Is Monzo or ICICI Bank UK better for your small business?
Below we look at both Monzo and ICICI 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 ICICI Bank UK Trustpilot Reviews
| Monzo | ICICI Bank UK | |
| Trustpilot Review Score (out of 5) | 3.9 | 2.7 |
| Percent 5-Star Reviews | 77% | 18% |
| Percent 1- Star Reviews | 14% | 74% |
| Total Number of Reviews | 30,333 | 23 |
https://www.trustpilot.com/review/www.monzo.com
https://www.trustpilot.com/review/www.icicibank.co.uk
Monzo vs ICICI Bank UK App Reviews
| Monzo | ICICI Bank UK | |
| iPhone Review Score (out of 5) | 4.9 | 2.7 |
| Number of iPhone Reviews | 189,000 | 237 |
| Android Review Score (out of 5) | 4.7 | 4 |
| Number of Android Reviews | 125,000 | 684 |
https://apps.apple.com/gb/app/monzo-bank-mobile-banking/id1052238659
https://apps.apple.com/gb/app/icici-bank-uk-imobile/id1223898732
Monzo vs ICICI Bank UK Account Fees & Charges
| Monzo | ICICI Bank UK | |
| 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 | £15 |
| Electronic Payment Cost (in/out) | Free | 25p |
| Cash Payments Cost (in/out) | £1 | £5 per £1,000 / free |
| Cheques (in/out) | Unknown | £1 |
| CHAPS Payments Cost | £20 | £20 |
| SEPA Payments Cost | No | No |
Monzo vs ICICI Bank UK Business Savings Rates
| Monzo | ICICI Bank UK | |
| Types of Business Savings Accounts | Instant Access Savings Pot | Business Savings Account, Business Fixed Deposit |
| Lowest Savings Rate (AER) | 1.60% | 2.85% |
| Maximum Savings Rate (AER) | 1.60% | 4.50% |
| Minimum Savings Amount | No | £1 |
| Interest Paid On Foreign Currencies | Yes | Yes |
Monzo vs ICICI Bank UK Account Opening Times
| Monzo | ICICI Bank UK | |
| Can You Apply Online? | Yes | Yes |
| How Long Does Opening An Account Typically Take? | 1 to 8 Working days | 2 Working days |
| Do They Check Your Credit? | Yes | Yes |
| Current Account Switch Service | Yes | Yes |
Monzo vs ICICI Bank UK Features & Account Types
| Monzo | ICICI 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 | London, Birmingham and Manchester |
Monzo vs ICICI Bank UK Customer Support Options
| Monzo | ICICI 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 ICICI Bank UK Foreign Currency Accounts
| Monzo | ICICI Bank UK | |
| US Dollar (USD) Bank Accounts | Yes | Yes |
| Euro (EUR) Bank Accounts | Yes | Yes |
| Other Currencies Available: |
|
|
Other Business Services From Monzo and ICICI Bank UK
| Monzo | ICICI Bank UK | |
| 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 ICICI Bank UK Banking Basics
| Monzo | ICICI Bank UK | |
| Bank Type | Challenger | Foreign Bank |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| FCA Number | 730427 | 223268 |
| Website | Monzo Website | ICICI Bank UK Website |
Common Comparison Questions
Does Monzo or ICICI 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, ICICI Bank UK scores 2.7 out of 5 based 23 Trustpilot reviews. Of which 18% are 5-star and 74% are 1-star.
Does Monzo or ICICI 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, ICICI Bank UK’s iPhone App is rated 2.7 out of 5 based on 237 reviews. And it’s Android App is rated 4 out of 5 based on 684 reviews.
Does Monzo or ICICI 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, ICICI Bank UK offers Business Savings Account, Business Fixed Deposit accounts with interest rates ranging from 2.85% to 4.50% (AER).
See Other Comparisons:Monzo vs Intergiro
Monzo vs GoSolo
Monzo vs 3S Money
Monzo vs MultiPass
Monzo vs Reliance Bank
For other business bank accounts see our guide here.