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Tried to open a business account with them. They came back rejecting despite a turnover in 8 weeks of half a million and a net profit of £100,000. Why on earth would they reject a young businessman that totally fills all the criteria. Stupidity at its finest. No wonder the economy is dead.
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Terrible from Monzo. I had a business account with them and turned over 500k in 2 months. I then started getting ridiculous questions thrown at me through the app about where the money was coming from! (The payments were payments made by customer invoices!) Unless I am missing something, this is how a business works. Then today, I was on my way to Birmingham for a business meeting and received a notification through the app that my account was frozen. Basically, I could not use any banking for my meeting and they simply did not care. They said it would take 48 hours. I then got home and made an official complaint and to my shock, received an email from Monzo stating my account had been closed and will do so 4 weeks from today. Monzo are a controlling and unprofessional bank and I would avoid them like the plague! What a joke. I have since removed all of my money (they unfroze it today once they notified me of its closure) and have since set up a new bank for young entrepreneurs. No wonder the UK is in a mess!