In this comparison, we’ll dive into 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 £50 for signing up.

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.

Tide vs Monzo Business Banking Features

Here is a table comparing the key features of Tide vs Monzo.

FeatureTide Monzo
Account TypesFree, Plus, Pro & CashbackFree (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 CardsUp to 352 free per year
Accounting Software IntegrationFreeAgent, 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?

FeesTide FreeMonzo 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)£1Free 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 fee0.5%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 Out20p each£0
Direct Debits20p 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

Positive Reviews

Negative Reviews

Monzo

Positive Reviews

Negative Reviews

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.