If you live in the UK then you'll know Natwest, one of the largest highstreet banks and Mettle is a standalone digital bank offering from them but as a standalone brand. The focus of Mettle is to offer business bank accounts to small to medium businesses, freelancers and self-employed, essentially it's Natwest's attempt at competing with the likes of Tide, Revolut, Anna etc.

Its current biggest selling point is the fact it doesn't charge a monthly fee or any transaction fees, however, this could change in the future. The biggest downsides are the lack of ability to make international payments and the balance limits the account has (£100k for businesses/£50k for self employed)

The quick Mettle summary

Launched in 2019 by Natwest but as a standalone product, the digital current accounts they offer are aimed at small to medium businesses as well as the self employed, freelancers, startups, and similar types of customers.

It's free and quick to open an account, meaning you can open one in a matter of minutes through the app and there aren't any monthly fees nor everyday banking fees meaning it is a good choice for people who are budget conscious. Other core features include the types of offerings you expect in a current business account, tools for invoicing, bookkeeping as well as cash flow forecasting making it a good option for those looking for an easy to use and low-cost digital bank account.

Eligible funds are protected by the FSCS scheme (up to £85,000) which not all business accounts of rivals offer and although it offers a range of other great features, the likes of Tide and Revolut have slightly better offerings when it comes to the day to day use of the account.

The biggest drawbacks we see are the lack of ability to make international payments of any sort, meaning if you want to pay a supplier outside of the UK, for example, it is not possible, we also are not fans of limits the account has on the balance in your account (£100k for businesses/£50k for self employed) which seriously can affect your ability to grow. Another downside is that they don't have any signup bonuses like the Tide promo codes which give you £50 as a new customer offer.  

Many UK founders opt for Revolut as an alternative to Mettle, you can also open a free account with Revolut.

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How to open a Mettle account

If you're wanting to open a Mettle account then you'll need to ensure you meet the following criteria:

• Be a UK resident with a UK phone number
• Have a UK-registered business
• You must be 18 years or older
• You must only be paying tax in the UK

It's worth noting that if have a large sum of money you want to hold in the account then this may not be the best account to have as they have limits on the funds you can have in the account, this is currently £100,000 for limited companies and £50,000 for sole traders or those who are self employed.

If you're a charity, PLC or society then you also won't be able to apply nor if your business operates in the areas such as (but not limited to) gambling, tobacco, adult and so on.

If you meet these criteria then you can apply via their mobile app, it takes minutes and you should get a decision pretty quickly, our experience of applying was good and the whole process was user-friendly and intuitive. There will be a soft credit check performed on you so this is worth bearing in mind, if you're worried about this check out our best business bank accounts for bad credit.

You'll need the following at hand for when you apply:

• Proof of ID such as passport or driving license
• Company name and names of those with significant control
• Proof of address is sometimes needed
• Additionally, you may need some other information such as proof of limited company

Mettle Pros

We really like Mettle because it offers the following:

• Currently, it does not charge monthly fees or transaction fees (this could change in the future)
• Works with ApplePay and Google Pay
• Ability to use your card abroad without any fees (exchange rates are set by Mastercard on the day of the transaction)
• Integrates with accounting software including Quickbooks, Xero and FreeAgent as well as auto-matching payments to invoices
• Customisable invoice templates (including your logo, custom notes, invoice numbers etc)
• Eligible funds up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS)

Mettle Cons

We're not as big fans of Mettle as a business account for the following reasons:

• Your Mettle bank account is essentially a Natwest bank account but you don't get access to any of the Natwest products or services with it nor can you pay cash in at Natwest branches or get any support from Natwest staff
• No ability to make international payments which restricts the account to only those that solely use the account with UK customers and businesses.
• Accounts have limits of funds you can have in them,this is £100k for businesses and £50k for self employed customers which can mean if you reach that level you'll need to switch banks
• No signup offers
• Fees could be introduced in the future (as Mettle will likely not be making money from Mettle accounts, we think it is likely they will introduce these in the future)
• No options for lending unlike the options accounts like Tide have

Mettle account features

If you open a Mettle business bank account then you'll be able to access a range of features, these include you're day to day banking needs such as making and receiving payments, setting up standing orders, viewing your balance and so on.

You can open either a Mettle bank account or an e-Money account, so bear this in mind when you sign up.

You'll find the following features:

• No monthly fee and free UK transfers
• Access to your account via the Mettle app
• A Mastercard business debit card with the bank account (you'll get a prepaid debit card with the e-money account)
• Ability to make cash deposits for free at the Post Office or Paypoints (limits do apply, currently £500 per deposit and £7,500 per month)
• Link up your accounting software with your account (Xero, Quickbooks and FreeAgent)
• Custom invoice creation from the app itself, a great feature to quickly add your logo and any custom notes to create an invoice to send to your clients or customers
• Schedule payments
• Ability to categorise payments and spending so you can quickly breakdown your in and out transactions
• Money pots, which are very useful for putting money aside in in order to pay tax or vat bills when the time comes.
• The customer support can be accessed via either the app, email, or also on the phone

These features may suit you and your business but bear in mind that some of the features that are lacking that other business accounts have included the ability to add additional cards not just to other owners but also as expense cards for staff, the ability to borrow money in any form and if you run a business that does business outside of the UK then you'll find its not a possibility with the Mettle card.

