://www.trustpilot.com/review/www.monzo.com
https://www.trustpilot.com/review/cynergybank.co.uk
Monzo vs Cynergy Bank App Reviews
| Monzo | Cynergy Bank | |
| iPhone Review Score (out of 5) | 4.9 | 1.5 |
| Number of iPhone Reviews | 189,000 | 350 |
| Android Review Score (out of 5) | 4.7 | 1.7 |
| Number of Android Reviews | 125,000 | 449 |
https://apps.apple.com/gb/app/monzo-bank-mobile-banking/id1052238659
https://apps.apple.com/gb/app/cynergy-bank-authenticator/id1497728953
Monzo vs Cynergy Bank Account Fees & Charges
| Monzo | Cynergy Bank | |
| Free Business Bank Account | Yes | Yes |
| Free Business Account Term Length | No Limit | 12 Months |
| Cheapest Monthly Account Fee | No | £25 |
| Most Expensive Monthly Account Fee | £5 | £25 |
| Electronic Payment Cost (in/out) | Free | 35p |
| Cash Payments Cost (in/out) | £1 | 65p per £100 |
| Cheques (in/out) | Unknown | 30p / 78p |
| CHAPS Payments Cost | £20 | £25 |
| SEPA Payments Cost | No | £6 |
Monzo vs Cynergy Bank Business Savings Rates
| Monzo | Cynergy Bank | |
| Types of Business Savings Accounts | Instant Access Savings Pot | Business Saver |
| Lowest Savings Rate (AER) | 1.60% | 4.00% |
| Maximum Savings Rate (AER) | 1.60% | 4.00% |
| Minimum Savings Amount | No | £1 |
| Interest Paid On Foreign Currencies | Yes | Yes |
Monzo vs Cynergy Bank Account Opening Times
| Monzo | Cynergy Bank | |
| Can You Apply Online? | Yes | Yes |
| How Long Does Opening An Account Typically Take? | 1 to 8 Working days | 15 minutes |
| Do They Check Your Credit? | Yes | Yes |
| Current Account Switch Service | Yes | Yes |
Monzo vs Cynergy Bank Features & Account Types
| Monzo | Cynergy 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 | No |
| 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 | London, Redhill, Birmingham, Manchester and Glasgow |
Monzo vs Cynergy Bank Customer Support Options
| Monzo | Cynergy 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 Cynergy Bank Foreign Currency Accounts
| Monzo | Cynergy Bank | |
| US Dollar (USD) Bank Accounts | Yes | No |
| Euro (EUR) Bank Accounts | Yes | Yes |
| Other Currencies Available: |
| No |
Other Business Services From Monzo and Cynergy Bank
| Monzo | Cynergy Bank | |
| Business Loans | Yes | Yes |
| Commercial Mortgages | Yes | Yes |
| Invoice Financing | Yes | Yes |
| International Payments | Yes | Yes |
| Merchant Payment Services | Yes | No |
| Card Machines | Yes | No |
| Free Accounting Software | Yes | No |
Monzo vs Cynergy Bank Banking Basics
| Monzo | Cynergy Bank | |
| Bank Type | Challenger | Challenger |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| FCA Number | 730427 | 575105 |
| Website | Monzo Website | Cynergy Bank Website |
Common Comparison Questions
Does Monzo or Cynergy 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, Cynergy Bank scores 4 out of 5 based 2,235 Trustpilot reviews. Of which 58% are 5-star and 27% are 1-star.
Does Monzo or Cynergy 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, Cynergy Bank’s iPhone App is rated 1.5 out of 5 based on 350 reviews. And it’s Android App is rated 1.7 out of 5 based on 449 reviews.
Does Monzo or Cynergy 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, Cynergy Bank offers Business Saver accounts with interest rates ranging from 4.00% to 4.00% (AER).
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For other business bank accounts see our guide here.