Monzo VS Unity Trust: Business Banking Review & Fee Comparison

Is Monzo or Unity Trust better for your small business?

Below we look at both Monzo and Unity Trust 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 Unity Trust Trustpilot Reviews

	Monzo	Unity Trust
Trustpilot Review Score (out of 5)	3.9	4
Percent 5-Star Reviews	77%	61%
Percent 1- Star Reviews	14%	14%
Total Number of Reviews	30,333	255

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

Monzo vs Unity Trust App Reviews

	Monzo	Unity Trust
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

Sources:
https://apps.apple.com/gb/app/monzo-bank-mobile-banking/id1052238659
https://www.apple.com/uk/app-store/

Monzo vs Unity Trust Account Fees & Charges

	Monzo	Unity Trust
Free Business Bank Account	Yes	No
Free Business Account Term Length	No Limit	NA
Cheapest Monthly Account Fee	No	£6
Most Expensive Monthly Account Fee	£5	£6
Electronic Payment Cost (in/out)	Free	14p
Cash Payments Cost (in/out)	£1	50p per £100
Cheques (in/out)	Unknown	30p per item
CHAPS Payments Cost	£20	£28
SEPA Payments Cost	No	25p

Monzo vs Unity Trust Business Savings Rates

	Monzo	Unity Trust
Types of Business Savings Accounts	Instant Access Savings Pot	Instant Access, Fixed Term
Lowest Savings Rate (AER)	1.60%	2.77%
Maximum Savings Rate (AER)	1.60%	5.10%
Minimum Savings Amount	No	No
Interest Paid On Foreign Currencies	Yes	Yes

Monzo vs Unity Trust Account Opening Times

	Monzo	Unity Trust
Can You Apply Online?	Yes	Yes
How Long Does Opening An Account Typically Take?	1 to 8 Working days	7 Working days
Do They Check Your Credit?	Yes	Yes
Current Account Switch Service	Yes	Yes

Monzo vs Unity Trust Features & Account Types

	Monzo	Unity Trust
Business Current Account	Yes	Yes
Business Savings Account	Yes	Yes
Business Credit Card	Yes	No
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	No
In Person/Branch Banking	No	No
Branch Locations	None, online only	No own branches but can use NatWest, RBS or Ulster Bank locations

Monzo vs Unity Trust Customer Support Options

	Monzo	Unity Trust
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 Unity Trust Foreign Currency Accounts

	Monzo	Unity Trust
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	Australian Dollar (AUD) Canadian Dollar (CAD) Swiss Franc (CHF) Danish Krone (DKK) Norwegian Krone (NOK) Swedish Krona (SEK) New Zealand Dollar (NZD) Japanese Yen (JPY)

Other Business Services From Monzo and Unity Trust

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

Monzo vs Unity Trust Banking Basics

	Monzo	Unity Trust
Bank Type	Challenger	Challenger
FSCS Protection	Yes, up to £85,000	Yes, up to £85,000
FCA Number	730427	204570
Website	Monzo Website	Unity Trust Website

Common Comparison Questions

Does Monzo or Unity Trust 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, Unity Trust scores 4 out of 5 based 255 Trustpilot reviews. Of which 61% are 5-star and 14% are 1-star.

Does Monzo or Unity Trust 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, Unity Trust’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 Unity Trust 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, Unity Trust offers Instant Access, Fixed Term accounts with interest rates ranging from 2.77% to 5.10% (AER).

See Other Comparisons:
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Monzo vs HSBC Kinetic
Monzo vs CardOneMoney
Monzo vs Fair Everywhere
Monzo vs Countingup


For other business bank accounts see our guide here.