Is Monzo or Reliance Bank better for your small business?
Below we look at both Monzo and Reliance 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 Reliance Bank Trustpilot Reviews
| Monzo | Reliance Bank | |
| Trustpilot Review Score (out of 5) | 3.9 | 3.4 |
| Percent 5-Star Reviews | 77% | 25% |
| Percent 1- Star Reviews | 14% | 25% |
| Total Number of Reviews | 30,333 | 4 |
https://www.trustpilot.com/review/www.monzo.com
https://www.trustpilot.com/review/www.reliancebankltd.com
Monzo vs Reliance Bank App Reviews
| Monzo | Reliance Bank | |
| iPhone Review Score (out of 5) | 4.9 | 4.7 |
| Number of iPhone Reviews | 189,000 | 451 |
| Android Review Score (out of 5) | 4.7 | 4 |
| Number of Android Reviews | 125,000 | 144 |
https://apps.apple.com/gb/app/monzo-bank-mobile-banking/id1052238659
https://apps.apple.com/us/app/reliance-bank-mobile-banking/id1050676219
Monzo vs Reliance Bank Account Fees & Charges
| Monzo | Reliance Bank | |
| Free Business Bank Account | Yes | No |
| Free Business Account Term Length | No Limit | NA |
| Cheapest Monthly Account Fee | No | £7.50 |
| Most Expensive Monthly Account Fee | £5 | £7.50 |
| Electronic Payment Cost (in/out) | Free | 25p |
| Cash Payments Cost (in/out) | £1 | 30p / 25p per £100 |
| Cheques (in/out) | Unknown | 30p / 25p |
| CHAPS Payments Cost | £20 | £15 |
| SEPA Payments Cost | No | 25p |
Monzo vs Reliance Bank Business Savings Rates
| Monzo | Reliance Bank | |
| Types of Business Savings Accounts | Instant Access Savings Pot | Instant Access, Fixed Term, Notice Savings |
| Lowest Savings Rate (AER) | 1.60% | 2.15% |
| Maximum Savings Rate (AER) | 1.60% | 4.40% |
| Minimum Savings Amount | No | £1,000 |
| Interest Paid On Foreign Currencies | Yes | Yes |
Monzo vs Reliance Bank Account Opening Times
| Monzo | Reliance Bank | |
| 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 | Yes |
| Current Account Switch Service | Yes | Yes |
Monzo vs Reliance Bank Features & Account Types
| Monzo | Reliance Bank | |
| Business Current Account | Yes | Yes |
| Business Savings Account | Yes | Yes |
| Business Credit Card | Yes | No |
| Business Overdraft | Yes | Yes |
| Accounts For Startups | Yes | No |
| 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 |
Monzo vs Reliance Bank Customer Support Options
| Monzo | Reliance Bank | |
| 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 Reliance Bank Foreign Currency Accounts
| Monzo | Reliance Bank | |
| 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 Reliance Bank
| Monzo | Reliance Bank | |
| Business Loans | Yes | Yes |
| Commercial Mortgages | Yes | Yes |
| Invoice Financing | Yes | No |
| International Payments | Yes | Yes |
| Merchant Payment Services | Yes | Yes |
| Card Machines | Yes | No |
| Free Accounting Software | Yes | No |
Monzo vs Reliance Bank Banking Basics
| Monzo | Reliance Bank | |
| Bank Type | Challenger | Challenger |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| FCA Number | 730427 | 204537 |
| Website | Monzo Website | Reliance Bank Website |
Common Comparison Questions
Does Monzo or Reliance 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, Reliance Bank scores 3.4 out of 5 based 4 Trustpilot reviews. Of which 25% are 5-star and 25% are 1-star.
Does Monzo or Reliance 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, Reliance Bank’s iPhone App is rated 4.7 out of 5 based on 451 reviews. And it’s Android App is rated 4 out of 5 based on 144 reviews.
Does Monzo or Reliance 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, Reliance Bank offers Instant Access, Fixed Term, Notice Savings accounts with interest rates ranging from 2.15% to 4.40% (AER).
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For other business bank accounts see our guide here.