Is Monzo or Shawbrook Bank better for your small business?
Below we look at both Monzo and Shawbrook 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 Shawbrook Bank Trustpilot Reviews
| Monzo | Shawbrook Bank | |
| Trustpilot Review Score (out of 5) | 3.9 | 4.7 |
| Percent 5-Star Reviews | 77% | 85% |
| Percent 1- Star Reviews | 14% | 7% |
| Total Number of Reviews | 30,333 | 10,747 |
https://www.trustpilot.com/review/www.monzo.com
https://www.trustpilot.com/review/www.shawbrook.co.uk
Monzo vs Shawbrook Bank App Reviews
| Monzo | Shawbrook 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 |
https://apps.apple.com/gb/app/monzo-bank-mobile-banking/id1052238659
https://www.apple.com/uk/app-store/
Monzo vs Shawbrook Bank Account Fees & Charges
| Monzo | Shawbrook Bank | |
| Free Business Bank Account | Yes | No |
| Free Business Account Term Length | No Limit | NA |
| Cheapest Monthly Account Fee | No | Free |
| Most Expensive Monthly Account Fee | £5 | £12 |
| Electronic Payment Cost (in/out) | Free | Free |
| Cash Payments Cost (in/out) | £1 | Free |
| Cheques (in/out) | Unknown | Free |
| CHAPS Payments Cost | £20 | £35 |
| SEPA Payments Cost | No | No |
Monzo vs Shawbrook Bank Business Savings Rates
| Monzo | Shawbrook Bank | |
| Types of Business Savings Accounts | Instant Access Savings Pot | Easy Access, Fixed Rate, Notice Accounts |
| Lowest Savings Rate (AER) | 1.60% | 3.66% |
| Maximum Savings Rate (AER) | 1.60% | 5.03% |
| Minimum Savings Amount | No | £1,000 |
| Interest Paid On Foreign Currencies | Yes | No |
Monzo vs Shawbrook Bank Account Opening Times
| Monzo | Shawbrook Bank | |
| Can You Apply Online? | Yes | Yes |
| How Long Does Opening An Account Typically Take? | 1 to 8 Working days | 5 Working days |
| Do They Check Your Credit? | Yes | Yes |
| Current Account Switch Service | Yes | No |
Monzo vs Shawbrook Bank Features & Account Types
| Monzo | Shawbrook Bank | |
| Business Current Account | Yes | No |
| 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 | None |
| Online Banking | Yes | Yes |
| Mobile Banking | Yes | No |
| In Person/Branch Banking | No | No |
| Branch Locations | None, online only | Limited locations accross the UK |
Monzo vs Shawbrook Bank Customer Support Options
| Monzo | Shawbrook 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 Shawbrook Bank Foreign Currency Accounts
| Monzo | Shawbrook Bank | |
| US Dollar (USD) Bank Accounts | Yes | No |
| Euro (EUR) Bank Accounts | Yes | No |
| Other Currencies Available: |
| No |
Other Business Services From Monzo and Shawbrook Bank
| Monzo | Shawbrook Bank | |
| Business Loans | Yes | Yes |
| Commercial Mortgages | Yes | Yes |
| Invoice Financing | Yes | Yes |
| International Payments | Yes | Yes |
| Merchant Payment Services | Yes | Yes |
| Card Machines | Yes | No |
| Free Accounting Software | Yes | No |
Monzo vs Shawbrook Bank Banking Basics
| Monzo | Shawbrook Bank | |
| Bank Type | Challenger | Challenger |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| FCA Number | 730427 | 204574 |
| Website | Monzo Website | Shawbrook Bank Website |
Common Comparison Questions
Does Monzo or Shawbrook 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, Shawbrook Bank scores 4.7 out of 5 based 10,747 Trustpilot reviews. Of which 85% are 5-star and 7% are 1-star.
Does Monzo or Shawbrook 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, Shawbrook 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 Shawbrook 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, Shawbrook Bank offers Easy Access, Fixed Rate, Notice Accounts accounts with interest rates ranging from 3.66% to 5.03% (AER).
See Other Comparisons:Monzo vs RBS (Royal Bank of Scotland)
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For other business bank accounts see our guide here.