In this comparison, we’ll explore the features and benefits of two of the market’s most popular business bank accounts: Tide and Monzo.
Both challenger banks are making inroads into the banking sector with an emphasis on branding, convenience, and minimal fees.
So, let’s dive in and see how Tide and Monzo compare.
Tide vs Monzo: Our Verdict
Choosing between Tide and Monzo is no easy task since both accounts are well thought out.
Both have all the types of banking features that make digital-first banks so easy and accessible.
For many, the choice will come down to something as simple as branding.
If you really want to explore the specific account differences, we’ll cover that below.
Our verdict is that both are excellent accounts.
Monzo has slightly more features and fewer fees, but Tide offers a generous £150 cashback just for signing up – offer ends 31/1/2025.
Also, if you need to set up a limited company, you can get this for free if you choose Tide, meaning you save even more.
However, Monzo offers free switching, simplifying the process of changing accounts if you’re already with another bank.
£150 when you sign up with Tide – Ends 31/1/2025
Tide Free Business Account
Monthly Fee
£0Bank Transfers
20pCard Purchases
£0Overdraft
NoFSCS Protection
YesAccessibility
Access your Tide account via the web or the mobile app
- Account upgrades
- Integration with accounting software
- Intuitive app design and features
- £1 ATM withdrawal fee
- 20p fee for charges between accounts
- No cheque deposits
– You must be at least 18 years old.
– You must have a valid UK phone number.
– You must have a device that can access the UK Apple App Store or Google Play Store.
– You must be either the director of an active company registered with UK Companies House or a sole trader/freelancer registered with HMRC.
– Charities/trusts and other high-risk industries are not eligible.
– Businesses operating from outside the UK are excluded.
£150 when you sign up with Tide – Ends 31/1/2025
Tide Business Plus Account
Monthly Fee
£9.99 + VATBank Transfers
20p
Card Purchases
£0Overdraft
NoFSCS Protection
YesAccessibility
Access your Tide account via the web or the mobile app
– You must be at least 18 years old.
– You must have a valid UK phone number.
– You must have a device that can access the UK Apple App Store or Google Play Store.
– You must be either the director of an active company registered with UK Companies House or a sole trader/freelancer registered with HMRC.
– Charities/trusts and other high-risk industries are not eligible.
– Businesses operating from outside the UK are excluded.
£150 when you sign up with Tide – Ends 31/1/2025
Tide Business Pro Account
Monthly Fee
£18.99 + VATBank Transfers
£0Card Purchases
£0Overdraft
NoFSCS Protection
YesAccessibility
Access your Tide account via the web or the mobile app
– You must be at least 18 years old.
– You must have a valid UK phone number.
– You must have a device that can access the UK Apple App Store or Google Play Store.
– You must be either the director of an active company registered with UK Companies House or a sole trader/freelancer registered with HMRC.
– Charities/trusts and other high-risk industries are not eligible.
– Businesses operating from outside the UK are excluded.
£150 when you sign up with Tide – Ends 31/1/2025
Tide Business Cashback Account
Monthly Fee
£49.99 + VATBank Transfers
£0Card Purchases
£0Overdraft
NoFSCS Protection
YesAccessibility
Access your Tide account via the web or the mobile app
– You must be at least 18 years old.
– You must have a valid UK phone number.
– You must have a device that can access the Apple App Store or the Google Play Store.
– You must have a UK-based business.
– You must be either the director of an active company registered with UK Companies House or a sole trader/freelancer registered with HMRC.
– Charities/trusts and other high-risk industries are not eligible.
– Businesses operating from outside the UK are excluded.
Monzo Business Lite Account
Monthly Fee
£0Bank Transfers
£0
Card Purchases
£0Overdraft
Yes
FSCS Protection
YesAccessibility
Access your Monzo account via the web or mobile app
- Speedy sign-up
- Free account switching
- Fee-free spending abroad
- Accounting API only for paid account
- Tax pots only for paid accounts
– You must be at least 16 years of age.
– You must be a sole trader or the director of a limited company registered with Companies House, you must be based in the UK.
– You must be a tax resident in the UK only.
– LLPs, PLCs, charities and high-risk organisations are not eligible.
– Businesses operating from outside the UK are excluded.
Monzo Business Pro Account
Monthly Fee
£5Bank Transfers
£0
Card Purchases
£0Overdraft
Yes
FSCS Protection
YesAccessibility
Access your Monzo account via the web or mobile app
– You must be at least 16 years of age.
– You must be a sole trader or the director of a limited company registered with Companies House, you must be based in the UK.
– You must be a tax resident in the UK only.
– LLPs, PLCs, charities and high-risk organisations are not eligible.
– Businesses operating from outside the UK are excluded.
Tide vs Monzo Business Banking Features
Here is a table comparing the key features of Tide vs Monzo.
| Feature | Tide | Monzo |
|---|---|---|
| Account Types | Free, Plus, Pro & Cashback | Free (Lite) & Pro |
| ATM Access | ✓ | ✓ |
| Debit Card | ✓ | ✓ |
| Mobile App | ✓ | ✓ |
| Cheque Deposits | ✕ | ✓ |
| Budgeting Tools | ✕ | ✓ |
| Overdraft | ✕ | ✕ |
| Telephone Customer Service | ✓ | ✓ |
| International Transfers | ✓ (EUR) | ✓ |
| Foreign Currency Accounts | ✕ | ✕ |
| Free Invoicing Software | ✓ | ✓ (with Pro account) |
| Free foreign card transactions | ✓ | ✓ |
| Multiple Cards | Up to 35 | 2 free per year |
| Accounting Software Integration | FreeAgent, Kashflow, QuickBooks, ReckonOne, Sage and Xero | FreeAgent, QuickBooks and Xero |
Both offer a wide array of features, good customer service, pro accounts, and integration with accounting software.
