In this independent review, we take a look at Mettle, a NatWest-based, no-fee business bank account aimed at self-employed individuals and small businesses. We explore its key features, pros, cons and alternatives including Tide* and Wise* to help you decide whether Mettle is the right bank for your business.
What is Mettle?
Mettle is an app-based business bank account geared towards small businesses and self-employed individuals. It offers free business banking as standard, including perks like free accounting software via FreeAgent and the ability to invoice straight from the app. Those operating cash-heavy businesses can deposit cash via their local Post Office.
Mettle does lack some features that come as standard with other bank app-based bank accounts, such as the ability to deposit cheques, take out business loans, or have overdrafts. Mettle's biggest selling point is that it's free and simple to use. It's a no-frills business bank account which might be suited to newer businesses that are looking to save costs.
Mettle key features
Here is an overview of Mettle's key account features:
- No-fee business banking with no transaction costs or monthly fees
- Earn 1.46% AER in interest on deposits from £10 up to £1,000,000 if you use a savings pot
- Access to free accounting software with FreeAgent
- Integrations with popular accounting software like Xero and QuickBooks
- App-based business account designed for small businesses and freelancers
- Banking is possible via the Web too if you prefer to access information on your desktop
- Free in-app invoicing so you can create and send invoices on the go
- Pay in up to £500 per day in cash at your local Post Office branch (up to an annual limit of £23,000)
- Instant payment notifications as soon as you receive the payment
- In-app customer support where you can "talk to real humans"
- Apply in-app in minutes and get a quick decision
- FSCS-protected bank account backed by the NatWest group
Mettle account integrations
Mettle offers its customers free accounting software via FreeAgent. This perk is valued at £150 per year and is available to account holders who make at least one transaction a month through their Mettle account. If you do not make a transaction or you close your Mettle account and keep using FreeAgent, then the regular fees will apply.
Mettle also offers additional accounting integrations with Xero and QuickBooks if you prefer to use your own software. In addition to this, you can export your transactions in several different formats compatible with a range of accounting software such as Sage, Crunch, and Zoho Books.
Mettle business account fees
Mettle is a no-fee business bank account which means it's completely free to use. There are no monthly fees, no transaction fees and because Mettle doesn't support international payments, there are no FX fees to worry about either. Mettle also states that if it decides to introduce fees further down the line, it will ensure it gives its customers plenty of notice before any changes are implemented.
Who is eligible for a Mettle business bank account?
You're likely to be eligible for a Mettle business bank account if:
- You're a sole trader (self-employed) or a limited company with no more than two owners
- Your company is based in the UK
- Your company's owners are UK residents
- You don't plan on having a balance above £1,000,000 in your account
- You have an iOS or Android device
As you can tell, the Mettle account is only really suited to small businesses with a relatively modest turnover who are happy with a web-based (or app-based) bank.
How to open a Mettle account
To open a Mettle business bank account, you'll need to download the Mettle app via the App Store or Google Play store. You can also download it using a QR code on the Mettle website. Once you've downloaded the app, you'll be able to complete the application. This will include questions about you and also the nature of your business.
You will need a valid ID as part of the application process and this can include:
- A valid passport
- A UK driving licence
- A UK residence permit (BRP)
- A national identity card from the EU
The application only takes a few minutes to complete and you should be up and running within 72 hours of downloading the app. The Mettle team may reach out with some further questions about your business in some cases, but the process should be relatively straightforward.
Mettle account alternatives
There are lots of business banking alternatives on the market right now. Among the more popular options are Wise and Tide. We explore these in more detail below.
Wise
Wise is particularly well-suited to businesses which operate internationally and need to be able to make and receive international payments. It serves more than 300,000 business customers around the globe and users can set up business account details in 9 currencies. Account integrations with popular software like Xero, QuickBooks, and FreeAgent make it easy to manage your finances in-app. With Wise, you can also earn up to 4.46% interest on your funds held via Wise Interest (a 0.56% annual fee applies).
