Monzo VS Fair Everywhere: Business Banking Review & Fee Comparison

Is Monzo or Fair Everywhere better for your small business?

Below we look at both Monzo and Fair Everywhere 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 Fair Everywhere Trustpilot Reviews

	Monzo	Fair Everywhere
Trustpilot Review Score (out of 5)	3.9	3.1
Percent 5-Star Reviews	77%	27%
Percent 1- Star Reviews	14%	64%
Total Number of Reviews	30,333	11

Sources:
https://www.trustpilot.com/review/www.monzo.com
https://www.trustpilot.com/review/faireverywhere.com

Monzo vs Fair Everywhere App Reviews

	Monzo	Fair Everywhere
iPhone Review Score (out of 5)	4.9	2.2
Number of iPhone Reviews	189,000	5
Android Review Score (out of 5)	4.7	3.9
Number of Android Reviews	125,000	7

Sources:
https://apps.apple.com/gb/app/monzo-bank-mobile-banking/id1052238659
https://apps.apple.com/gb/app/fair-everywhere/id1331905256

Monzo vs Fair Everywhere Account Fees & Charges

	Monzo	Fair Everywhere
Free Business Bank Account	Yes	No
Free Business Account Term Length	No Limit	NA
Cheapest Monthly Account Fee	No	£12.50
Most Expensive Monthly Account Fee	£5	£12.50
Electronic Payment Cost (in/out)	Free	30p
Cash Payments Cost (in/out)	£1	£1.50 / £3 + 2.75%
Cheques (in/out)	Unknown	50p per cheque
CHAPS Payments Cost	£20	£30
SEPA Payments Cost	No	No

Monzo vs Fair Everywhere Business Savings Rates

	Monzo	Fair Everywhere
Types of Business Savings Accounts	Instant Access Savings Pot	None
Lowest Savings Rate (AER)	1.60%	NA
Maximum Savings Rate (AER)	1.60%	NA
Minimum Savings Amount	No	NA
Interest Paid On Foreign Currencies	Yes	Yes

Monzo vs Fair Everywhere Account Opening Times

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

Monzo vs Fair Everywhere Features & Account Types

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

Monzo vs Fair Everywhere Customer Support Options

	Monzo	Fair Everywhere
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	No

Monzo vs Fair Everywhere Foreign Currency Accounts

	Monzo	Fair Everywhere
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	British Pound GBP

Other Business Services From Monzo and Fair Everywhere

	Monzo	Fair Everywhere
Business Loans	Yes	No
Commercial Mortgages	Yes	No
Invoice Financing	Yes	No
International Payments	Yes	Yes
Merchant Payment Services	Yes	Yes
Card Machines	Yes	No
Free Accounting Software	Yes	No

Monzo vs Fair Everywhere Banking Basics

	Monzo	Fair Everywhere
Bank Type	Challenger	Challenger
FSCS Protection	Yes, up to £85,000	No
FCA Number	730427	504547
Website	Monzo Website	Fair Everywhere Website

Common Comparison Questions

Does Monzo or Fair Everywhere 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, Fair Everywhere scores 3.1 out of 5 based 11 Trustpilot reviews. Of which 27% are 5-star and 64% are 1-star.

Does Monzo or Fair Everywhere 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, Fair Everywhere’s iPhone App is rated 2.2 out of 5 based on 5 reviews. And it’s Android App is rated 3.9 out of 5 based on 7 reviews.

Does Monzo or Fair Everywhere 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, Fair Everywhere offers None accounts with interest rates ranging from NA to NA (AER).

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