Is Monzo or State Bank of India (UK) better for your small business?
Below we look at both Monzo and State Bank of India (UK) 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.
.png)
Monzo vs State Bank of India (UK) Trustpilot Reviews
| Monzo | State Bank of India (UK) | |
| Trustpilot Review Score (out of 5) | 3.9 | 3.7 |
| Percent 5-Star Reviews | 77% | 33% |
| Percent 1- Star Reviews | 14% | 34% |
| Total Number of Reviews | 30,333 | 3 |
https://www.trustpilot.com/review/www.monzo.com
https://www.trustpilot.com/review/sbiuk.statebank
Monzo vs State Bank of India (UK) App Reviews
| Monzo | State Bank of India (UK) | |
| iPhone Review Score (out of 5) | 4.9 | 2.4 |
| Number of iPhone Reviews | 189,000 | 253 |
| Android Review Score (out of 5) | 4.7 | 1.7 |
| Number of Android Reviews | 125,000 | 1,640 |
https://apps.apple.com/gb/app/monzo-bank-mobile-banking/id1052238659
https://apps.apple.com/gb/app/yono-sbi-uk/id1454780358
Monzo vs State Bank of India (UK) Account Fees & Charges
| Monzo | State Bank of India (UK) | |
| Free Business Bank Account | Yes | No |
| Free Business Account Term Length | No Limit | NA |
| Cheapest Monthly Account Fee | No | £80 |
| Most Expensive Monthly Account Fee | £5 | £120 |
| Electronic Payment Cost (in/out) | Free | Free |
| Cash Payments Cost (in/out) | £1 | £3 / Free |
| Cheques (in/out) | Unknown | £10.00 per cheque |
| CHAPS Payments Cost | £20 | £25 |
| SEPA Payments Cost | No | £25 |
Monzo vs State Bank of India (UK) Business Savings Rates
| Monzo | State Bank of India (UK) | |
| Types of Business Savings Accounts | Instant Access Savings Pot | Instant Access, Notice Savings, Fixed Deposit, Limited Access |
| Lowest Savings Rate (AER) | 1.60% | 1.95% |
| Maximum Savings Rate (AER) | 1.60% | 5.00% |
| Minimum Savings Amount | No | £1 |
| Interest Paid On Foreign Currencies | Yes | Yes |
Monzo vs State Bank of India (UK) Account Opening Times
| Monzo | State Bank of India (UK) | |
| Can You Apply Online? | Yes | Yes |
| How Long Does Opening An Account Typically Take? | 1 to 8 Working days | 3 to 4 Working days |
| Do They Check Your Credit? | Yes | Yes |
| Current Account Switch Service | Yes | Yes |
Monzo vs State Bank of India (UK) Features & Account Types
_F1.png)
| Monzo | State Bank of India (UK) | |
| 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 | Limited locations in London and Midlands |
Monzo vs State Bank of India (UK) Customer Support Options
| Monzo | State Bank of India (UK) | |
| 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 State Bank of India (UK) Foreign Currency Accounts
| Monzo | State Bank of India (UK) | |
| US Dollar (USD) Bank Accounts | Yes | Yes |
| Euro (EUR) Bank Accounts | Yes | Yes |
| Other Currencies Available: |
|
|
Other Business Services From Monzo and State Bank of India (UK)
_F2.png)
| Monzo | State Bank of India (UK) | |
| Business Loans | Yes | Yes |
| Commercial Mortgages | Yes | Yes |
| Invoice Financing | Yes | Yes |
| International Payments | Yes | Yes |
| Merchant Payment Services | Yes | No |
| Card Machines | Yes | No |
| Free Accounting Software | Yes | No |
Monzo vs State Bank of India (UK) Banking Basics
| Monzo | State Bank of India (UK) | |
| Bank Type | Challenger | Foreign Bank |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| FCA Number | 730427 | 757156 |
| Website | Monzo Website | State Bank of India (UK) Website |
Common Comparison Questions
Does Monzo or State Bank of India (UK) 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, State Bank of India (UK) scores 3.7 out of 5 based 3 Trustpilot reviews. Of which 33% are 5-star and 34% are 1-star.
Does Monzo or State Bank of India (UK) 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, State Bank of India (UK)’s iPhone App is rated 2.4 out of 5 based on 253 reviews. And it’s Android App is rated 1.7 out of 5 based on 1,640 reviews.
Does Monzo or State Bank of India (UK) 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, State Bank of India (UK) offers Instant Access, Notice Savings, Fixed Deposit, Limited Access accounts with interest rates ranging from 1.95% to 5.00% (AER).
See Other Comparisons:Monzo vs Charity Bank
Monzo vs Cumberland Building Society
Monzo vs Redwood Bank
Monzo vs Amaiz
Monzo vs ICICI Bank UK
For other business bank accounts see our guide here.