ComparisonLast checked 8 November 2026

Monzo Business vs NatWest

A UK business current account with a free Lite plan, Tax Pots and invoicing on Pro, and expense cards on Team. A high-street business current account with no monthly fee on the Standard Tariff, a charge per transaction, and 2 years' free everyday banking for eligible start-ups and switchers. We also show Incard, our pick for businesses whose main costs go on cards.

By the editorial team. How we make money.

Where Incard beats both

You spend thousands a month on cards, especially on advertising, software or travel
You want card cashback, which Monzo Business or NatWest don't list
You want a euro account, which Monzo Business or NatWest don't list
You want a US dollar account, which Monzo Business or NatWest don't list
You're comfortable with safeguarding instead of FSCS cover

cashback a year on Incard's £0 Free plan from £5,000 a month of eligible ads, software and travel spend. Simple arithmetic, not a forecast.

£600

Apply for Incard on incard.co

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What a year of card spending earns you

Incard Free against Monzo Business's cheapest plan, at your monthly spend on ads, software and travel.

Monthly card spend on ads, software and travel£5,000

£600 a year better off with Incard

Incard Free: £600 cashback, £0 fees
Monzo Business's cheapest plan: no cashback, £0 fees

Simple arithmetic, not a forecast: 1% on eligible ads, software and travel spend at merchants on Incard's eligible brand list, and each plan's published monthly fee. Other fees, such as FX and ATM charges, aren't included. Monzo Business's cheapest plan: Lite: free.

Monzo Business suits you if

You want a free bank account with FSCS cover
You want Tax Pots and invoicing, which come with the £9 Pro plan
You pay in small amounts of cash

NatWest suits you if

You're a start-up or switcher who can use 2 years' free everyday banking
You make few transactions and want no monthly fee
You pay in cash at a branch or the Post Office
You want FreeAgent accounting software included with the account

At a glance

**Table notes:** correct as of 8 November 2026, from each provider's own pages listed under Sources. “Not listed” means the provider's pages we checked don't say.
	Monzo Business	NatWest	Incard
Type and protection	Bank · FSCS cover	Bank · FSCS cover	E-money · safeguarded, no FSCS
Who can open one	UK sole traders and UK limited companies	UK sole traders and UK limited companies	UK sole traders, UK limited companies, LLPs, Swiss GmbHs and AGs and Swiss sole traders
Cheapest plan	Lite: free	No monthly fee; 2 years' free everyday banking for start-ups (turnover up to £1 million) and full switchers (turnover up to £2 million)	Free: £0 a month
Plans (monthly)	Lite free, Pro £9, Team from £25	Standard Tariff: no monthly fee, pay per transaction	Free £0, Grow £49, Plus from £199
Card cashback	Not listed	Not listed	Free: 1% on ads, software and travel, 0.5% on other eligible spend. Higher on Grow and Plus. Uncapped
Card payments in other currencies	Not listed	2.75% non-sterling transaction fee	1.8% on Free, 1.5% on Grow and Plus
Domestic transfers	UK bank transfers free and instant	£0.35 per Faster Payment	100 included on Free, 250 on Grow, then £0.30 each
International transfers	Fixed fee of up to £9 plus 0% to 1.80%	£15 in Online and Mobile Banking; receiving costs £7	3 included on Grow; otherwise from £5 (SHA) or £20 (OUR)
ATM withdrawals	Not listed	£0.35 per UK withdrawal; 2.75% in a foreign currency	2% in the UK, 2.5% abroad
Cash deposits	£1 per deposit at PayPoint or the Post Office	£0.95 per £100, plus £0.95 per counter or machine transaction	Not listed
Currencies you can hold	Not listed	GBP; a separate Business Currency Current Account in a range of currencies	GBP, EUR and USD, with IBANs
Accepting card payments	Not listed	Through Tyl by NatWest, priced on your annual card turnover	Not listed

Where they differ

Based on what each provider lists on its own pages. If a feature isn't listed, check with the provider before you rule it out.

Only Monzo Business lists invoicing.
Only NatWest lists card payments from customers.
Only Incard lists card cashback, a euro account, a US dollar account, accounts for LLPs, accounts for Swiss GmbHs and AGs and accounts for Swiss sole traders.

What each one is, and who can open one

Monzo Business

A UK business current account from Monzo, a bank. Monzo says eligible deposits are protected by the FSCS up to £120,000.

Who can open one: Sole traders and limited company directors in the UK. Sole traders can have a team of 3; limited companies can have up to 15 people on Team. Full Monzo Business profile.

NatWest

National Westminster Bank Plc, authorised by the PRA and regulated by the FCA and PRA (Firm Reference Number 121878). Eligible deposits are protected up to £120,000 per depositor by the FSCS. Deposits with NatWest, NatWest Premier, Ulster Bank, NatWest Boxed and Mettle are added together for that limit.

Who can open one: Business owners and directors aged 18 or over, with at least one UK resident on the application. The business must be registered for UK income or corporation tax, and applicants can't have been declared bankrupt or have a County Court Judgement or Court Decree. Businesses with turnover over £2 million must show evidence of it. Full NatWest profile.

Incard

Incard Ltd is authorised by the FCA as an electronic money institution (firm reference number 1027309). It is not a bank. Safeguarded: Incard keeps customer funds separate from its own money, in accounts with authorised credit institutions, and doesn't lend or invest them. Funds are not protected by the FSCS.

Who can open one: UK limited companies and LLPs, UK sole traders and freelancers registered with their local authority, and Swiss GmbH, AG and sole-trader businesses. EEA onboarding is paused until an expected restart in 2027. Public sector bodies, cooperatives, charities, foundations and trusts aren't accepted, and a long list of industries is restricted. Full Incard profile.

Our e-money vs bank account guide explains what safeguarding and FSCS cover mean if a provider fails.

When Incard isn't the answer

Incard isn't the right account if

Your business is registered outside the UK and Switzerland. EEA onboarding is paused until an expected restart in 2027
You're a charity, cooperative, foundation, trust or public body, or work in one of Incard's restricted industries