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: My Verdict
Designed for sole traders and limited companies with up to two owners (access restricted to one owner), Mettle stands out for being perhaps the only completely free business bank account that I’ve reviewed. Unlike many challenger banks that offer free plans but charge for bolt-ons, Mettle doesn’t charge anything at all which is likely the principle appeal for many users.
It has a well-designed banking APP, customer support is available 7 days a week, and it’s a decent account if you’re a sole trader or single director limited company that needs basic banking functionality.
One useful feature I like is the free access to FreeAgent accounting software, as long as you make at least one transaction a month.
However, it is quite limited in some regards: you cannot make or receive international payments with your Mettle account, pay in cheques, or get branch support despite the link with Natwest. There’s also no phone banking.
What Features Do Mettle Offer?
Mettle offers its users a number of features, including:
- Automatically save for tax with money pots, simplifying financial planning for tax liabilities.
- Earn interest on balances starting from as little as £10 with a savings pot offering 1.46% AER / 1.45% Gross p.a. (variable).
- FSCS protection ensures eligible funds are secure up to £85,000, offering peace of mind.
- Customisable invoice templates enhance brand presentation and streamline billing processes.
- Accounting software integration with FreeAgent is included at no extra cost for active users, or sync with Xero and QuickBooks.
- Auto-match payments to invoices for efficient reconciliation and bookkeeping.
- Easily categorise transactions to keep finances organised and transparent.
- Upload receipts directly to transactions, maintaining accurate and up-to-date records.
- Simplified bookkeeping features help stay on top of business admin by ticking off tasks as completed.
| Feature | Description |
|---|---|
| Customisable Invoices | Send professional invoices from your phone. |
| Accounting Software Sync | Connects with FreeAgent, Xero, QuickBooks. |
| FreeAgent Included* | Access FreeAgent with one transaction a month. |
| Interest on Savings | Earn 1.46% AER on savings pot from £10. |
| FSCS Protection | Deposits protected up to £85,000. |
| Payment Options | Supports Google and Apple Pay. |
| Money Pots | Allocate funds for taxes and savings. |
| Auto-match Payments to Invoices | Simplifies bookkeeping. |
| Tax Calculation | Automated tax liability estimation. |
| Receipt Uploads | Update records with receipt uploads. |
| Direct Debits and Standing Orders | Manage regular payments. |
| Payment Notifications | Instant transaction updates. |
| Mettle on the Web | Manage finances online. |
| AFD Transactions | Supports Automated Fuel Dispenser transactions. |
| CHAPS Payments | Receives high-value CHAPS payments. |
| Customer Support | In-app |
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
- 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
Established in 2018, Mettle is Natwest’s attempt to rival the simplicity and low cost of the challenger banks. . Since its inception, Mettle has focused on providing tools that facilitate easy accountancy, bookkeeping, and financial planning, all accessible through an intuitive mobile app.
In 2023, Mettle enhanced its service by introducing a business bank account under the NatWest license. This addition marked a significant milestone, allowing Mettle to offer an FSCS-protected account complete with new functionalities, including interest-bearing savings pots launched in November 2023.
Under the leadership of CEO Michelle Prance, who joined the team in 2021 with a rich background in retail, commercial, and investment banking from various high-profile institutions, Mettle has continued to evolve. Prance’s expertise has furthered Mettle’s mission to simplify banking for the self-employed and small business sectors, traditionally underserved by conventional banks.
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
Mettle Rates and Fees
Mettle business accounts are 100% free. Not only are there no monthly fees – you will not incur any transaction charges when using your account, nor any extra hidden 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 garnered a total of 3,540 reviews on Trustpilot, achieving an excellent TrustScore of 4.5 out of 5, which highlights its strong customer satisfaction and positive feedback from its users.
81% of Mettle users have awarded it a 5-star rating, praising its user experience and functionality. Here are some direct quotes from satisfied customers:
- “Clean, simple and user-friendly.”
- “So quick to set up and easy to use!”
- “Easy user interface, simple and straightforward.”
Among the 8% of 1-star reviews from Mettle users on Trustpilot, several key points of dissatisfaction emerge:
- “Business bank account not working for 11 days and no one from the bank is helping.”
- “Non-existent customer service. My account was blocked from making all outgoing payments.”
- “Disappointing Experience. Advised they will close my business bank account… provided no reason.”
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.
Review methodology
To review Mettle, we focused on key areas:
- Service Offerings: Examined account features, accounting software integration, and unique services like tax pots.
- User Experience: Evaluated account setup ease, mobile app functionality, and overall satisfaction.
- Customer Support: Assessed availability, responsiveness, and effectiveness of support channels.
- Feedback and Ratings: Analyzed Trustpilot scores, customer reviews, and identified common themes in user feedback.
- Pros and Cons: Summarized user-reported advantages and concerns for a balanced view.
- Eligibility and Fees: Reviewed criteria for account opening and the fee structure.
- Security and Protection: Checked financial protection measures, including FSCS coverage.
- Market Comparison: Compared Mettle with competitors to understand its market standing.
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 Deposit Cash with Mettle?
You can deposit cash at any Post Office or Paypoint with your Mettle account. You can add between £10 and £500 at any one time. There is a daily limit of £500, and an annual limit of £23k.
How Long do Mettle Bank Transfers Take?
Mettle transfers take between 1 and 5 days,
Is Mettle protected by FSCS?
As of 2023, Mettle is 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.
