Is Nationwide or Monzo better for your small business?
Below we look at both Nationwide and Monzo 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.
Nationwide vs Monzo Trustpilot Reviews
| Nationwide | Monzo | |
| Trustpilot Review Score (out of 5) | 1.7 | 3.9 |
| Percent 5-Star Reviews | 15% | 77% |
| Percent 1- Star Reviews | 75% | 14% |
| Total Number of Reviews | 5,509 | 30,333 |
https://www.trustpilot.com/review/www.nationwide.co.uk
https://www.trustpilot.com/review/www.monzo.com
Nationwide vs Monzo App Reviews
| Nationwide | Monzo | |
| iPhone Review Score (out of 5) | 4.8 | 4.9 |
| Number of iPhone Reviews | 595,000 | 189,000 |
| Android Review Score (out of 5) | 4.5 | 4.7 |
| Number of Android Reviews | 106,000 | 125,000 |
https://apps.apple.com/gb/app/nationwide-mobile-banking/id542355130
https://apps.apple.com/gb/app/monzo-bank-mobile-banking/id1052238659
Nationwide vs Monzo Account Fees & Charges
| Nationwide | Monzo | |
| Free Business Bank Account | No | Yes |
| Free Business Account Term Length | NA | No Limit |
| Cheapest Monthly Account Fee | £6.50 | No |
| Most Expensive Monthly Account Fee | £30 | £5 |
| Electronic Payment Cost (in/out) | Free | Free |
| Cash Payments Cost (in/out) | 1% | £1 |
| Cheques (in/out) | £1.50 | Unknown |
| CHAPS Payments Cost | £15 | £20 |
| SEPA Payments Cost | No | No |
Nationwide vs Monzo Business Savings Rates
| Nationwide | Monzo | |
| Types of Business Savings Accounts | Instant access, Limited access, Fixed rate | Instant Access Savings Pot |
| Lowest Savings Rate (AER) | 2.25% | 1.60% |
| Maximum Savings Rate (AER) | 6.50% | 1.60% |
| Minimum Savings Amount | £1 | No |
| Interest Paid On Foreign Currencies | Yes | Yes |
Nationwide vs Monzo Account Opening Times
| Nationwide | Monzo | |
| Can You Apply Online? | Yes | Yes |
| How Long Does Opening An Account Typically Take? | 7 Working days | 1 to 8 Working days |
| Do They Check Your Credit? | Yes | Yes |
| Current Account Switch Service | Yes | Yes |
Nationwide vs Monzo Features & Account Types
| Nationwide | Monzo | |
| 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 | Yes | No |
| Accounts For Sole Traders | Yes | Yes |
| Joint Business Accounts Available | Yes | Yes |
| Card Type | Visa | Mastercard |
| Online Banking | Yes | Yes |
| Mobile Banking | Yes | Yes |
| In Person/Branch Banking | Yes | No |
| Branch Locations | UK-wide | None, online only |
Nationwide vs Monzo Customer Support Options
| Nationwide | Monzo | |
| Phone Support Available | Yes | Yes |
| Email Support Available | Yes | Yes |
| App Based Support | Yes | Yes |
| Web Based Support | Yes | Yes |
| In person Customer Support | Yes | No |
Nationwide vs Monzo Foreign Currency Accounts
| Nationwide | Monzo | |
| US Dollar (USD) Bank Accounts | Yes | Yes |
| Euro (EUR) Bank Accounts | Yes | Yes |
| Other Currencies Available: |
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Other Business Services From Nationwide and Monzo
| Nationwide | Monzo | |
| Business Loans | No | Yes |
| Commercial Mortgages | Yes | Yes |
| Invoice Financing | No | Yes |
| International Payments | Yes | Yes |
| Merchant Payment Services | No | Yes |
| Card Machines | No | Yes |
| Free Accounting Software | No | Yes |
Nationwide vs Monzo Banking Basics
| Nationwide | Monzo | |
| Bank Type | Building Society | Challenger |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| FCA Number | 106078 | 730427 |
| Website | Nationwide Website | Monzo Website |
Common Comparison Questions
Does Nationwide or Monzo have better customer reviews?
Nationwide scores 1.7 out of 5 based 5,509 Trustpilot reviews. Of these reviews 15% are 5-star and 75% are 1-star.
Whereas, Monzo scores 3.9 out of 5 based 30,333 Trustpilot reviews. Of which 77% are 5-star and 14% are 1-star.
Does Nationwide or Monzo have a better App?
Nationwide’s iPhone App is rated 4.8 out of 5 based on 595,000 reviews. And it’s Android App is rated 4.5 out of 5 based on 106,000 reviews.
In comparison, 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.
Does Nationwide or Monzo have better business savings rates?
Nationwide offers the following types of business savings accounts: Instant access, Limited access, Fixed rate with interest rates ranging from 2.25% to 6.50%. (AER)
In contrast, Monzo offers Instant Access Savings Pot accounts with interest rates ranging from 1.60% to 1.60% (AER).
See Other Comparisons:Nationwide vs Bank of Scotland
Nationwide vs Metro Bank
Nationwide vs TSB
Nationwide vs Starling Bank
Nationwide vs Shawbrook Bank
For other business bank accounts see our guide here.