Digital business banking: how to choose the best option

Here’s a comparison to help you choose the best digital business banking for your purposes

digital business banking

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 To be decided (TBD) 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

TBD 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.

SEE ALSO: Throwback Thursday: open banking at work

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