Is Monzo or Danske Bank UK better for your small business?
Below we look at both Monzo and Danske Bank UK 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 Danske Bank UK Trustpilot Reviews
| Monzo | Danske Bank UK | |
| Trustpilot Review Score (out of 5) | 3.9 | 2 |
| Percent 5-Star Reviews | 77% | 12% |
| Percent 1- Star Reviews | 14% | 71% |
| Total Number of Reviews | 30,333 | 24 |
https://www.trustpilot.com/review/www.monzo.com
https://www.trustpilot.com/review/danskebank.co.uk
Monzo vs Danske Bank UK App Reviews
| Monzo | Danske Bank UK | |
| iPhone Review Score (out of 5) | 4.9 | 4.4 |
| Number of iPhone Reviews | 189,000 | 2,900 |
| Android Review Score (out of 5) | 4.7 | 4.4 |
| Number of Android Reviews | 125,000 | 2,890 |
https://apps.apple.com/gb/app/monzo-bank-mobile-banking/id1052238659
https://apps.apple.com/gb/app/mobile-bank-uk-danske-bank/id1365361930
Monzo vs Danske Bank UK Account Fees & Charges
| Monzo | Danske Bank UK | |
| Free Business Bank Account | Yes | Yes |
| Free Business Account Term Length | No Limit | 24 Months |
| Cheapest Monthly Account Fee | No | £7 |
| Most Expensive Monthly Account Fee | £5 | £48 |
| Electronic Payment Cost (in/out) | Free | 45p |
| Cash Payments Cost (in/out) | £1 | 90p / £1.40 per £100 |
| Cheques (in/out) | Unknown | 80p / 90p per item |
| CHAPS Payments Cost | £20 | £20 |
| SEPA Payments Cost | No | No |
Monzo vs Danske Bank UK Business Savings Rates
| Monzo | Danske Bank UK | |
| Types of Business Savings Accounts | Instant Access Savings Pot | Business Investment Account, Fixed Term Deposit |
| Lowest Savings Rate (AER) | 1.60% | 1.65% |
| Maximum Savings Rate (AER) | 1.60% | 4.60% |
| Minimum Savings Amount | No | £1 |
| Interest Paid On Foreign Currencies | Yes | Yes |
Monzo vs Danske Bank UK Account Opening Times
| Monzo | Danske Bank UK | |
| Can You Apply Online? | Yes | Yes |
| How Long Does Opening An Account Typically Take? | 1 to 8 Working days | 10 Working days |
| Do They Check Your Credit? | Yes | Yes |
| Current Account Switch Service | Yes | Yes |
Monzo vs Danske Bank UK Features & Account Types
| Monzo | Danske Bank UK | |
| 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 | Mastercard |
| Online Banking | Yes | Yes |
| Mobile Banking | Yes | Yes |
| In Person/Branch Banking | No | Yes |
| Branch Locations | None, online only | Nothern Ireland oly |
Monzo vs Danske Bank UK Customer Support Options
| Monzo | Danske Bank UK | |
| 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 Danske Bank UK Foreign Currency Accounts
| Monzo | Danske Bank UK | |
| US Dollar (USD) Bank Accounts | Yes | Yes |
| Euro (EUR) Bank Accounts | Yes | Yes |
| Other Currencies Available: |
|
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Other Business Services From Monzo and Danske Bank UK
| Monzo | Danske Bank UK | |
| 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 | No |
Monzo vs Danske Bank UK Banking Basics
| Monzo | Danske Bank UK | |
| Bank Type | Challenger | Challenger |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| FCA Number | 730427 | 122261 |
| Website | Monzo Website | Danske Bank UK Website |
Common Comparison Questions
Does Monzo or Danske Bank UK 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, Danske Bank UK scores 2 out of 5 based 24 Trustpilot reviews. Of which 12% are 5-star and 71% are 1-star.
Does Monzo or Danske Bank UK 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, Danske Bank UK’s iPhone App is rated 4.4 out of 5 based on 2,900 reviews. And it’s Android App is rated 4.4 out of 5 based on 2,890 reviews.
Does Monzo or Danske Bank UK 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, Danske Bank UK offers Business Investment Account, Fixed Term Deposit accounts with interest rates ranging from 1.65% to 4.60% (AER).
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For other business bank accounts see our guide here.