Here’s a comparison to help you choose the best?digital business banking for your purposes
Digital business banking: how to choose the best option. Source: unsplash.com
We have already covered the most popular business accounts in digital banks. Now it’s time to briefly compare them so that you can make a final choice.
Business solutions of Revolut, N26, Monzo, and Starling have a few things in common. They are all opened online, they provide instant transactions with push notifications, they have sleek intuitive apps, and they are much cheaper than traditional banking solutions.
The given table will illustrate their main differences.
Digital business banking: comparison
| Revolut | N26 | Monzo | Starling | |
| Regions of operation | EEA and Switzerland | Germany, Austria, France, Italy, Spain, Portugal, Ireland, Greece (only basic account), the Netherlands, Belgium, Luxembourg, Finland, Latvia, Estonia, Lithuania, Slovakia, Slovenia (only basic account). | UK | UK |
| Eligibility | Private limited company (LTD);
Public limited partnership (PLC); Limited partnership (LP); Limited liability partnership (LLP); Sole traders & freelancers |
freelancers and self-employed users without a registered legal entity or N26 personal account | Sole trader or a registered limited company by shares (LTD), based in the UK, and only pay tax in the UK | Owners of limited companies under sole control. Self-employed professionals who already have a Starling personal account. |
| Monthly fees*
*The lists of other fees can be found in the detailed articles on the services. Please, be attentive. Some fee-free accounts may have a lot of additional charges. |
￡25 – monthly fee for those who receive less than ￡100K of incoming funds per month;
￡100 a month – applies if your monthly income ranges from ￡100K to ￡1M; ￡1000 per month is a fee for those professionals who receive over ￡1M on a monthly basis; ￡6,99 a month – for personal freelance accounts with up to ￡100K of monthly incoming funds |
0 – for regular accounts
Business Black premium accounts – €9.90 per month |
0 – for “Business Lite” Monzo Business Account; ￡5 per month for “Business Pro” Monzo charges ￡1 to pay in cash at PayPoint. For countries outside the European Economic Area, a user can take out ￡200 cash for free every 30 days. After that, Monzo charge 3%. |
0, if you have fewer than 10 employees and less than ￡1.7m in annual turnover. Business accounts are also free for larger businesses for a limited time. Level of account charges after that is unknown. |
| Connected tools | XERO, FreeAgent, Slack, Zapier, Open API. | Spaces | Xero and FreeAgent | Xero and FreeAgent. Potentially, a connection to Starling Marketplace which integrates a range of third party products. |
| Expenses categorization | – | + | partially, some functions to be added | + |
| Multiple users | unlimited number of corporate cards | – | + | -, but multiple accounts are possible |
| Multi-currency | + | -, no transfers in foreign currencies | – | – |
| Additional benefits | Bulk and scheduled payments; discounts from the partners | 0.1% cashback monthly | Expected features: loans, payment links, batch payments, tax automation | CSV export, budget management, overdraft |
| Support | 24/7 in-app chat, automated phone-line for the US users | Support chat is available daily from 07:00-23:00. There’s no live phone support. | 24/7 customer support is provided over chat, email or phone. | Help via in-app chat, telephone or email, 24/7. Separate support divisions aimed at special cases such as debt and money troubles, dealing with major life events, etc. |
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