Mettle Bank, a NatWest initiative launched in 2018, offers a complete business banking solution for sole traders and limited companies in the UK. It’s free, with no monthly fees or transaction charges. This makes it a great choice for managing finances easily.
The account is only available on iOS and Android devices. It’s for UK residents who pay taxes here.
The Mettle Bank review highlights its easy-to-use mobile interface. Users find it very intuitive. It also comes with FreeAgent accounting software for free under certain conditions.
While Mettle offers many benefits, it has some limits. It doesn’t allow international payments, cheque deposits, or access to overdrafts and other credit services.
Mettle is a solid choice for free business banking, with no transaction or account feature charges. For more details, check out the detailed Mettle Bank review. Comparing it with Tide, Revolut, and Wise is also helpful.
Choosing the right business account is key for good financial management and business success. See this comprehensive guide for more information.
Introduction to Mettle Bank Business Accounts
Mettle, a digital-only bank by NatWest, started in 2019. It’s made for freelancers, self-employed, and small to medium-sized businesses in the UK. The NatWest Mettle account offers app-based banking solutions. This makes managing finances easy without needing physical branches.
The UK’s digital banking scene is changing fast. NatWest Mettle stands out with no monthly fees, no transaction fees, and fast account setup through its app. Unlike traditional NatWest services, Mettle accounts are free from monthly charges. They also offer unlimited free UK transfers.
Mettle business accounts have some limits. For example, they have balance limits of up to £100,000 for businesses and £50,000 for the self-employed. They don’t support international payments or lending yet. But, Mettle is easy to get into and works well with accounting software like Xero and QuickBooks.
Security is key for business banking, and Mettle meets this need. It protects funds up to £85,000 by the Financial Services Compensation Scheme (FSCS). To use Mettle, you must be a UK resident, over 18, have a UK-registered business, and pay UK tax.
Mettle doesn’t offer in-branch transactions or access to traditional NatWest products. But, it’s convenient with customizable invoice templates and easy payment categorization. It keeps fees away and makes banking simple, encouraging more SMEs and freelancers to go digital.
People really like Mettle, with an average Trustpilot rating of 4.6 out of 5. It’s also well-rated on Google Play and the Apple Store. This shows Mettle is a top choice for digital banking in the UK.
Here’s a quick look at Mettle account features:
| Feature | Description |
|---|---|
| No Monthly Fees | Zero charges for account maintenance. |
| Free UK Transfers | Unlimited transfers within the UK at no charge. |
| Account Opening | Quick setup via the Mettle app. |
| Balance Limits | £100,000 for businesses; £50,000 for self-employed. |
| Security | Funds protected up to £85,000 by FSCS. |
| Integration | Compatibility with Xero and QuickBooks. |
Key Features and Benefits
Mettle by NatWest is known for its no-fee structure. This means no transaction fees or ATM withdrawal charges. The business banking app is easy to use, making it simple to manage your finances. It also works well with major accounting software like FreeAgent, QuickBooks, and Xero.
Security is a big plus with Mettle, thanks to FSCS protection up to £85,000. This ensures your money is safe. It’s on par with other top UK fintech banks like Starling Bank. This protection started in 2024, giving users a reliable safety net.
The app offers useful tools like automated invoicing and customizable money pots for tax planning. You can deposit cash at the Post Office or PayPoint. It also has tax calculation tools and invoice templates to help with financial management.
The app is easy to use and works well with accounting software. This is great for those who need to keep an eye on their finances. But, Mettle doesn’t offer international payments or multi-owner access. This might not be right for bigger businesses with more complex needs.
Here’s a comparison of Mettle and Tide:
| Feature | Mettle by NatWest | Tide |
|---|---|---|
| User Rating | 4.5/5 | 4.2/5 |
| Monthly Fees | None | None |
| Transaction Fees | None | 20p per transfer |
| ATM Withdrawal Fees | Free | £1 (UK), £1.50 (abroad) |
| Account Opening Speed | Average | Quicker |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| Support Channels | In-app chat, telephone, email | In-app messaging, email, telephone (for paying customers), community forums |
| Accounting Software Integration | FreeAgent, QuickBooks, Xero | Xero, FreeAgent, QuickBooks |
For more details on UK online-only banks and their features, visit this guide.
Guide to Mettle Bank Business Account Review
Opening a business account with Mettle is easy and digital. You must be over 18, a UK tax resident, and have a UK-registered business. Start by downloading the Mettle app. There, you’ll enter your business details and undergo a soft credit check.
This digital method makes it convenient and accessible. It’s a key feature of Mettle mobile banking.
Mettle offers a fee-free service, backed by NatWest. But, they might introduce fees later if they grow. Mettle has received great reviews for its app and customer service.
People love how easy it is to use. It’s great for small businesses.
| Rating | Percentage |
|---|---|
| 5-star reviews | 82% |
| 4-star reviews | 7% |
| 3-star reviews | 2% |
| 2-star reviews | |
| 1-star reviews | 8% |
Many reviews praised Mettle’s mobile banking. They found it easy and quick to set up. Small businesses love it.
Features like invoicing and tracking payments got good feedback. Users also liked how simple it is to use. They found the security features reassuring.
But, there were some issues. Some users had problems with online cheque deposits and account holds. They also felt the customer support wasn’t always responsive.
These tips suggest Mettle is mostly good but could improve in some areas. Despite this, opening a business account with Mettle is a good choice for small business owners. It’s a user-friendly, digital banking solution.
Mettle is a strong competitor in the business banking world. It’s always evolving to meet the needs of its users.
Comparing Mettle with Other Business Accounts
To see how Mettle stacks up in the business banking world, we need to compare it with others. Mettle, Tide, and Starling are all in the game. Each has its own strengths and weaknesses.
For example, Mettle and Starling both serve limited companies and sole traders. Starling has extra perks like cheque deposits and international transfers. Mettle, on the other hand, lets you deposit up to £500 in cash. Starling allows up to £2,000. Both are free from monthly fees, but Starling charges a bit for cash deposits and international payments. Mettle doesn’t charge for these.
Looking at Mettle vs. Tide, Mettle shines with no transaction fees and a top-notch app. It’s great for startups and small businesses doing mostly domestic work. But, if you need overdrafts or loans, Tide and Starling might be better. Both Mettle and Starling work well with accounting software like Xero and QuickBooks.
Customer feedback is key too. Mettle has a Trustpilot score of 4.6 out of 5, showing users are very happy. Starling is close behind with a 4.3 out of 5 score, thanks to more reviews. For more info, check out Tide vs. Starling. The best choice depends on what your business needs most.
