I am always looking for banking that makes business finance easy. The Mettle Bank Business Account is perfect for UK sole traders and limited companies. It’s been a game-changer since it launched in 20191. What makes it special is how fast you can start using your account – in just 72 hours after applying1. This speed is something many traditional banks can’t offer, as they often take much longer2.
When comparing Mettle Bank to traditional banks, one big plus is it costs nothing for UK transactions or ATM use1. This avoids the annoying fees regular banks charge2. Yet, Mettle has a limit on how much money you can keep in your account. It’s either £50k or £100k, based on the situation1. Clients love the advantages of Mettle, which is clear from great reviews on the Apple Store and Google Play1. But, some may miss having direct credit and making international transfers1.
Mettle might not offer service in a branch or FSCS insurance1, but it still gets high marks. It scores 4.6 out of 5 on Trustpilot from over 2,200 reviews1. The customer service is helpful, reachable by email or phone1. I like that they give you free access to online accounting software, FreeAgent. It’s a useful tool for the modern entrepreneur1.
Introduction to Mettle Bank Business Services
The business banking scene is always changing. Mettle Bank leads the way with its focus on digital banking. It’s easy to open a Mettle bank business account, thanks to NatWest. You can set it up in just 72 hours1. Its top features, like working with Xero and Quickbooks, make it popular among UK’s small businesses and sole traders13.
Time matters in today’s world, and Mettle Bank understands that. It offers services that let you sort transactions fast and make special money pots. This makes managing your money simpler1. You can also freeze your card with the app, adding security. A great invoicing feature makes payments easy to track1.
Here’s a quick glance at how Mettle is redefining business banking:
- Speedy account set-up within 72 hours1
- Free UK transactions and ATM withdrawals, with no monthly fees or transaction charges1
- Account integration with leading accounting software1
- Real-time in-app support, and customer service via email and phone1
Customer support also exists outside of digital, with the Mettle team ready to help by email or phone1. Instant support is often needed and this level of help is vital today.
Mettle bank allows accounts with a large balance, meeting various needs3. But remember, Mettle doesn’t support international payments or cheque deposits yet, and it’s not FSCS-insured. They are working on adding these features13.
Feature | Description |
---|---|
Account Setup Time | Within 72 hours of application1 |
Monthly Fees | No monthly maintenance or transaction charges1 |
Account Integration | Syncs with Xero, Quickbooks1 |
Customer Support Access | Email at [email protected] and phone 0800 069 83801 |
Balance Limit | Up to £1 million for business account holders3 |
Future Features | Exploring international payments, cheque deposits, and Trading As name labeling3 |
Mettle Bank brings an approach that modern entrepreneurs love. It suits those who prefer pay-as-you-go banking, which 44% of business owners do. Mettle’s digital-first way shows what future banking can be like: easy, personalized, and welcoming.
Guide to Mettle Bank Business Account Review
In my research on Mettle Bank, I discovered lots about their account benefits. These perks show their focus on keeping costs down. They stand out by not charging fees for accounts up to $100,0004. This is great for customers looking for a good deal.
There’s a big move towards affordable banking, and Mettle leads this trend. Their digital-only banking fits today’s business needs perfectly. Without a monthly fee, businesses save money compared to others like Nationwide that start charging after a first free period5.
Mettle also makes it easy to deposit cash through Post Offices or PayPoints. Plus, they have excellent customer service. A large number of business owners prefer having a business account, and Mettle’s service is simple and well-liked, based on Trustpilot reviews56.
I also compared Mettle’s fees with other banks to show the savings:
Bank | Initial Fee-free Period | Monthly Fee Post Period | Free Transactions (per month) | Cheapest Monthly Fee | Trustpilot Rating |
---|---|---|---|---|---|
Mettle | As long as needed | None | Unlimited up to $100,000 balance | No fee | 4.6 |
Nationwide | NA | £6.50 – £30 | NA | £6.50 | 1.7 |
HSBC | 18 months | £6.50 | NA | £6.50 | NA |
Lloyds Bank | 18 months | £6.50 | NA | £6.50 | NA |
Mettle is like a guiding light for business owners in tricky banking situations. They offer pay-as-you-go services without hidden fees. This meets the needs of many entrepreneurs. Their great reviews show they are a reliable partner in banking6.
But, we must also look at Mettle’s downsides. They don’t offer an overdraft or international payments, and there’s a balance limit. Customers should think about what they need before choosing Mettle, despite its many benefits.
As a journalist, I’m sharing that Mettle’s straightforward banking service matches modern needs for simplicity and low costs. It offers the basics without missing out on important features.
Evaluating Mettle Bank Account Fees and Cost-Efficiency
Using Mettle Bank’s business account saves money. Opening and using the account is free. This means businesses can avoid extra costs7. Many business owners like banking without fixed fees. This feature attracted me to Mettle Bank6. I’ll share insights on Mettle Bank’s account benefits in my Guide to Mettle Bank business account review.
Most Mettle customers, 90% to be exact, would tell others to use it. They like the fee setup and the service7. But, there’s a catch for big businesses. The account limit is £1.1 million7.
Some might not like that there’s no interest on balances7. Yet, Mettle offers other perks. You can lock your card if it’s lost. They also set a spending limit that suits many small businesses7. Plus, your money up to £85,000 is safe in an FSCS-protected account8.
Mettle stands out digitally too. It works well with software like FreeAgent, Xero, and QuickBooks7. Its app scores are high, with 4.9 out of 5 on the App Store and 4.8 on Google Play7. These features make managing money and doing taxes easier. Also, you can usually deduct account costs on taxes6.
Many customer reviews praise Mettle’s helpful staff and simple platform. This is good to know for those thinking of using Mettle7. I suggest watching how Mettle grows in fintech banking.
Comparing Mettle Bank Account to Traditional Business Banking Options
When choosing between Mettle Bank and traditional banks, it’s crucial for decision-makers. Mettle Bank stands out with its no-fee offer. This includes free card purchases, transfers, and deposits. It’s perfect for businesses watching their budget9. On the other hand, Revolut Business grabs attention with various plans. It has over 500,000 users, adding 10,000 new businesses each month10.
Traditional banks lure in customers with many products and branches. Metro Bank is one example of this11. But Mettle is great for small businesses and solo workers. It links with accounting software, making money management simple. NerdWallet gave Mettle a 4.1 rating for its no-fee perks9.
Mettle might not have everything. It lacks services like international payments. This can be a deal-breaker for some. Revolut, however, fills these gaps. It got an Excellent on Trustpilot for its wide feature set1011. Lastly, choosing between Mettle and traditional banking depends on what you value more. It’s about digital ease versus a more comprehensive service range.
Source Links
- https://www.monito.com/en/wiki/mettle-bank-business-account-review
- https://smartmoneypeople.com/news/post/mettle-how-it-can-change-business-banking-game
- https://apps.apple.com/gb/app/mettle-business-bank-account/id1411976870
- https://www.iwoca.co.uk/finance-explained/start-up-bank-accounts
- https://merchantmachine.co.uk/banking/nationwide-vs-mettle/
- https://www.forbes.com/uk/advisor/banking/best-business-bank-accounts/
- https://www.finder.com/uk/business-banking/mettle-app-review
- https://www.businessexpert.co.uk/business-banking/mettle-bank-account-review/
- https://www.nerdwallet.com/uk/business-bank-accounts/
- https://www.moneytothemasses.com/banking/revolut-business-review-is-it-the-best-business-account
- https://www.goforma.com/business-resources/business-bank-tide-vs-revolut-starling-metro