Henry Williams
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Metro Bank business account: at a glance
When it was founded in 2010, Metro Bank was the first new high street bank in more than 100 years. Today, Metro Bank offers bank accounts for small and large businesses, community groups, international businesses, and insolvency specialists.
Currently, you can apply for its business bank account if you run a business with a turnover of less than £2 million, or its commercial bank account if your business turnover exceeds £2 million.
Find out more about Metro Bank’s business accounts, including the benefits and features that might suit you.
Learn more about how we bring you our review.
Promotion
Metro Bank Business Account
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Monthly FeeFrom freeFree if you have an account balance over £6,000 every day of each month, otherwise £6 per month.
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Card Purchase FeesFrom freeFree card purchases in Europe | A 2.99% non-sterling transaction fee applies for transactions outside of Europe.
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Bank Transfer FeesFrom freeFree between Metro Bank accounts | Charges may apply to other types of transfer
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Offern/a
Metro Bank business account pros & cons
Pros
- The business account can be accessed online, via an app, over the phone or at a branch.
- Deposits up to £85,000 may be protected by the Financial Services Compensation Scheme (FSCS).
- You may be able to set up a business account and begin using it on the same day.
- There are Metro banks across England, with one in Wales, for in-branch support.
Cons
- There may be a monthly charge, and transaction fees if you don’t meet the minimum balance.
- There are no Metro branches in Scotland or Northern Ireland.
These pros and cons are based on a survey of UK business owners on what they found important when selecting a range of business products, conducted by NerdWallet in December 2022.
Metro Bank business account key features
- Metro Bank is a high street bank regulated by the Financial Conduct Authority (FCA); deposits up to £85,000 may be protected by the Financial Services Compensation Scheme (FSCS)
- There is a monthly account fee which may be waived if you meet certain criteria
- Borrowing, such as business loans, credit cards and overdrafts, may be available through Metro Bank
Metro Bank business account full review
Today, Metro Bank offers a variety of bank accounts for small and large businesses, as well as foreign currency and deposit accounts, borrowing options to improve cash flow and fund growth, and even business insurance.
We’ve gathered everything you might want to know about Metro Bank’s business account offering below.
| Monthly fee | £6 (Free if you keep your account balance above £6,000 every day each month) |
| Transaction fees | Yes |
| Account management | In a branch Via mobile app Online via internet banking Over the phone |
| FSCS protection | Yes |
| Potential for same day set up | Yes |
| Cash deposits | Yes (at a branch or at the Post Office) |
| Cheque deposits | Yes |
| Access to other banking services | Yes |
| Integration with accounting software and tools | Yes |
| International payments | Yes |
| Customer service | In a branch Over the phone By post |
| Multiple user access | Yes |
| Trustpilot rating | 2.5 out of 5 (as of 24 February 2023) |
Metro Bank business account features
The following sections provide some important information about the key features of Metro Bank business accounts.
Business account fees
According to the business owners that NerdWallet surveyed, the most important factor when looking at business accounts is the monthly cost.
- Metro Bank offers one bank account for businesses with an annual turnover under £2 million. This has a monthly fee of £6 which can be waived if you meet certain criteria. There may also be transaction fees.
- There is also a Commercial Bank Account for businesses who exceed the £2 million turnover threshold.
You can find more information about these accounts and their fees on the Metro Bank website.
Below, we look in more detail at the charges for Metro Bank’s Business Bank Account, for businesses with a turnover under £2 million.
Monthly fee
Metro Bank business bank accounts have a £6 monthly fee. This is waived if your balance remains above £6,000 every day in any given month.
Additionally, if your balance exceeds £6,000 throughout the entire month, you will get 30 free transactions each month.
Day-to-day business banking transaction charges
There are fees for everyday transactions with a Metro Bank business bank account if your balance is under £6,000 each month.
