Is NatWest or Monzo better for your small business?
Below we look at both NatWest 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.
NatWest vs Monzo Trustpilot Reviews
| NatWest | Monzo | |
| Trustpilot Review Score (out of 5) | 1.4 | 3.9 |
| Percent 5-Star Reviews | 8% | 77% |
| Percent 1- Star Reviews | 86% | 14% |
| Total Number of Reviews | 5,984 | 30,333 |
https://www.trustpilot.com/review/www.natwest.com
https://www.trustpilot.com/review/www.monzo.com
NatWest vs Monzo App Reviews
| NatWest | Monzo | |
| iPhone Review Score (out of 5) | 4.8 | 4.9 |
| Number of iPhone Reviews | 456,700 | 189,000 |
| Android Review Score (out of 5) | 4.4 | 4.7 |
| Number of Android Reviews | 349,000 | 125,000 |
https://apps.apple.com/gb/app/natwest-mobile-banking/id334855322
https://apps.apple.com/gb/app/monzo-bank-mobile-banking/id1052238659
NatWest vs Monzo Account Fees & Charges
| NatWest | Monzo | |
| Free Business Bank Account | Yes | Yes |
| Free Business Account Term Length | 24 Months | No Limit |
| Cheapest Monthly Account Fee | Free | No |
| Most Expensive Monthly Account Fee | Free | £5 |
| Electronic Payment Cost (in/out) | 35p | Free |
| Cash Payments Cost (in/out) | 70p per £100 | £1 |
| Cheques (in/out) | 70p per item | Unknown |
| CHAPS Payments Cost | £20 | £20 |
| SEPA Payments Cost | 45p | No |
NatWest vs Monzo Business Savings Rates
| NatWest | Monzo | |
| Types of Business Savings Accounts | Instant access, notice and fixed-term savings accounts | Instant Access Savings Pot |
| Lowest Savings Rate (AER) | 1.46% | 1.60% |
| Maximum Savings Rate (AER) | 4.25% | 1.60% |
| Minimum Savings Amount | No | No |
| Interest Paid On Foreign Currencies | Yes | Yes |
NatWest vs Monzo Account Opening Times
| NatWest | Monzo | |
| Can You Apply Online? | Yes | Yes |
| How Long Does Opening An Account Typically Take? | 10 Working days | 1 to 8 Working days |
| Do They Check Your Credit? | Yes | Yes |
| Current Account Switch Service | Yes | Yes |
NatWest vs Monzo Features & Account Types
| NatWest | 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 | Mastercard | Mastercard |
| Online Banking | Yes | Yes |
| Mobile Banking | Yes | Yes |
| In Person/Branch Banking | Yes | No |
| Branch Locations | UK-wide including the ability to use some RBS locations | None, online only |
NatWest vs Monzo Customer Support Options
| NatWest | 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 |
NatWest vs Monzo Foreign Currency Accounts
| NatWest | 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 NatWest and Monzo
| NatWest | Monzo | |
| 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 | Yes |
NatWest vs Monzo Banking Basics
| NatWest | Monzo | |
| Bank Type | High Street | Challenger |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| FCA Number | 121882 | 730427 |
| Website | NatWest Website | Monzo Website |
Common Comparison Questions
Does NatWest or Monzo have better customer reviews?
NatWest scores 1.4 out of 5 based 5,984 Trustpilot reviews. Of these reviews 8% are 5-star and 86% 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 NatWest or Monzo have a better App?
NatWest’s iPhone App is rated 4.8 out of 5 based on 456,700 reviews. And it’s Android App is rated 4.4 out of 5 based on 349,000 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 NatWest or Monzo have better business savings rates?
NatWest offers the following types of business savings accounts: Instant access, notice and fixed-term savings accounts with interest rates ranging from 1.46% to 4.25%. (AER)
In contrast, Monzo offers Instant Access Savings Pot accounts with interest rates ranging from 1.60% to 1.60% (AER).
See Other Comparisons:NatWest vs Bank of Scotland
NatWest vs Metro Bank
NatWest vs TSB
NatWest vs Starling Bank
NatWest vs Shawbrook Bank
For other business bank accounts see our guide here.