Is Monzo or Saffron Building Society better for your small business?
Below we look at both Monzo and Saffron Building Society 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 Saffron Building Society Trustpilot Reviews
| Monzo | Saffron Building Society | |
| Trustpilot Review Score (out of 5) | 3.9 | 2.2 |
| Percent 5-Star Reviews | 77% | 21% |
| Percent 1- Star Reviews | 14% | 73% |
| Total Number of Reviews | 30,333 | 58 |
https://www.trustpilot.com/review/www.monzo.com
https://www.trustpilot.com/review/saffronbs.co.uk
Monzo vs Saffron Building Society App Reviews
| Monzo | Saffron Building Society | |
| iPhone Review Score (out of 5) | 4.9 | 3.7 |
| Number of iPhone Reviews | 189,000 | 24 |
| Android Review Score (out of 5) | 4.7 | 3.7 |
| Number of Android Reviews | 125,000 | 14 |
https://apps.apple.com/gb/app/monzo-bank-mobile-banking/id1052238659
https://apps.apple.com/gb/app/saffron-building-society/id1482290341
Monzo vs Saffron Building Society Account Fees & Charges
| Monzo | Saffron Building Society | |
| Free Business Bank Account | Yes | No |
| Free Business Account Term Length | No Limit | NA |
| Cheapest Monthly Account Fee | No | £10 |
| Most Expensive Monthly Account Fee | £5 | £10 |
| Electronic Payment Cost (in/out) | Free | Free |
| Cash Payments Cost (in/out) | £1 | Free |
| Cheques (in/out) | Unknown | £1.50 |
| CHAPS Payments Cost | £20 | £15 |
| SEPA Payments Cost | No | 25p |
Monzo vs Saffron Building Society Business Savings Rates
| Monzo | Saffron Building Society | |
| Types of Business Savings Accounts | Instant Access Savings Pot | Regular Savings, Easy access, Fixed rate bonds, Notice accounts, Business/corporate accounts |
| Lowest Savings Rate (AER) | 1.60% | 1.20% |
| Maximum Savings Rate (AER) | 1.60% | 5.75% |
| Minimum Savings Amount | No | £1 |
| Interest Paid On Foreign Currencies | Yes | No |
Monzo vs Saffron Building Society Account Opening Times
| Monzo | Saffron Building Society | |
| Can You Apply Online? | Yes | Yes |
| How Long Does Opening An Account Typically Take? | 1 to 8 Working days | Undisclosed |
| Do They Check Your Credit? | Yes | Yes |
| Current Account Switch Service | Yes | Yes |
Monzo vs Saffron Building Society Features & Account Types
| Monzo | Saffron Building Society | |
| Business Current Account | Yes | Yes |
| Business Savings Account | Yes | Yes |
| Business Credit Card | Yes | Yes |
| Business Overdraft | Yes | No |
| 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 | Locations in Essex only |
Monzo vs Saffron Building Society Customer Support Options
| Monzo | Saffron Building Society | |
| 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 Saffron Building Society Foreign Currency Accounts
| Monzo | Saffron Building Society | |
| US Dollar (USD) Bank Accounts | Yes | No |
| Euro (EUR) Bank Accounts | Yes | No |
| Other Currencies Available: |
| No |
Other Business Services From Monzo and Saffron Building Society
| Monzo | Saffron Building Society | |
| Business Loans | Yes | Yes |
| Commercial Mortgages | Yes | Yes |
| Invoice Financing | Yes | No |
| International Payments | Yes | Yes |
| Merchant Payment Services | Yes | No |
| Card Machines | Yes | No |
| Free Accounting Software | Yes | No |
Monzo vs Saffron Building Society Banking Basics
| Monzo | Saffron Building Society | |
| Bank Type | Challenger | Building Society |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| FCA Number | 730427 | 100015 |
| Website | Monzo Website | Saffron Building Society Website |
Common Comparison Questions
Does Monzo or Saffron Building Society 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, Saffron Building Society scores 2.2 out of 5 based 58 Trustpilot reviews. Of which 21% are 5-star and 73% are 1-star.
Does Monzo or Saffron Building Society 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, Saffron Building Society’s iPhone App is rated 3.7 out of 5 based on 24 reviews. And it’s Android App is rated 3.7 out of 5 based on 14 reviews.
Does Monzo or Saffron Building Society 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, Saffron Building Society offers Regular Savings, Easy access, Fixed rate bonds, Notice accounts, Business/corporate accounts accounts with interest rates ranging from 1.20% to 5.75% (AER).
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For other business bank accounts see our guide here.