Mettle Bank by NatWest: Mettle Business Account Review

Mettle is a free online-only business bank account designed for sole traders and limited companies in the UK. It is operated by the regulated bank NatWest and has been competing in the UK's challenger bank space since 2019.

In our Mettle business bank account review, we learn about the pros and cons of Mettle accounts, banking services, fees, and customer reviews in 2024.

What Monito Likes About the Mettle Business Account

• Free to join and use, with no monthly fees or transaction charges;
• Free use of FreeAgent account software, or integrates with others;
• Set up within 72 hours of applying;
• One simple, free plan instead of tiered pricing;
• Free UK transactions & ATM withdrawals.

What Monito Dislikes About the Mettle Business Account

• No in-branch support for Mettle, as it's an e-money account;
• No direct access to loans, overdrafts, or credit cards;
• No international transfers or cheque deposits;
• Maximum balance limit of £50k or £100k;
• Not currently insured by the FSCS.

Mettle Business Account Services and Quality

In this section, we explore the business bank account services offered by Mettle by NatWest. It is regualted by the FCA in the UK and owned by NatWest, a trusted and licensed bank.

Mettle is not insured by the Financial Services Compensation Scheme (FSCS). However, the company does use ring-fenced accounts to completely segregate client funds from other company activity.

Mettle.co.uk

Accounting Management

Mettle provides various accounting management tools that help make it easy to manage your finances. Mettle integrates with accounting software such as Xero or Quickbooks. This allows you to easily keep track of your finances, and share financial information with your accountant in real-time.

Mettle also allows you to set aside funds for taxes or emergencies with Money Pots. The platform simplifies your bookkeeping with easy transaction categorization and receipt capture, which makes it easy to track expenses and income.

Business Transactions

Mettle offers a range of features that provide flexibility and security for your business transactions. You can schedule payments through the mobile app. Mettle also makes it easy to pay with your phone through Apple Pay and Google Pay. In case you lose your card, you can freeze or unfreeze it from the app, which is a handy feature.

The invoicing feature sends instant alerts when you've been paid, which helps you keep track of your income. It also allows you to track payments and chase late payments. With digital receipt capture, you can add receipts to transactions and have a full record of your expenses.

Mettle Business Banking Account Fees and Exchange Rates

Mettle accounts are free to open and they have an excellent fee schedule. This includes no transaction fees, free UK transfers, cash deposits and ATM withdrawals, and a free prepaid debit card attached to your business account. They charge no monthly maintenance fees too.

While you can integrate Xero or Quickbooks into your Mettle account, you can also enjoy free access to the online accounting software FreeAgent, which is a Mettle partner. Easily sign up through the Mettle app and sync all your business transactions. Track expenses and cash flow, and let the software calculate your taxes for you.

Mettle.co.uk

Mettle International Payments and Foreign Exchange

Mettle does not support international payments at this time. For multi-currency accounts that charge no monthly fee and apply live rates to your conversions, check out our guide on the best multi-currency business accounts on the market.

As a business customer, these international business banking alternatives will allow you to open balances in EUR, USD, and other foreign currencies. If you want to find the best service for your specific country-to-country transfer, use our comparison engine below.

Mettle Business Banking Customer Satisfaction

Mettle has been reviewed thousands of times and has ranked very well on Trustpilot, the App Store, and Google Play.

On Trustpilot, Mettle has a satisfaction score of 4.6 out of 5, based on 2,200 reviews. On the Apple Store, it has a 4.9 out of 5, based on over ‎14,200 reviews, while it has a 4.8 out of 5 on the Google Store based on over 4,800 reviews.

Mettle Customer Support Contact Number

For support with opening or managing your Mettle, you can email support@mettle.co.uk or call 0800 069 8380.

We provide a summary of pros and cons from customers below:

Positive Mettle Reviews

• Simple and easy to use;
• Praise for the automatic saving feature;
• Easy to link to accounting software.

Negative Mettle Reviews

• Some large customer payments require approval;
• Difficult to retrieve account if you lose your phone;
• App security sometimes blocks legit transactions.