FreeAgent vs Monzo Business: Complete Comparison (2026)
An in-depth comparison of FreeAgent and Monzo Business to help you choose the right tool for your business.
Last updated: November 2026
FreeAgent
6.4/10
FreeAgent is UK cloud accounting software for sole traders, limited companies, partnerships, and landlords. It covers invoicing, banking, payroll, and Making Tax Digital filing.
Monzo Business
6.5/10
Monzo Business is an app-based UK business bank account for sole traders and limited companies. It includes invoicing, Tax Pots, expense cards and accounting software bank feeds.
Feature-by-Feature Comparison
| Feature | | |
|---|---|---|
| Scores | ||
| Overall Rating | 6.4/10 | 6.5/10 |
| Analytics | 4/10 | 4/10 |
| Compliance | 8/10 | 7/10 |
| Cost | 8/10 | 8/10 |
| Customization | 4/10 | 4/10 |
| Ease of Use | 8/10 | 9/10 |
| Integration | 6/10 | 6/10 |
| Scalability | 3/10 | 3/10 |
| Security | 6/10 | 7/10 |
| Support | 7/10 | 6/10 |
| Pricing | ||
| Free plan | No | Yes |
| Cheapest paid plan | £10/mo Landlord | £9/mo Pro |
| Estimated cost for 10 users | £10/mo Landlord | £25/mo Team |
| Features | ||
| Financial Reporting | ||
| General Ledger | ||
| Multi-currency | ||
| Payroll | ||
| Accountant Access | ||
| Expense Management | ||
| Invoicing | ||
| Online Payments | ||
| Tax Compliance | ||
| Bank Reconciliation | Not listed | |
| Corporate Cards | Not listed | |
FreeAgent vs Monzo Business cost by team size
Monzo Business costs less at 1 user; FreeAgent costs less from 5 to 10 users; Monzo Business costs less from 25 users.
| Team size | FreeAgent | Monzo Business |
|---|---|---|
| 1 user | £10/moLandlord | £9/moPro |
| 5 users | £10/moLandlord | £25/moTeam |
| 10 users | £10/moLandlord | £25/moTeam |
| 25 users | £10/moLandlord | FreeLite |
| 50 users | £10/moLandlord | FreeLite |
The plan that fits each team size, billed monthly, before add-ons and usage charges. Each cost opens that tool's pricing calculator for the team size.
Which One Should You Choose?
Why choose FreeAgent
- Lower estimated cost for 10 users: £10/mo vs £25/mo
- Higher Compliance score (8/10 vs 7/10)
- Higher Support score (7/10 vs 6/10)
- Includes Financial Reporting, which Monzo Business lacks
- Includes General Ledger, which Monzo Business lacks
Why choose Monzo Business
- Has a free plan (FreeAgent does not)
- Higher Ease of Use score (9/10 vs 8/10)
- Higher Security score (7/10 vs 6/10)
Pros & Cons
FreeAgent
Pros
- Free for customers with a NatWest, RBS, Ulster Bank, or qualifying Mettle business account.
- Built-in HMRC filing covers MTD VAT, Self Assessment, and MTD for Income Tax, and the limited company plan adds end-of-year filing.
- Reviewers often praise its UK-based phone and chat support.
- Every plan includes time tracking, projects, and invoicing, which suits freelancers who bill by the hour.
- Multi-currency invoicing and foreign-currency bank accounts are supported, with realised and unrealised gains and losses calculated automatically.
Cons
- Reviewers describe invoice templates as basic and say custom reporting is limited.
- Payroll suits only director-only setups or very small teams.
- Its integration ecosystem is smaller than those of Xero or QuickBooks.
- It has no multi-entity consolidation or advanced controls, so it does not scale to larger firms.
- Some users report out-of-date help articles.
Monzo Business
Pros
- The Lite plan is free and includes Making Tax Digital software
- Pro adds invoicing, Tax Pots and live feeds to Xero, QuickBooks, FreeAgent and Sage for £9 a month
- The Team plan adds expense cards, payment approvals and bulk payments for up to 15 users
- 24/7 in-app support on every plan
- Licensed UK bank with FSCS deposit protection
Cons
- Holds GBP only, and incoming foreign currency is converted at a 1% fee
- No general ledger or financial statements, so you still need separate accounting software
- Partnerships, LLPs, charities and non-UK businesses cannot open an account
- Cash deposits cost £1 each and are capped
- Reviews report frozen accounts and slow resolution, and there is no dedicated account manager
Not sold on either?
Frequently Asked Questions
Monzo Business scores higher on our Finance Software criteria: 6.5/10 against 6.4/10 for FreeAgent. The largest gap is in Compliance: 8/10 for FreeAgent and 7/10 for Monzo Business.
FreeAgent costs less for 10 users: about £10/mo on its Landlord plan, against about £25/mo on its Team plan for Monzo Business, billed monthly.
Monzo Business has a free plan; FreeAgent does not list one.
FreeAgent has Financial Reporting, General Ledger, Multi-currency and 1 more feature that Monzo Business lacks.
