Monzo VS ICICI Bank UK: Business Banking Review & Fee Comparison

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

Sources:
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

Sources:
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:	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	CAD (Canadian Dollar) AUD (Australian Dollar) NZD (New Zealand Dollar) SGD (Singapore Dollar) HKD (Hong Kong Dollar) CHF (Swiss Franc) JPY (Japanese Yen) CNY (Chinese Yuan) INR (Indian Rupee) KRW (South Korean Won) THB (Thai Baht)

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.