If you keep your balance above £6,000 in any given month, you will currently get 30 free transactions in that month and the monthly fee will be waived. After that, the following pricing will apply.
| Transfers between Metro Bank accounts | Free |
| ATM cash withdrawals | 30p |
| Automated credits | 30p |
| Cheques paid in or out | 30p |
| Debit card payments | 30p |
| Direct debits and standing orders | 30p |
| Faster Payments | 30p |
For more information about business bank account fees at Metro Bank, you can consult the Metro Bank website.
H4: International transaction fees
If your business is likely to trade abroad, it may be worth considering the following fees for international transactions.
These fees apply to all accounts, regardless of account balance or monthly fee paid.
| International payment (SEPA) | 20p |
| International payment (SWIFT) | £25 |
| Cheques in euros or US dollars | £10 per cheque (up to $6,500/€5,500 value) £20 per cheque (above $6,500/€5,500 value) |
| Card purchases in Europe* | Free |
| ATM cash withdrawals in Europe* | Free |
| Card purchases outside Europe | 2.99% non-sterling transaction fee |
| ATM cash withdrawals outside Europe | 2.99% non-sterling transaction fee, plus a £1.50 non-sterling purchase fee |
It’s worth bearing in mind that you may be charged a transaction fee by ATMs when withdrawing cash abroad. These fees are separate from those charged by Metro Bank.
* Europe is defined as members of the Single European Payment Area (SEPA). You can find more information on the Metro Bank website.
Easy account access
The second most important criteria when searching for a business account is easy access to the account, according to NerdWallet’s survey of business owners.
Customers can access and manage a Metro Bank business account online through internet banking. It’s also possible to access the account digitally using the Metro Bank app. Both of these options are available 24 hours a day, seven days a week.
You can manage your account at a branch if you would rather speak with someone face to face. Metro Bank branches are generally open seven days a week, though it’s worth checking the website for more specific opening times.
Account management over the phone is also an option, via Metro Bank’s business phone line (0345 080 8508). This is open seven days a week: Monday to Saturday, 8am-8pm; Sunday, 8am-6pm; bank holidays, 10am-6pm.
Account set-up
A quarter of business owners from our survey feel that quick account set-up is an important criteria when searching for a business account.
Metro Bank says that an online application can take minutes to complete.
If you go into a branch, it may be possible to get an account on the same day if you can provide all the required documents. Your card can be printed immediately, so you can use your account straight away.
FSCS protection
The third most important feature that business owners look for in a business account, according to our NerdWallet survey, is protection via the Financial Services Compensation Scheme (FSCS).
Metro Bank is a UK-authorised bank. This means that eligible deposits up to £85,000 with this provider are protected by FSCS. If Metro Bank fails, you will be automatically reimbursed through this scheme. Deposits over the £85,000 limit are not covered.
The limit applies across all accounts you hold with a given bank (or banks, if they share a banking licence). So if you are a sole trader who has a personal current account and a business account with Metro Bank, you would be protected up to a total of £85,000 across both of these accounts.
However, if you run a limited company you may get two limits: one for your business account and one for your personal account. This is because your business is a separate legal entity from you, with its own limit and protection.
The rules around deposit limits apply to all FSCS-protected banks, not just Metro Bank. For more information, you can look at the FSCS website.
Mobile phone app
Having a mobile app to help manage the account is important to business owners, according to NerdWallet’s survey; this feature ranked fourth most important overall.
Metro Bank has an app which customers can use to check their balance, make payments and manage their money 24/7. So it may suit business owners who want to bank digitally.
Customer service
You can contact Metro Bank customer support in the following ways:
- By telephone, on 0345 080 8508 from 8am-8pm, Monday to Saturday, 8am-6pm on Sundays and from 10am-6pm on bank holidays
- At a branch with locations in London and the South East of England
- By post at Metro Bank, One Southampton Row, London, WC1B 5HA
Metro Bank does not seem to offer 24/7 customer service, though customer service opening times are generally seven days a week, including outside the typical 9-5.