However, Tide offers integration with more platforms, and its invoicing tool is available even with free accounts.
You also get tax pots (which Tide calls ‘sub-accounts’) with the Tide Free account, whereas Monzo reserves this for their ‘Pro’ account.
Tide vs Monzo Summary
To summarise, Tide and Monzo are quite similar, with Monzo being slightly better overall.
For starters, Monzo offers a variety of features, such as cheque deposits, budgeting tools and a smooth switching service that Tide simply does not match.
Monzo also offers better pricing with lower fees than Tide when comparing their free accounts.
However, Tide may be a better choice for those prioritising ease of use and more automated software for free.
Your choice will depend entirely on your needs and preferences.
Tide vs Monzo: How Do the Account Charges Compare?
| Fees | Tide Free | Monzo Lite |
|---|---|---|
| Monthly account fee | £0 | £0 |
| Card transaction fee (UK) | £0 | £0 |
| Card transaction fee (abroad) | £0 | £0 |
| ATM withdrawal fee (UK) | £1 | £0 |
| ATM withdrawal fee (abroad) | £1 | Free in the European Economic Area (EEA). Outside the EEA, you get £200 every 30 days for free before a 3% charge applies. |
| Foreign currency exchange fee | 0.5% | Mastercard exchange rate with nothing on top |
| Replacement card fee | £5 | £5 |
| Account closure fee | £0 | £0 |
| Fees for Cash Deposits | £2.50 for deposits up to £500 or 0.5% of cash amount for deposits over £500 (at Post Offices) 3% (at PayPoints) | £1 via Paypoint |
| Fee for Payments in and Out | 20p each | £0 |
| Direct Debits | 20p each | £0 |
Tide vs Monzo Interest rates
Neither Tide nor Monzo offers interest on business current accounts.
Tide vs Monzo Bank: Which Has the Better Mobile App?
We spent some time testing both the Tide and the Monzo mobile Apps to compare the functionality and user experience.
Our verdict is that the Tide App is marginally better, with a less cluttered UX.
Tide has a dedicated business App that currently has an average rating of 3.5 stars out of 18k reviews on the Google Play store.
The Monzo App is the same for both personal and business use and has a 4.7-star rating out of more than 130k reviews on the Google Play Store.
Tide vs Monzo Safety and Security
Tide has implemented two-factor authentication, biometric logins, real-time notifications and the ability to instantly freeze your card.
Tide is ISO 27001 certified, meaning your information is safe and secure.
Monzo’s security features include an email link login process, in-app card freezing options, and fraud prevention AI.
All payments and logins must be verified via the Monzo app as an added layer of security for your finances.
Both Tide and Monzo are regulated by the Financial Conduct Authority (FCA) in the UK, which means they are subject to strict security and safety regulations.
Both banks use advanced encryption technology to protect their customers’ financial information and account details.
Additionally, deposits in Monzo and Tide are protected by the Financial Services Compensation Scheme (FSCS) for up to £85,000 (or equivalent), which provides compensation if the bank fails.
There is no clear winner here.
Tide vs Monzo Customer Support
Tide and Monzo both offer 24/7 customer support, but their reviews for customer service vary.
Tide has received positive reviews for its customer support, with users praising its responsive and helpful support team.
However, some customers have reported longer wait times for the resolution of certain issues.
Monzo has also received positive feedback for its customer support, with users praising its friendly and knowledgeable support staff.
However, other customers have reported difficulties resolving complex issues through the app’s live chat function.
Overall, Tide has a 4.1-star rating on Trustpilot, and Monzo has a 4.0-star rating, so it’s a close match.
Tide vs Monzo Customer Reviews
Tide
On Trustpilot, Tide has achieved an average rating of 4.1/5 from more than 19k reviews.
72% of these reviews are 5-star, and 18% are 1-star.
Tide’s user engagement statistics are exceptional, with over 96% of the negative reviews receiving responses from Tide.
Positive Reviews
A number of Tide’s positive reviews speak highly of its intuitive app design and a wide array of features.
Many others speak highly of Tide’s security in all its processes and the measures it takes to ensure customer information remains private and secure.
Negative Reviews
A running theme in a large portion of negative reviews is that their accounts were closed out of nowhere, funds were frozen in the account, and they received little to no help from customer support.
Other reports convey frustration towards Tide’s customer support, either getting automated or slow responses and wasting people’s time asking for information that was already provided.
Monzo
Monzo has garnered an average rating of 4.0/5 from over 32k reviews.
However, it has a higher amount of 5-star ratings (77%) and a lower amount of 1-star ratings (14%) than Tide.
Monzo’s user engagement statistics are lacking, with less than 25% of 1-star reviews getting a response
Positive Reviews
Most users describe switching to Monzo for its intuitive money management tools, such as separate pots linked to separate virtual cards.
Many of these positive reviews praise Monzo for the app’s ease of use, from its efficient UI to its automated banking features.
Negative Reviews
There are many negative reviews about cards being blocked for no reason while getting slow or no responses from Monzo customer support.
Other negative reviews describe customer support as unable to resolve issues, making simple mistakes, and blaming the users.
Account Switching
Regarding switching services, Monzo Bank is signed up to the Current Account Switching Service (CASS) and can help you migrate over to them very easily.
On the other hand, Tide does not have a switching service available.
If a smooth and effortless switch is your priority, Monzo might be the better option.
