Monzo VS TSB: Business Banking Review & Fee Comparison

Is Monzo or TSB better for your small business?

Below we look at both Monzo and TSB 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 TSB Trustpilot Reviews

	Monzo	TSB
Trustpilot Review Score (out of 5)	3.9	4.2
Percent 5-Star Reviews	77%	56%
Percent 1- Star Reviews	14%	27%
Total Number of Reviews	30,333	21,942

Sources:
https://www.trustpilot.com/review/www.monzo.com
https://www.trustpilot.com/review/tsb.co.uk

Monzo vs TSB App Reviews

	Monzo	TSB
iPhone Review Score (out of 5)	4.9	4.8
Number of iPhone Reviews	189,000	457,400
Android Review Score (out of 5)	4.7	4.4
Number of Android Reviews	125,000	197,000

Sources:
https://apps.apple.com/gb/app/monzo-bank-mobile-banking/id1052238659
https://apps.apple.com/gb/app/tsb-mobile-banking/id1160720878

Monzo vs TSB Account Fees & Charges

	Monzo	TSB
Free Business Bank Account	Yes	Yes
Free Business Account Term Length	No Limit	30 Months
Cheapest Monthly Account Fee	No	£5
Most Expensive Monthly Account Fee	£5	£40
Electronic Payment Cost (in/out)	Free	Free
Cash Payments Cost (in/out)	£1	70p per £100
Cheques (in/out)	Unknown	70p
CHAPS Payments Cost	£20	£30
SEPA Payments Cost	No	£2

Monzo vs TSB Business Savings Rates

	Monzo	TSB
Types of Business Savings Accounts	Instant Access Savings Pot	Instant Access, Fixed Bonds
Lowest Savings Rate (AER)	1.60%	1.35%
Maximum Savings Rate (AER)	1.60%	4.30%
Minimum Savings Amount	No	£1
Interest Paid On Foreign Currencies	Yes	Yes

Monzo vs TSB Account Opening Times

	Monzo	TSB
Can You Apply Online?	Yes	Yes
How Long Does Opening An Account Typically Take?	1 to 8 Working days	10 Working days
Do They Check Your Credit?	Yes	Yes
Current Account Switch Service	Yes	Yes

Monzo vs TSB Features & Account Types

	Monzo	TSB
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	No
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	UK-wide

Monzo vs TSB Customer Support Options

	Monzo	TSB
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 TSB Foreign Currency Accounts

	Monzo	TSB
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	Euros US Dollars Canadian Dollars Australian Dollars New Zealand Dollars Swiss Francs Japanese Yen Chinese Yuan Singapore Dollars Hong Kong Dollars Danish Kroner Norwegian Kroner Swedish Kroner Czech Koruna Hungarian Forint Polish Zloty Romanian Leu Bulgarian Lev Croatian Kuna Turkish Lira Israeli Shekel South African Rand Mexican Peso Argentinian Peso Brazilian Real

Other Business Services From Monzo and TSB

	Monzo	TSB
Business Loans	Yes	Yes
Commercial Mortgages	Yes	Yes
Invoice Financing	Yes	Yes
International Payments	Yes	Yes
Merchant Payment Services	Yes	Yes
Card Machines	Yes	Yes
Free Accounting Software	Yes	No

Monzo vs TSB Banking Basics

	Monzo	TSB
Bank Type	Challenger	High Street
FSCS Protection	Yes, up to £85,000	Yes, up to £85,000
FCA Number	730427	191240
Website	Monzo Website	TSB Website

Common Comparison Questions

Does Monzo or TSB 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, TSB scores 4.2 out of 5 based 21,942 Trustpilot reviews. Of which 56% are 5-star and 27% are 1-star.

Does Monzo or TSB 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, TSB’s iPhone App is rated 4.8 out of 5 based on 457,400 reviews. And it’s Android App is rated 4.4 out of 5 based on 197,000 reviews.

Does Monzo or TSB 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, TSB offers Instant Access, Fixed Bonds accounts with interest rates ranging from 1.35% to 4.30% (AER).

See Other Comparisons:
Monzo vs Starling Bank
Monzo vs Shawbrook Bank
Monzo vs RBS (Royal Bank of Scotland)
Monzo vs Wise
Monzo vs Revolut Business


For other business bank accounts see our guide here.