However, this may not be a problem for business owners – 24/7 support is not a major consideration when choosing a business account according to our survey, ranking joint ninth alongside international banking facilities.
Customer reviews
Metro Bank has received reviews from customers on Trustpilot, the Apple App Store and Google Play.
It’s worth noting that these reviews may come from personal or business account customers.
- Trustpilot: 2.5 out of 5, based on over 4,000 reviews
- Apple App Store: 4.8 out of 5, based on over 153,000 reviews
- Google Play: 4.6 out of 5, based on over 36,000 reviews
This information is correct as of 24 February 2023.
Metro Bank business account eligibility
To be eligible to open a business bank account with Metro Bank, you must:
- live in the UK
- be over 18 years old
- be a sole trader or run one of the following: a limited company, limited liability partnership, business partnership or not-for-profit organisation
- have an annual turnover under £2 million
You’ll also have to be willing to undergo a credit check as part of your application.
If you have an annual turnover above £2 million, you may be able to get Metro Bank’s Commercial Current Account instead. You can contact the provider online for more details about eligibility.
How to choose a Metro Bank business account
When choosing whether to open a Metro Bank business account, or when comparing other providers, you may want to consider the following questions:
- Do you want to pay per transaction or pay a monthly fee?
- How do you want to manage your account (i.e. online, via an app, face to face)?
- Are you comfortable with digital banking or do you want a provider with physical branches?
- Are you willing for you and your business to undergo a credit check as part of your business banking application?
- Do you want your deposits to be protected by the Financial Services Compensation Scheme (FSCS)?
How to apply for a Metro Bank business account
To open a Metro Bank business bank account, you’ll need to follow these steps:
- Apply online or at a branch.
- Provide business and personal details.
- Submit proof of ID.
- Wait for approval.
Apply online or at a branch
To open a business account with Metro Bank, you can submit an online application.
You’ll need to apply using a device with a camera – such as a smartphone, or a laptop with a webcam – as you must take a selfie as part of the application process.
Alternatively, it’s possible to apply for a business bank account at a Metro Bank branch. You will have to take any required documents and information with you.
If you already have a business account with Metro Bank but want to open another, you’ll need to call the bank on 0203 402 8054 or email [email protected] to discuss your requirements.
Provide business and personal details
When you apply, you will need to give Metro Bank details about you and your business. This may include:
- your contact details, such as an email address (business or personal) and a UK mobile number
- proof of your UK address, such as a driving licence, council tax bill (dated within the last three months) or a current tenancy agreement
- business details, such as your business address, annual turnover or Certificate of Incorporation (for limited companies)
- proof of business activity, such as a bank statement, utility bill or invoice from the last three months
All documents provided must be originals; photocopies will not be accepted. More detailed information about which documents Metro Bank will accept, and requirements for specific business types, can be found on the bank’s website.
Submit proof of ID
As part of your application, you’ll need to provide proof of your identity. You can submit one of the following original documents:
- valid UK/EEA/Switzerland passport
- valid UK driving licence
- valid European national photo identity card
- valid firearms or shotgun licence
For limited companies, limited liability partnerships, business partnerships and charities, proof of ID may be required for all responsible individuals (anyone who owns 25% or more of the business), company officials, trustees or account signatories as appropriate.
Wait for approval
Once you’ve applied for a business account, you must wait to see if your application is approved. If you’ve provided all the information that Metro Bank requires, you may receive a decision within a couple of working days.
If you apply at a Metro Bank branch and your application is approved, your card may be printed immediately so you can begin using your account the same day
Review methodology
At NerdWallet Ltd UK we base our reviews on the results of surveys we conduct to understand what key product features are important to those who use them, and align them to the product we review.
Product details reflect the information that was available at that time but may have changed since. We strive to give you a review on as many products as possible but it is likely there are others available that we have not reviewed. The review is our opinion, but it does not constitute advice, recommendation or suitability of your financial circumstances.
You can view our review methodology here.
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