Is Santander or Monzo better for your small business?
Below we look at both Santander 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.
Santander vs Monzo Trustpilot Reviews
| Santander | Monzo | |
| Trustpilot Review Score (out of 5) | 1.4 | 3.9 |
| Percent 5-Star Reviews | 8% | 77% |
| Percent 1- Star Reviews | 85% | 14% |
| Total Number of Reviews | 6,868 | 30,333 |
https://www.trustpilot.com/review/www.santander.co.uk
https://www.trustpilot.com/review/www.monzo.com
Santander vs Monzo App Reviews
| Santander | Monzo | |
| iPhone Review Score (out of 5) | 4.8 | 4.9 |
| Number of iPhone Reviews | 1,100,000 | 189,000 |
| Android Review Score (out of 5) | 4.4 | 4.7 |
| Number of Android Reviews | 54,300 | 125,000 |
https://apps.apple.com/gb/app/santander-mobile-banking/id482973524
https://apps.apple.com/gb/app/monzo-bank-mobile-banking/id1052238659
Santander vs Monzo Account Fees & Charges
| Santander | Monzo | |
| Free Business Bank Account | Yes | Yes |
| Free Business Account Term Length | 18 Months | No Limit |
| Cheapest Monthly Account Fee | Free | No |
| Most Expensive Monthly Account Fee | £7.50 | £5 |
| Electronic Payment Cost (in/out) | Free | Free |
| Cash Payments Cost (in/out) | 70p per £100 | £1 |
| Cheques (in/out) | Unknown | Unknown |
| CHAPS Payments Cost | £25 | £20 |
| SEPA Payments Cost | No | No |
Santander vs Monzo Business Savings Rates
| Santander | Monzo | |
| Types of Business Savings Accounts | Instant access, Business Reward Saver, Fixed Rate Business Bond, Treasurer’s Savings Account | Instant Access Savings Pot |
| Lowest Savings Rate (AER) | 0.40% | 1.60% |
| Maximum Savings Rate (AER) | 3.60% | 1.60% |
| Minimum Savings Amount | £1 | No |
| Interest Paid On Foreign Currencies | Yes | Yes |
Santander vs Monzo Account Opening Times
| Santander | Monzo | |
| Can You Apply Online? | Yes | Yes |
| How Long Does Opening An Account Typically Take? | Few minutes | 1 to 8 Working days |
| Do They Check Your Credit? | Yes | Yes |
| Current Account Switch Service | Yes | Yes |
Santander vs Monzo Features & Account Types
| Santander | 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 | None, online only |
Santander vs Monzo Customer Support Options
| Santander | 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 |
Santander vs Monzo Foreign Currency Accounts
| Santander | 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 Santander and Monzo
| Santander | 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 |
Santander vs Monzo Banking Basics
| Santander | Monzo | |
| Bank Type | High Street | Challenger |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| FCA Number | 106054 | 730427 |
| Website | Santander Website | Monzo Website |
Common Comparison Questions
Does Santander or Monzo have better customer reviews?
Santander scores 1.4 out of 5 based 6,868 Trustpilot reviews. Of these reviews 8% are 5-star and 85% 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 Santander or Monzo have a better App?
Santander’s iPhone App is rated 4.8 out of 5 based on 1,100,000 reviews. And it’s Android App is rated 4.4 out of 5 based on 54,300 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 Santander or Monzo have better business savings rates?
Santander offers the following types of business savings accounts: Instant access, Business Reward Saver, Fixed Rate Business Bond, Treasurer’s Savings Account with interest rates ranging from 0.40% to 3.60%. (AER)
In contrast, Monzo offers Instant Access Savings Pot accounts with interest rates ranging from 1.60% to 1.60% (AER).
See Other Comparisons:Santander vs Bank of Scotland
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For other business bank accounts see our guide here.