Mettle Business Account Review

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

That not only means no monthly charges, but a lack of transaction fees for your everyday business activities, such as making payments or withdrawing cash.

Find out more about the pros and cons of a Mettle business account, which features it offers, and how it compares to other business accounts below.

» COMPARE: Business bank accounts with NerdWallet

Pros and cons of Mettle

There are a number of factors to consider to make sure Mettle is the right business bank account for your needs.

Pros of Mettle business account

• Account is completely free, meaning no monthly fees or transaction charges.
• Designed for sole traders and small businesses, whether established or just starting out.
• Free use of FreeAgent account software, and integration with other major accounting platforms.
• Traditional, real-person support via email, phone and in-app chat.
• Can create and send invoices, branded with your company logo, through your smartphone.
• Account can be set up within 72 hours of applying, excluding weekends.

Cons of Mettle business account

• Although it is part of NatWest Group, you cannot receive in-branch support for Mettle.
• No direct access to government-backed loans, or any other forms of credit or lending, such as overdrafts and credit cards.
• No international transfers or cheque deposits.
• Currently unable to add a second cardholder to your account.

What plans does Mettle offer?

There is no tiered, price-dependent gatekeeping with Mettle. It only offers one plan type – its free mobile app-based business account, with no transaction fees.

That means regardless of whether you are a sole trader or a small limited company, you will be getting the same perks and features.

What features does Mettle offer customers?

There are a range of services, features and benefits that come with a Mettle business account, all designed to help sole traders, the self-employed and small businesses manage and scale up their operations.

These features include, but are not limited to:

• No transaction fees, meaning free UK transfers, cash deposits and ATM withdrawals.
• A free prepaid debit card attached to your business account.
• Ability to schedule payments wherever you are in the world through the Mettle app.
• Ability to share your Mettle business account with your accountant, or integrate accounting software such as Xero or Quickbooks.
• Set aside funds for taxes or emergencies with Money Pots.
• Free access to online accounting software FreeAgent, worth at least £114 a year (T&Cs apply).
• Ability to create and send invoices directly from your phone, including your company logo.
• Simplified bookkeeping, including adding receipts to transactions and exporting expense data.
• Real-person support in-app, via email and over the phone.

» MORE: 28 top small business apps

How does Mettle compare to other digital banks?

The table below compares how Mettle stacks up against business bank accounts from other digital providers.

Source: NerdWallet, August 2022

» COMPARE: Free business bank accounts

How to open a Mettle business account

It is very easy to open a Mettle business account – in most cases, submitting your application should only take around 10 minutes. Your application should then be reviewed, and subsequently approved or rejected, within 72 hours (excluding weekends).

Mettle business account eligibility

Before applying for a Mettle business account, it is important to make sure your business is eligible. Firstly, you need to be:

• Registered to trade in the UK
• A UK resident, with a UK phone number
• Over the age of 18

In terms of the details of your business, you need to:

• Be a sole trader, or a limited company with at least one director and an ‘active’ state on Companies House.
• Have a maximum account balance of either £50,000 for sole traders, or £100,000 for limited companies.

This means a Mettle business account is not available for public limited companies (PLC), unlimited companies (Unltd), limited liability partnerships (LLP), or charities, among other business types.

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

Opening your Mettle business account

Once you have made sure you are eligible, you need to download the Mettle app from the Google Play Store or App Store.

You will then be asked to submit your details, including:

• photo ID, such as a driving licence or passport
• a short video, recorded in-app, to confirm your photo ID
• the name of any beneficial owners of your company, and one ‘person of significant control’

If Mettle requires more information, you may also be asked to provide:

• proof of address, such as a utility bill, valid and in-date UK driving licence, or council tax bill
• proof of trading, such as a utility bill in your trading name, or a copy of your VAT registration

At some point, you may also be asked to conduct an in-app chat to discuss the details of your business before a decision about your application is reached.

» MORE: How to open a business bank account online

What do Mettle customer reviews say?

Since launching in 2018, Mettle has received positive reviews on a variety of different sites:

Trustpilot: 4.6 out of 5, based on over 1,700 reviews, with 80% rating it as ‘excellent’.

Apple Store: 4.9 out of 5, based on 10,000 reviews.

Google Play: 4.8 out of 5, based on over 2,800 reviews.

This information is correct as of 3 August 2022.

Conclusion

If you are a sole trader or small limited company, a Mettle business account can offer you an easy way to manage your business finances, without it costing you any money, from your phone.

Mettle’s lack of transaction fees means you can make UK payment transfers, deposit cash and withdraw money from ATMs for free. You can also integrate your pre-existing accounting programme with your account, or use the free FreeAgent accounting software that comes with Mettle. It even allows you to create and send invoices branded with your company logo.

It is important to remember, however, that your money is not protected by the Financial Services Compensation Scheme (FSCS) with a Mettle business account. And although Mettle has real-person support in-app, via email and over the phone, if you want to carry out any of your business banking in a branch, you will be unable to do so.

» MORE: Do I need a business bank account?

Mettle Business Bank Account FAQs