Is Monzo or RBS (Royal Bank of Scotland) better for your small business?
Below we look at both Monzo and RBS (Royal Bank of Scotland) 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.
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Monzo vs RBS (Royal Bank of Scotland) Trustpilot Reviews
| Monzo | RBS (Royal Bank of Scotland) | |
| Trustpilot Review Score (out of 5) | 3.9 | 1.3 |
| Percent 5-Star Reviews | 77% | 7% |
| Percent 1- Star Reviews | 14% | 89% |
| Total Number of Reviews | 30,333 | 838 |
https://www.trustpilot.com/review/www.monzo.com
https://www.trustpilot.com/review/www.rbs.co.uk
Monzo vs RBS (Royal Bank of Scotland) App Reviews
| Monzo | RBS (Royal Bank of Scotland) | |
| iPhone Review Score (out of 5) | 4.9 | 4.8 |
| Number of iPhone Reviews | 189,000 | 106,900 |
| Android Review Score (out of 5) | 4.7 | 4.3 |
| Number of Android Reviews | 125,000 | 81,700 |
https://apps.apple.com/gb/app/monzo-bank-mobile-banking/id1052238659
https://apps.apple.com/gb/app/royal-bank-of-scotland/id334852412
Monzo vs RBS (Royal Bank of Scotland) Account Fees & Charges
| Monzo | RBS (Royal Bank of Scotland) | |
| Free Business Bank Account | Yes | Yes |
| Free Business Account Term Length | No Limit | 24 Months |
| Cheapest Monthly Account Fee | No | Free |
| Most Expensive Monthly Account Fee | £5 | Free |
| Electronic Payment Cost (in/out) | Free | 35p |
| Cash Payments Cost (in/out) | £1 | 70p per £100 |
| Cheques (in/out) | Unknown | 70p per item |
| CHAPS Payments Cost | £20 | £20 |
| SEPA Payments Cost | No | 45p |
Monzo vs RBS (Royal Bank of Scotland) Business Savings Rates
| Monzo | RBS (Royal Bank of Scotland) | |
| Types of Business Savings Accounts | Instant Access Savings Pot | Business reserve, Liquidity manager notice, Treasury reserve, Client deposit manager, Client account manager |
| Lowest Savings Rate (AER) | 1.60% | 1.46% |
| Maximum Savings Rate (AER) | 1.60% | 4.25% |
| Minimum Savings Amount | No | No |
| Interest Paid On Foreign Currencies | Yes | Yes |
Monzo vs RBS (Royal Bank of Scotland) Account Opening Times
| Monzo | RBS (Royal Bank of Scotland) | |
| Can You Apply Online? | Yes | Yes |
| How Long Does Opening An Account Typically Take? | 1 to 8 Working days | 5 to 7 Working days |
| Do They Check Your Credit? | Yes | Yes |
| Current Account Switch Service | Yes | Yes |
Monzo vs RBS (Royal Bank of Scotland) Features & Account Types
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| Monzo | RBS (Royal Bank of Scotland) | |
| 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 | UK-wide including the ability to use some Natwest locations |
Monzo vs RBS (Royal Bank of Scotland) Customer Support Options
| Monzo | RBS (Royal Bank of Scotland) | |
| 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 RBS (Royal Bank of Scotland) Foreign Currency Accounts
| Monzo | RBS (Royal Bank of Scotland) | |
| 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 RBS (Royal Bank of Scotland)
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| Monzo | RBS (Royal Bank of Scotland) | |
| Business Loans | Yes | Yes |
| Commercial Mortgages | Yes | Yes |
| Invoice Financing | Yes | Yes |
| International Payments | Yes | Yes |
| Merchant Payment Services | Yes | Yes |
| Card Machines | Yes | Yes |
| Free Accounting Software | Yes | Yes |
Monzo vs RBS (Royal Bank of Scotland) Banking Basics
| Monzo | RBS (Royal Bank of Scotland) | |
| Bank Type | Challenger | High Street |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| FCA Number | 730427 | 114724 |
| Website | Monzo Website | RBS (Royal Bank of Scotland) Website |
Common Comparison Questions
Does Monzo or RBS (Royal Bank of Scotland) 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, RBS (Royal Bank of Scotland) scores 1.3 out of 5 based 838 Trustpilot reviews. Of which 7% are 5-star and 89% are 1-star.
Does Monzo or RBS (Royal Bank of Scotland) 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, RBS (Royal Bank of Scotland)’s iPhone App is rated 4.8 out of 5 based on 106,900 reviews. And it’s Android App is rated 4.3 out of 5 based on 81,700 reviews.
Does Monzo or RBS (Royal Bank of Scotland) 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, RBS (Royal Bank of Scotland) offers Business reserve, Liquidity manager notice, Treasury reserve, Client deposit manager, Client account manager accounts with interest rates ranging from 1.46% to 4.25% (AER).
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For other business bank accounts see our guide here.