Monzo VS State Bank of India (UK): Business Banking Review & Fee Comparison

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.

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

Sources:
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

Sources:
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

	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:	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	Indian Rupee (INR) Australian Dollar (AUD) Singapore Dollar (SGD) Hong Kong Dollar (HKD) Swiss Franc (CHF) Canadian Dollar (CAD) New Zealand Dollar (NZD) Malaysian Ringgit (MYR)

Other Business Services From Monzo and State Bank of India (UK)

	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).

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For other business bank accounts see our guide here.