UK neobank Monzo has announced that it is launching Monzo Business accounts. There will be a free version or the Monzo Business Pro account which costs £5 per month. Both accounts are full UK current accounts, and regulated by all the same rules as high street banks. Eligible deposits in Monzo are FSCS protected up to £85,000.

The Monzo Business accounts are currently available for sole traders or registered limited companies by shares (LTD), that are based in the UK and only pay tax in the UK.

The Pro accounts have a variety of unique features, including the following:

• Tax Pots. These allow the business user to choose what percentage of income they want to set aside for tax. Whenever an invoice is paid, that percentage is then automatically added to the Tax Pot. The bank says that users can add or take out money from the Tax Pot any time.
• Multi-user access for limited companies. Companies can add up to 2 other people from the app, and start managing the finances together. All users are able to pay people, see incoming and outgoing payments, and edit account information.
• Integrate accounting tools like Xero, FreeAgent and QuickBooks. Users can automatically share balance and transactions every day. There is no need to switch between tools, or manually upload statements. This is designed to let users keep on top of their accounts with everything in one place, and see where they are at with a glance. The bank says it will never share data with anyone else unless the user has agreed to it, or asked them to.

Some features are available to both the Pro and Lite versions of Monzo business accounts. These include:

• Instant payment notifications. These let the user see any money going in and out of the account instantly - as soon as a client has paid, or the user has paid a supplier.
• Mobile and web access. This lets account holders manage the account from a phone or a laptop. The web app lets users pay people, export statements and see transaction history. Monzo says that its secure login system means there’s no need to carry around dongles or remember lengthy passwords.
• Fee-free UK bank transfers. Transactions from Monzo Business accounts are free of charge within the UK. Users can also make instant UK bank transfers via Faster Payments. And receive payments from major UK payment schemes, like Faster Payments, CHAPS and Bacs.
• 24/7 customer support.