Mettle business account fees

One of the most common questions about Mettle as a business account surrounds the business account fees, this is because they currently don't charge a monthly fee nor any transaction fees.

The first thought that comes to mind for many is 'Surely this can't be true' and at the moment it is, does this mean they won't start to charge in the future, in our honest opinion we think they will introduce monthly fees and likely transaction fees as a digital bank business that doesn't charge fees would be a hard business to justify and run, obviously they are funded and backed by Natwest so this could simply be a tactic to grow to a huge customer base then introduce fees but this is pure speculation on our part.

We recommend you make your own decision on if you think the free fees will continue and if you want to sign up based on this.

The alternatives to Mettle

If the uncertainty that the free fees for the account will change in the future or one of the other cons such as the inability to make international transfers, lack of ability to get additional cards, account limits and so on are causing concern then you may want to consider the alternatives to Mettle that offer the same service, features and more.

You can use the below table to get a brief overview of the other business bank account options available to you in the UK:

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Mettle vs Tide

Whilst on the surface both Mettle and Tide seem to offer very similar business account services, with Tide having been around for longer their range of services is better in our opinion.

One of the major benefits of Tide over Mettle is that you can do international transfers and payments, the lack of this with a Mettle account for us is a huge downside as most businesses nowadays in some form will make payments abroad at some point in their life.

Of course, Mettle does currently benefit from no transaction fees whereas Tide does charge for these but we can imagine that it is only a matter of time before Mettle introduces these too. With all of the features including the ability for multiple cards as well as the signup bonus that Tide offer, many people tend to end up going for Tide over Mettle.

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Mettle vs Starling

Another common comparison is between a Mettle account and a Starling bank account, as with Tide they too all offer very similar services and features as well as quite similar fees (as many of Starling's fees are also free) so they are certainly worth considering.

Neither Starling or Mettle offer any form of signup offer and both offer free options to sign up.

Mettle vs Cashplus

Another contender in this market is Cashplus, they have a great offering which you can consider when it comes to opening a business account, you can read our full Cashplus bank review if you'd like to learn more about this option as an alternate to Mettle.

Mettle reviews and rating

Don't just go by our take on things, although we try and give an honest opinion as possible when it comes to our Mettle business bank account review, we also like to provide you with other ratings and feedback so you can make a better and more rounded review of Mettle and see if it's right for you.

We give Mettle a 4 out of 5 rating from our opinion and experiences, you'll find that Trustpilot gives them a 4.5 out of 5 from over 2,500 reviews and within these there is a general consensus of the following positives and negatives:

The good reviews mention:

• Easy to use app with a nice notification system
• Quick and seamless signup
• People like the free banking as currently stands
• Good customer service experiences
• Many love the accounting software integrations

The bad reviews mention:

• The lack of international payment options really holds back some businesses
• Some have gotten confused with the accounts they sign up for and have been given a prepaid debit card when they thought they were getting a debit card
• Some customers experienced issues with their accounts being closed for various reasons without any warning
• Mentions of only being able to get PDF statements of the previous month and not the current month
• Quick and seamless signup
• A few have mentioned the maximum account balance and how it could become an issue in the future

Frequently Asked Questions about Mettle

Is Mettle safe to use?

Being backed by such a large bank as Natwest certainly gives you the reassurance that the banking app and your business account will be as safe and secure as possible, the fact they are now also part of the financial services compensation scheme (FSCS) means that your eligible balances are protected by up to £85,000 which also gives you that layer of safety.

Can I earn interest on my balance?

Currently, in a Mettle business account, there is no option to earn any interest on balances within your business account

Are there any borrowing options?

A Mettle business account currently won't have access to any borrowing through the app or Mettle themselves.

Is Mettle really free?

Yes, it currently is really free, but bear in mind this could change at any time and you'll then be stuck with the fees that they do introduce. They have stated on the site that they will give plenty of notice if they do introduce fees.

Is Mettle owned by Natwest?

Yes, Mettle is owned by Natwest and is their digital business banking account offering which is a standalone business and is their digital bank offering that is aimed to compete with the likes of Tide, Starling and Revolut. Bear in mind that although they are owned by Natwest, you do not get access to any Natwest products with a Mettle account, nor the ability to use any Natwest branches for any services or customer service.

Can you pay a cheque into a Mettle account?

No, Mettle doesn't support the payment of cheques into your account, therefore if your business often receives cheques they may not be the best option for you.

What are the payment limits?

When it comes to Faster Payment transactions there is currently a limit of £10,000 per transaction, but you can do multiple transactions like this each day. There are limits are card transactions too which is currently £10,000 per transaction as well as a weekly limit of £20,000 and a monthly limit of £50,000 (view full limits here)