Put money aside for goals – Starling calls it “spaces” and Monzo calls it “saving pots”, but they are basically the same thing: from within your account, allocate money into ring-fenced spaces to reserve it for a dedicated purpose such as HMRC taxes, a new computer, business trip etc. Money placed in these pots does not form part of the main account balance but can freely be transferred back to the main balance when needed.
Starling lets you auto-save money from the main balance to allocated spaces from rounding up transaction amounts automatically. Monzo, on the other hand, lets you schedule outgoing and ingoing transfers between pots and the main balance, or lock pot balances to a certain date to deter you from using it.
Card controls – Order, cancel, freeze and unfreeze your debit card, or block swipe and gambling payments from the app. Starling excels with more detailed controls such as prohibiting ATM withdrawals and card machine or online payments.
Invoices – Both banks have invoicing features, but only on a paid plan. Monzo Pro subscribers can send and manage email invoices from the Monzo app or online, whereas Starling’s Business Toolkit add-on lets you manage invoicing from the Starling web dashboard (not the app).
Multiple users – Co-directors can access the Starling Business account apart from the original account user. Monzo allows more than one person from the same company to use the same account on the Pro plan only. All authorised Monzo account users can access all information and perform all functions, i.e. there are no permissions settings.
Accounting integration – Export bank statements to a PDF file from the mobile or web app. All of Starling Bank’s business accounts can be integrated with external accounting programmes for a smooth bookkeeping system. In contrast, accounting integrations are only possible on the Monzo Pro plan, not the free Lite plan.