Check out our independent Wise review if you think it might be the right choice for you.
Tide
Tide offers a business bank account via its partnership with ClearBank. The platform comes with lots of attractive features such as built-in accounting and a savings account where you can earn up to 3.55% AER variable interest on your savings. There are no monthly fees with Tide's free account, but there are transaction charges so it isn't completely free like Mettle. There are also paid options which come with additional features like legal helplines, phone support, and even cashback.
Check out our independent Tide business review if you think it might be the right choice for you.
Mettle vs Wise vs Tide
The table below sums up the key features offered by Mettle, Wise, and Tide to help you compare the three bank accounts and decide which one is a better fit for your needs.
| Mettle | Wise* | Tide* | |
| Monthly fees | Free | Free | Free/ £9.99/ £18.99/ £49.99 + VAT |
| Receiving local payments | Free | Free | £0.20p or free with some paid plans |
| FX fees | Not applicable | From 0.33% | 0.5% |
| Savings account with interest |  |
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| Overdraft |  |
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| Business loans | |
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| Accounting integrations | |
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| Invoicing | |
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| International payments | |
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| Cheque payments | |
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| Cash payments | |
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| Trustpilot score | 4.6 out of 5 | 4.3 out of 5 | 4.0 out of 5 |
Pros and cons of Mettle
The table below sums up the pros and cons of having a Mettle business bank account to help you decide whether it's right for you.
| Advantages of a Mettle business bank account | Disadvantages of a Mettle business bank account |
| NatWest-backed business bank account | Can't access credit including government-backed loans or overdrafts |
| Completely free business banking | Can't make cheque deposits |
| Access to free accounting software with FreeAgent + other integrations | Can't make international payments |
| Can pay in cash at Post Office branch | No in-branch support |
| Can earn interest on balances in savings pots | No balances above £1,000,000 |
Is your money safe with Mettle?
Mettle is an FSCS-protected bank account which means your deposits are protected up to £85,000. It's also part of the NatWest group which is a major player with a good track record spanning decades. As such, your funds are as safe with Mettle as they would be with any other high street bank account.
Mettle customer reviews
Mettle's reviews are overwhelmingly positive. Mettle has a 4.6 out of 5.0 score on Trustpilot based on more than 3,900 reviews giving it an overall "Excellent" rating. 83% of reviewers gave Mettle a 5-star rating, while just 7% gave it a 1-star rating.
Those who gave it a 5-star rating felt the FreeAgent integration worked well. It was particularly popular among people with new or small businesses who stated they would have struggled with the fees associated with traditional banking accounts. However, several bad reviews complained about poor customer service experiences and technical difficulties faced when making payments which sometimes resulted in third-party late fees.
Mettle customer service
As a primarily app-based bank, Mettle doesn't offer in-branch customer service. Instead, you can contact Mettle customer service in-app via the chat function. You can also email Mettle at [email protected] or ring them on 0800 0987 765. They are available Monday to Friday from 8 am to 8 pm and Saturday to Sunday from 9 am to 5 pm.
Is Mettle a good business account?
Mettle is a solid business account choice for micro-businesses, self-employed individuals, or those just starting out. It offers free accounting software, integrations with other popular accounting software and it's also backed by NatWest. Its high Trustpilot score (4.6 out of 5.0) speaks to high customer satisfaction. Its simple interface makes it possible to manage your banking on the go.
That being said, it lacks overdrafts and you won't be able to access any form of credit with a Mettle bank account. In addition to this, there is no way to deposit cheques or make international payments. As such, it won't suit all businesses, particularly freelancers such as web developers or content writers who may work with international clients. Business accounts such as Wise or Tide are not completely free but tend to offer more features such as international payments and higher interest rates on savings accounts.
Ultimately, it comes down to what you need from a business bank account. If Mettle's features work for you, it's a good, free option to get you started.
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