Monzo VS Recognise Bank: Business Banking Review & Fee Comparison

Is Monzo or Recognise Bank better for your small business?

Below we look at both Monzo and Recognise Bank 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 Recognise Bank Trustpilot Reviews

	Monzo	Recognise Bank
Trustpilot Review Score (out of 5)	3.9	4.6
Percent 5-Star Reviews	77%	77%
Percent 1- Star Reviews	14%	5%
Total Number of Reviews	30,333	539

Sources:
https://www.trustpilot.com/review/www.monzo.com
https://www.trustpilot.com/review/recognisebank.co.uk

Monzo vs Recognise Bank App Reviews

	Monzo	Recognise Bank
iPhone Review Score (out of 5)	4.9	No Rating
Number of iPhone Reviews	189,000	No Reviews
Android Review Score (out of 5)	4.7	No Rating
Number of Android Reviews	125,000	No Reviews

Sources:
https://apps.apple.com/gb/app/monzo-bank-mobile-banking/id1052238659
https://www.apple.com/uk/app-store/

Monzo vs Recognise Bank Account Fees & Charges

	Monzo	Recognise Bank
Free Business Bank Account	Yes	Yes
Free Business Account Term Length	No Limit	No Limit
Cheapest Monthly Account Fee	No	No
Most Expensive Monthly Account Fee	£5	No
Electronic Payment Cost (in/out)	Free	Free
Cash Payments Cost (in/out)	£1	Free
Cheques (in/out)	Unknown	Free
CHAPS Payments Cost	£20	£15
SEPA Payments Cost	No	25p

Monzo vs Recognise Bank Business Savings Rates

	Monzo	Recognise Bank
Types of Business Savings Accounts	Instant Access Savings Pot	Notice account, Fixed Rate, Instant access
Lowest Savings Rate (AER)	1.60%	3.15%
Maximum Savings Rate (AER)	1.60%	4.50%
Minimum Savings Amount	No	£1,000
Interest Paid On Foreign Currencies	Yes	Yes

Monzo vs Recognise Bank Account Opening Times

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

Monzo vs Recognise Bank Features & Account Types

	Monzo	Recognise Bank
Business Current Account	Yes	No
Business Savings Account	Yes	Yes
Business Credit Card	Yes	No
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	Yes
Card Type	Mastercard	None
Online Banking	Yes	Yes
Mobile Banking	Yes	No
In Person/Branch Banking	No	No
Branch Locations	None, online only	None, online and phone only

Monzo vs Recognise Bank Customer Support Options

	Monzo	Recognise Bank
Phone Support Available	Yes	Yes
Email Support Available	Yes	Yes
App Based Support	Yes	No
Web Based Support	Yes	Yes
In person Customer Support	No	No

Monzo vs Recognise Bank Foreign Currency Accounts

	Monzo	Recognise Bank
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	CHF (Swiss Franc) AUD (Australian Dollar) CAD (Canadian Dollar) JPY (Japanese Yen) NZD (New Zealand Dollar) SGD (Singapore Dollar) HKD (Hong Kong Dollar)

Other Business Services From Monzo and Recognise Bank

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

Monzo vs Recognise Bank Banking Basics

	Monzo	Recognise Bank
Bank Type	Challenger	Challenger
FSCS Protection	Yes, up to £85,000	Yes, up to £85,000
FCA Number	730427	849404
Website	Monzo Website	Recognise Bank Website

Common Comparison Questions

Does Monzo or Recognise Bank 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, Recognise Bank scores 4.6 out of 5 based 539 Trustpilot reviews. Of which 77% are 5-star and 5% are 1-star.

Does Monzo or Recognise Bank 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, Recognise Bank’s iPhone App is rated No Rating out of 5 based on No Reviews reviews. And it’s Android App is rated No Rating out of 5 based on No Reviews reviews.

Does Monzo or Recognise Bank 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, Recognise Bank offers Notice account, Fixed Rate, Instant access accounts with interest rates ranging from 3.15% to 4.50% (AER).

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For other business bank accounts see our guide here.