Monzo and State Bank of India UK both offer a range of business banking options. But which is better?
Below we compare Monzo vs State Bank of India UK on 61 different metrics including business savings account rates, current account fees, Trustpilot reviews and many, many more so you can decide for yourself.
Monzo vs State Bank of India UK Business Savings Accounts Comparison
| Monzo | State Bank of India UK | |
| Types of Savings Accounts | Instant Access | Instant Access, Limited Access, 35 Day Notice, Fixed Term Deposit Accounts |
| Lowest Savings Rate | 1.50% | 0.00% |
| Maximum Savings Rate | 1.50% | 4.25% |
| Minimum Investment Amount | Not Stated | £10,000 |
| Website | Monzo Website | State Bank of India UK Website |
- Earn 2.25%-3.51% AER.
- Interest paid daily on both work and non-work days
- Add or withdraw money with zero restrictions 24/7
- Earn 3.55% AER (variable)
- Instant access to your money when needed
- No limits or fees on withdrawals
- Earn 3.66% – 4.51% AER.
- Offers a choice of easy access or fixed-term accounts.
- Average independent review score of 4.7 out of 5.
Monzo vs State Bank of India UK Free Business Bank Accounts
Below we look at the free business bank account options Monzo and State Bank of India UK each offer.
Monzo | State Bank of India UK | |
| Free Business Bank Account? | Yes | No |
| Free Business Account Term Length | Unlimited | NA |
- Free version available forever
- Hold and exchange 25+ currencies
- IBANs for Global Transfers
- Ability to invest through your account
- Mobile business account, accessible online and on desktop 24/7
- No Monthly Fee
- 24/7 Online banking & Bank app
- Friendly UK phone support
- Xero, Quickbooks & Sage accounting software integration
- FSCS Protected up to £85k
- Basic account is free forever
- Up to £150,000 of credit, straight through the app
- Business Mastercard, with free purchases at home and abroad
- Trusted by 500,000+ UK businesses
- FSCS protected up to £85,000 via Clearbank
Monzo vs State Bank of India UK Fees & Pricing
Monzo | State Bank of India UK | |
| Cheapest Monthly Account Fee | Free | £80 |
| Most Expensive Monthly Account Fee | £5 | £120 |
| Electronic Payments (in/out) | free | free |
| Cash Payments (in/out) | 0.03 | free /£1.50 |
| Cheques (in/out) | free | £10/£15 |
| Debit Card Payments | Yes | Yes |
| CHAPS Payments | £20 | £25 |
| SEPA Payments | free | £25 |
Monzo vs State Bank of India UK Account Types
Below we look at the different types of business bank accounts and other types of business finance solutions Monzo and State Bank of India UK offer.
| Monzo | State Bank of India UK | |
| Current Account Switch Service | Yes | Yes |
| Type of Card (Mastercard vs VISA) | Mastercard | Mastercard |
| Business Current Account | Yes | Yes |
| Business Savings Account | Yes | Yes |
| Business Credit Card | Yes | Yes |
| Business Overdraft | Yes | Yes |
| Business Loans | Yes | Yes |
| Commercial Mortgages | Yes | Yes |
| Online Banking | Yes | Yes |
| Mobile Banking | Yes | Yes |
| In person/Branch Banking | Yes | Yes |
| Invoice Financing | Yes | Yes |
| International Payments | Yes | Yes |
| Merchant Services | Yes | No |
| Free Accouting Software | Yes .Xero/FreeAgent | Yes |
Monzo vs State Bank of India UK Foreign Currency Accounts
In this section we look at what types of foreign currency accounts each bank offers.
| Monzo | State Bank of India UK | |
| US Dollar (USD) Bank Account | Yes | Yes |
| Euro (EUR) Bank Account | Yes | Yes |
| Other Currencies Available | AED – United Arab Emirates dirham, AUD – Australian dollar, BGN – Bulgarian lev, BRL – Brazilian real, CAD – Canadian dollar, CHF – Swiss franc, CZK – Czech koruna, DKK – Danish krone, EUR – Euro, GBP – British pound, HRK – Croatian kuna, HUF – Hungarian forint, ILS – Israeli new shekel, ISK – Icelandic króna, JPY – Japanese yen, KRW – South Korean won, MXN – Mexican peso, MYR – Malaysian ringgit, NOK – Norwegian krone, NZD – New Zealand dollar, PLN – Polish zloty, RON – Romanian leu, RUB – Russian ruble, SEK – Swedish krona, SGD – Singapore dollar, THB – Thai baht, TRY – Turkish lira, USD – United States dollar, | Indian Rupee (INR),Australian Dollar (AUD),Singapore Dollar (SGD),Hong Kong Dollar (HKD),Swiss Franc (CHF),Canadian Dollar (CAD),New Zealand Dollar (NZD),Malaysian Ringgit (MYR), |
Monzo vs State Bank of India UK User Reviews
| Monzo | State Bank of India UK | |
| Trustpilot Score (out of 5) | 4.3 | 2 |
| Number of Trustpilot Reviews | 27802 | 276 |
| iPhone App Score | 4.9 | 4.7 |
| Number iPhone of Reviews | 158K | 787 |
| Android App Score | 4.2 | 4.7 |
| Number of Android App Reviews | 112K | 69 |
Monzo vs State Bank of India UK Banking Service Quality
Data for this section comes from the BVA BDRC Business banking service quality report.
| Monzo | State Bank of India UK | |
| Overall Service Quality Ranking | 1 | Not Rated |
| Overall Service Quality Score | 82% | Not Rated |
| Online And Mobile Banking Services Ranking | 2 | Not Rated |
| Online And Mobile Banking Services Score | 85% | Not Rated |
| SME overdraft and loan services Ranking | Not Ranked | Not Rated |
| SME overdraft and loan services Score | Not Ranked | Not Rated |
| Relationship/account management Ranking | 2 | Not Rated |
| Relationship/account management Score | 77% | Not Rated |
| Service in branches and business centres Ranking | Not Ranked | Not Rated |
| Service in branches and business centres Score | Not Ranked | Not Rated |
Monzo vs State Bank of India UK Overview
Here is some other key data about each bank.
| Monzo | State Bank of India UK | |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| Market Share | 0.03% | No Data |
| Bank Type | Challenger | Foreign Bank |
| Total Assets | £5.21635 billion GBP | £0.0092 billion GBP |
| Swift/BIC Code | MONZGB2LXXX | SBIKGB2L |
| FCA Number | 730427 | 757156 |
| Company Number | 9446231 | FC004469 |
| Business Customer Phone Number | 0800 802 1281 | 0800 532 532 |
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