Is Monzo or Handelsbanken better for your small business?
Below we look at both Monzo and Handelsbanken 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 Handelsbanken Trustpilot Reviews
| Monzo | Handelsbanken | |
| Trustpilot Review Score (out of 5) | 3.9 | 2.3 |
| Percent 5-Star Reviews | 77% | 33% |
| Percent 1- Star Reviews | 14% | 55% |
| Total Number of Reviews | 30,333 | 124 |
https://www.trustpilot.com/review/www.monzo.com
https://www.trustpilot.com/review/handelsbanken.co.uk
Monzo vs Handelsbanken App Reviews
| Monzo | Handelsbanken | |
| iPhone Review Score (out of 5) | 4.9 | 2.6 |
| Number of iPhone Reviews | 189,000 | 17 |
| Android Review Score (out of 5) | 4.7 | 1.6 |
| Number of Android Reviews | 125,000 | 6 |
https://apps.apple.com/gb/app/monzo-bank-mobile-banking/id1052238659
https://apps.apple.com/gb/app/handelsbanken-uk-corporate/id1122527533
Monzo vs Handelsbanken Account Fees & Charges
| Monzo | Handelsbanken | |
| Free Business Bank Account | Yes | No |
| Free Business Account Term Length | No Limit | NA |
| Cheapest Monthly Account Fee | No | £5 |
| Most Expensive Monthly Account Fee | £5 | £20 |
| Electronic Payment Cost (in/out) | Free | Free |
| Cash Payments Cost (in/out) | £1 | 30p |
| Cheques (in/out) | Unknown | £1.50 |
| CHAPS Payments Cost | £20 | £15 |
| SEPA Payments Cost | No | 25p |
Monzo vs Handelsbanken Business Savings Rates
| Monzo | Handelsbanken | |
| Types of Business Savings Accounts | Instant Access Savings Pot | Instant Access, Fixed Term, Notice Savings |
| Lowest Savings Rate (AER) | 1.60% | No |
| Maximum Savings Rate (AER) | 1.60% | No |
| Minimum Savings Amount | No | £5,000 |
| Interest Paid On Foreign Currencies | Yes | Yes |
Monzo vs Handelsbanken Account Opening Times
| Monzo | Handelsbanken | |
| Can You Apply Online? | Yes | Yes |
| How Long Does Opening An Account Typically Take? | 1 to 8 Working days | 7 Working days |
| Do They Check Your Credit? | Yes | No |
| Current Account Switch Service | Yes | Yes |
Monzo vs Handelsbanken Features & Account Types
| Monzo | Handelsbanken | |
| Business Current Account | Yes | Yes |
| Business Savings Account | Yes | Yes |
| Business Credit Card | Yes | Yes |
| Business Overdraft | Yes | Yes |
| Accounts For Startups | Yes | No |
| Accounts For Charities | No | No |
| 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 | UK-wide |
Monzo vs Handelsbanken Customer Support Options
| Monzo | Handelsbanken | |
| 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 Handelsbanken Foreign Currency Accounts
| Monzo | Handelsbanken | |
| 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 Handelsbanken
| Monzo | Handelsbanken | |
| Business Loans | Yes | Yes |
| Commercial Mortgages | Yes | No |
| Invoice Financing | Yes | No |
| International Payments | Yes | Yes |
| Merchant Payment Services | Yes | No |
| Card Machines | Yes | No |
| Free Accounting Software | Yes | No |
Monzo vs Handelsbanken Banking Basics
| Monzo | Handelsbanken | |
| Bank Type | Challenger | High Street |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| FCA Number | 730427 | 197340 |
| Website | Monzo Website | Handelsbanken Website |
Common Comparison Questions
Does Monzo or Handelsbanken 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, Handelsbanken scores 2.3 out of 5 based 124 Trustpilot reviews. Of which 33% are 5-star and 55% are 1-star.
Does Monzo or Handelsbanken 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, Handelsbanken’s iPhone App is rated 2.6 out of 5 based on 17 reviews. And it’s Android App is rated 1.6 out of 5 based on 6 reviews.
Does Monzo or Handelsbanken 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, Handelsbanken offers Instant Access, Fixed Term, Notice Savings accounts with interest rates ranging from No to No (AER).
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For other business bank accounts see our guide here.