Mettle Business Bank Account Review: Pros, Cons & Features

Aimed at self-employed business owners, Mettle business accounts are completely free. Not only are there no monthly fees – you will not incur any transaction charges when using your account. It also has one of the best-reviewed apps on the market, across both Android and iOS. This means it might be of interest if you are looking for a cheap, easy-to-use account to cover your everyday business banking. 

However, Mettle business accounts are only available to sole traders and limited companies with a maximum of two owners. The account also comes with balance limits, and you will not be able to make or receive international payments, deposit cheques, or access a business overdraft. 

Learn more about how we bring you our review.

Mettle business bank account pros & cons 

The pros and cons featured here are chosen by us based on a combination of our expert, research-based opinions and an exclusive survey of UK business owners and decision makers. The survey was conducted on behalf of NerdWallet UK in December 2022 to identify the business bank account features that people feel are most important. They are unlikely to be the only product features and restrictions that you should consider. Pros and cons are subjective and you should align them to your own personal and business circumstances. Information was correct at the time of publication but may have changed since.

Launched in 2018 as a way for the NatWest Group to compete in the challenger banking space, Mettle is a business account designed for sole traders and limited companies – and it’s completely free.

That not only means you will not pay a monthly fee to keep the account open. You will not pay any transaction charges full stop.

You can manage your account in-app and online, and eligible deposits of up to £85,000 will be protected by FSCS. 

Mettle business accounts are only available for sole traders and limited companies with up to two owners. If you are a sole trader, you can only have a maximum account balance of £50,000, while for limited companies the limit is £100,000.

With your Mettle business account, you can: 

• deposit cash via the Post Office and Paypoint locations
• set up automated money pots to help set aside money to cover your taxes 
• create, send and manage your invoices
• automatically match payments and invoices

However, with Mettle, you will be unable to:

• deposit cheques
• make or receive international payments
• have more than one named account holder
• access business overdrafts and other credit facilities.

Mettle users get access to FreeAgent accounting software at no extra cost, as long as you make at least one transaction from your Mettle account a month. If you already use a different accounting service, such as Xero or Quickbooks, you may still be able to connect them to your Mettle account. 

Mettle business account features: at a glance

Monthly fee	£0
Transaction fees	No
Account management	Online and in-app
FSCS protection	Yes
Set-up time	Within 72 hours
Cash deposits	Yes (via Post Office or PayPoint)
Cheque deposits	No
Access to other banking services	No
International payments	No
Customer service	In-app chat [email protected] 0800 0987 765 (Monday to Friday 8am to 8pm, Saturday and Sunday 9am to 5pm)
Multiple user access	No
Create and send invoices	Yes
Integration with accounting software tools	Yes

Where Mettle business account stands out

Completely free business account: Mettle does not charge any fees, whether that’s a monthly account fee or transaction fees. That means it is completely free, something that is rare in the business banking landscape.

Account perks: When you open a Mettle business account, you get free access to FreeAgent accounting software, on the proviso you use your Mettle account to make at least one transaction a month.

FSCS protection: Eligible deposits, worth up to £85,000, will be protected by the Financial Services Compensation Scheme (FSCS).

Business banking app reviews: The Mettle business banking app has excellent reviews across both the App Store and Google Play. 

Cash deposits: Unlike some online-only business accounts, you can deposit cash into your Mettle account via the Post Office and Paypoint.

Customer service options: While Mettle does not have branch access, you can get support via in-app chat, email, and over the phone seven days a week.

Where Mettle business account falls short

Account access:  You can only access your Mettle business account online and in-app. This means you cannot bank over the phone, or in-branch. Meanwhile if you are a limited company with two owners, only one owner can access the business bank account.

Maximum account balance limits: Sole traders can hold a maximum balance of £50,000, while limited companies can hold up to £100,000.

Cheques: You cannot deposit cheques into your Mettle business account.

Access to overdraft and credit facilities: Currently Mettle does not offer business overdrafts, or any other forms of business lending, such as credit cards or loans.

Partnerships, PLCSs, charities and non-profit organisations: Mettle business accounts are only available for sole traders and limited companies with up to two owners. Public limited companies (PLCs), limited liability partnerships (LLPs), charities and other non-profit organisations are not eligible for an account. 

Mettle business account customer reviews

Mettle’s customers have left reviews on a range of sites. Generally, these reviews are very positive.

• App Store: 4.9, based on over 19,000 reviews.
• Google Play: 4.8 out of 5, based on over 6,300 reviews.
• Trustpilot: 4.6 out of 5, based on over 2,700 reviews.

This information is correct as of 5 July 2023. 

Mettle business account eligibility 

In order to be eligible for a Mettle business account, you must:

• be over the age of 18
• be a UK tax resident that only pays tax in the UK
• have a UK phone number, alongside an iOS and Android device to manage your account
• run a business registered and trading in the UK
• be a sole trader, or limited company with a maximum of two owners
• adhere to the maximum account limits

There are also a number of industries and business activities that Mettle does not support. This includes, but is not limited to, alcohol manufacturing, adult entertainment, gambling and cryptocurrency. 

In addition, you must undergo a soft credit check as part of your application. Soft credit checks don’t affect your credit score or show up to other providers on your credit report, but are used to help verify your identity. 

In order to open a Mettle business account, you will likely need to complete the following steps:

1. Download the Mettle app, from the App Store or Google Play.
2. Start an application. This will involve providing personal information, as well as details of your business, including your trading history.
3. As part of your application, you will also need to provide identification documents, and complete a quick video.
4. Once you have completed your application, you will need to wait for approval. Mettle states it aims to review all applications within 72 hours (excluding weekends).