Key takeaways
- Monzo Business has three plans: Lite is free, Pro is £9 a month and Team starts from £25 a month, checked on 6 November 2026.
- Accounting integrations with Xero, FreeAgent, Sage and QuickBooks come with the Pro and Team plans, not Lite.
- Monzo charges £1 for each cash deposit, up to £300 at PayPoint and up to £3,000 (sole traders) or £4,000 (limited companies) at the Post Office.
- Monzo Business is open only to UK sole traders and directors of limited companies by shares, aged 16 or over.
- Eligible deposits with Monzo Bank are protected by the FSCS up to £120,000, the limit since 1 December 2025.
- Sending money abroad costs a fixed fee of up to £9 plus 0% to 1.80%; receiving a foreign currency payment costs 1%, capped at £1,000.
- Eligible sole traders can get an overdraft of up to £3,000, and limited companies £500 to £5,000, both subject to credit checks.
Monzo Business is an app-based business current account from Monzo Bank Ltd, with a free Lite plan, a Pro plan at £9 a month and a Team plan from £25 a month. Pro and Team add invoicing, tax pots and links to Xero, FreeAgent, Sage and QuickBooks. This review uses Monzo’s own pages, checked on 6 November 2026, and does not give a score or verdict.
What does Monzo Business cost?
Monzo Business costs nothing on Lite, £9 a month on Pro and from £25 a month on Team. These are the prices on Monzo’s plans and pricing page, checked on 6 November 2026.
| Plan | Monthly fee | Adds |
|---|---|---|
| Lite | Free | Core account, MTD software, cash and cheque deposits |
| Pro | £9 (first month free) | Invoicing, Tax Pots, accounting integrations |
| Team | From £25 | Expense cards, payment approvals, bulk payments |
Monzo’s fee schedule shows that Pro accounts opened before 26 November 2024 pay £5 a month. On Team, the first 6 team members are included and each extra member costs £5 a month. Monzo says plans can change and confirms the exact benefits during sign-up in the app.
What other fees does Monzo charge?
The main fees outside the monthly plan are for cash and international payments.
- Cash deposits: £1 per deposit. You can pay in up to £300 per deposit at PayPoint. At the Post Office, sole traders can pay in up to £3,000 and limited companies up to £4,000 per deposit, according to Monzo Help.
- Sending money abroad: a fixed fee of no more than £9 plus a variable fee of 0% to 1.80%, depending on the country and currency. Monzo shows the total before you send.
- Receiving foreign currency: 1% of the payment, capped at £1,000 per payment.
UK bank transfers and card payments are included on every plan.
Which accounting software does Monzo link to?
Monzo Business Pro and Team connect to Xero, FreeAgent, Sage and QuickBooks, according to Monzo’s features page. Lite does not include integrated accounting or auto-exports.
A direct bank feed sends transactions into your software so you or your bookkeeper can reconcile them. Our guide to business bank accounts with accounting integration compares the feeds offered by other providers.
Does Monzo work for Making Tax Digital?
Yes, for sole traders and landlords. Monzo says sole traders and landlords can file to HMRC from Monzo using a free, HMRC-recognised tool for Making Tax Digital for Income Tax, and lists MTD software on the Lite plan.
Check that the tool covers every return you need, such as a property business alongside self-employment, before relying on it.
What features come with each plan?
Each plan builds on the one below.
- Lite: instant UK transfers, card and contactless payments, payment links, scheduled payments, cash and cheque deposits, international payments, digital receipts, MTD software, Insights and web access.
- Pro: everything in Lite plus invoicing, Tax Pots, accounting integrations, auto-exports, connected accounts, custom categories, virtual cards and team access levels.
- Team: everything in Pro plus expense cards, a larger team, payment approvals and bulk payments.
Sole traders can have a team of 3. Limited companies can have up to 15 people.
Does Monzo pay interest on business savings?
Monzo pays interest through Savings Pots, not on the main account. Its features page lists an instant access pot at 1.30% AER variable, paid monthly, with no minimum and a maximum balance of £1,000,000. Rates are variable, so check the app before you move money.
Does Monzo offer business overdrafts and loans?
Yes, for eligible customers aged 18 or over. Monzo’s loans and overdrafts page lists:
| Product | Amount | Representative rate |
|---|---|---|
| Sole trader overdraft | Up to £3,000 | 39.0% EAR variable |
| Limited company overdraft | £500 to £5,000 | 35.9% EAR variable |
| Limited company loan | £500 to £35,000 | 33.1% APR |
Limited company overdrafts carry an annual arrangement fee of £20 to £100 and need a personal guarantee from a director. If Monzo cannot offer a loan, it refers customers to iwoca.
Who can open a Monzo Business account?
Monzo Business is open to UK sole traders and directors of limited companies by shares. Monzo’s eligibility page also requires:
- you are 16 or over and based in the UK
- the company is active at Companies House (dormant companies are not supported)
- the company has an active director who is not disqualified
- the business earns mainly from goods or services, not interest or investments
- the business is tax resident only in the UK
Monzo says it offers accounts only to sole traders and limited companies, so partnerships, LLPs and charities cannot apply.
Is my money protected?
Yes. Monzo Bank Ltd is a UK bank, so eligible deposits are covered by the Financial Services Compensation Scheme up to £120,000, the limit since 1 December 2025. See our guide to FSCS protection for business accounts.
Which applies to you?
- If you want a free account with MTD software, Lite covers day-to-day banking.
- If you use Xero, FreeAgent, Sage or QuickBooks, you need Pro or Team for the integration.
- If you take a lot of cash, budget £1 per deposit and check the per-deposit limits.
- If you are a partnership or LLP, Monzo Business is not available to you.
Our Tide vs Starling vs Monzo comparison and list of free business bank accounts cover alternatives.
Frequently asked questions
Is Monzo Business free?
The Lite plan is free. Pro costs £9 a month and Team starts from £25 a month, checked on 6 November 2026.
Does Monzo Business connect to Xero?
Yes, on the Pro and Team plans. Monzo also lists FreeAgent, Sage and QuickBooks.
How much does Monzo charge to deposit cash?
£1 per deposit, at PayPoint or the Post Office.
Can a partnership open a Monzo Business account?
No. Monzo offers business accounts only to sole traders and limited companies.
Is Monzo Business covered by the FSCS?
Yes. Eligible deposits are protected up to £120,000 because Monzo Bank Ltd is a UK bank.
Sources
Rates, thresholds and rules in this guide were checked against HMRC and GOV.UK guidance on 6 November 2026. Tax rules change, so check the current position on GOV.UK or with a qualified adviser before acting. This guide is general information, not personal advice.