Is Mettle, owned by Natwest, the right business account for your company? We’ll explain the pros and cons of this App-based business account below to help you decide.
Mettle Business Account: Overview
Mettle business account is really a digital-first e-money account designed for small businesses and sole traders. While it is owned by Natwest it is a seperate company so users can’t utilises Natwest high-street branches.
Mettle is aimed squarely at the growing sector who prioritise ease and simplicity over a need for a traditional business account. Launched in 2019, Mettle claims to help businesses ‘get paid faster,’ and its integration with many different bits of accounting software is impressive.
It’s free to both join and use, and allows for a maximum account balance of £100,000 for limited companies and £50,000 for sole traders.
Mettle Bank Account Pros and Cons
Pros
- Quick application process
- Free to join and use
- Issuing invoices is easy
- App includes expense management functionality
- Good integration with all major accountancy software providers
- If you lose your card, it’s simple to free it from within the APP.
Cons
- As an e-money account it’s not FSCS protected
- You can’t pay out more than £10,000 per day
- No overdraft or credit card
- No cheque deposits
- No international payments
About Mettle Business Banking
While Mettle is a part of the Natwest Group, Mettle Ventures Limited is it’s own company. As such it’s not a bank, but an e-money account which means it’s not FSCS protected, but the money is ringfenced in third party accounts for safety.
Mettle’s e-money accounts are provided by Pre Pay Solutions, an FCA regulated Electronic Money Institution authorised by the FCA.
Mettle has a reputed 50,000 customers so far, boasting 500% growth since the start of 2021. Mettle claims their app has processed £2bn worth of transactions since January 2021.
What Features Do Mettle Offer?
Mettle offers its users a number of features, including:
- Quick application Process – Open an account in minutes
- Easy Transaction Categorisation -Great for accounting
- Freeze or Unfreeze Card from the App – handy in case you lose it
- Dedicated Money Pots– Seperate funds for accounting or savings in pots
- Accounting Integration – Works with Xero, FreeAgent and QuickBooks
- Invoicing – Instant alerts when you’ve been paid
Eligibility Criteria
Before you apply for a Mattle account, it’s worth checking if your business meets their criteria below
- Either a sole trader or a limited company with a maximum of two owners
- Max 50k in the account for sole traders, Max £100k for comanies
- UK Resident
- You won’t need cheques, international transfers, or an overdraft (they’re not offered)
- Have a UK phone number and an iOS or Android device
- You’ll need to be a UK tax resident only
Rates and Fees
| Account Name | Mettle |
|---|---|
| Account Application Fee | Free |
| Account Charges | Free |
| Bank transfers | Free |
| Overseas card transaction fees | NA |
| FSCS protected | No |
| ATM Use (UK) | Yes |
| Requires credit check | Yes |
| Overdraft | NA |
| Interest (AER) | 0% AER |
Contact
Contact Mettle customer service on 0800 069 8380
Email Mettle on support@mettle.co.uk
Or simply use the in-app chat. Just tap ‘Get help’ on the Account screen.
Support hours:
Monday – Friday 8am to 8pm
Saturday and Sunday (and Bank Holidays) 9am to 5pm
Mettle Business Account Reviews and Ratings
Mettle has a 4.6 start review average on Trustpilot out of 1782 ratings.
Smart Money People rates it 4.59 out of 5 based on 56 reviews.
The Mettle App gets a 4.8 star rating out of 2000 reviews on Google Play.
Mettle gets 4.9 star rating out of 5 on the Apple Store, based on 10,200 reviews.
Mettle Business Bank Account FAQs
How to Pay in Money to a Mettle Account
Mettle customers can pay cash in via any Post Office or PayPoint location.
Is Mettle a Proper Bank?
Mettle is not a bank but an e-money account. It is therefore not covered by the Financial Services Compensation Scheme.
Can you Bank Cash with Mettle?
You can deposit cash at any Post Office or Paypoint with your Mettle account.
How Long do Mettle Bank Transfers Take?
Mettle transfers take between 1 and 5 days,
Is Mettle protected by FSCS?
As an e-money account, Mettle is not protected by the FSCS.
Can I use my Mettle card Abroad?
Yes, you can use a Mettle card abroad without charge. Mettle use the rates set by Mastercard.
Can you get an Overdraft with Mettle?
No, you cannot get an overdraft with your Mettle account.
Can I have 2 Mettle Accounts?
No, only one Mettle account is permitted per business.
Can I Use Mettle with Accounting Software?
Yes, Mettle integrates with FreeAgent, Xero and QuickBooks accounting software.