Mettle Bank Business Account Review

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Mettle Bank Business Account Review

Mettle bank business accounts are designed for self-employed individuals, and they are entirely free. There are no monthly charges, and you will not be charged any transaction costs when you use your account. The Mettle app is highly rated and available on both Android and iOS platforms. So, if you are in search of an affordable and simple-to-use account for your day-to-day business transactions, this might be a good fit.

However, there are some limitations. Mettle bank business accounts are only accessible to sole proprietors and limited companies with up to two owners. There are also restrictions on the account balance. Furthermore, international payments, cheque deposits, and business overdrafts are not supported.

Key features of Mettle Bank Business Account

Here are some key features:

  • Designed for self-employed people
  • Completely free of charge
  • No monthly fees
  • No transaction costs
  • Highly rated app on Android and iOS
  • Suitable for everyday business banking
  • Available to sole proprietors and limited companies with up to two owners
  • Account balance restrictions
  • It does not support international payments, cheque deposits, or business overdrafts

Mettle bank business account pros & cons

Here are the pros and cons:

Pros:

  • No cost: Mettle bank business accounts are completely free, with no monthly fees or transaction costs.
  • User-friendly app: The Mettle app is highly rated and available on both Android and iOS platforms.
  • Designed for small businesses: The account is available to sole proprietors and limited companies with up to two owners.

Cons:

  • Limited availability: The account is only accessible to sole proprietors and limited companies with up to two owners.
  • Balance restrictions: There are restrictions on the account balance.
  • Limited services: The account does not support international payments, cheque deposits, or business overdrafts.

How do I sign up for a Mettle bank account?

To sign up for a Mettle bank account, follow these steps:

  • Get the Mettle app from the App Store or Google Play Store.
  • Fill out the form, Mettle will ask about you and your business.
  • Show your ID and a document for your business. You can use one of these IDs: A passport that’s still good An ID card from the EU A UK driving licence (the one with a photo) A UK Biometric residence permit (BRP)
  • After they say okay, you’ll get a number for your account and a sort code to start.

What are the benefits of using a Mettle bank account?

Mettle bank business accounts offer some benefits:

  • The accounts are completely free with no monthly or transaction charges.
  • Mettle’s business banking app is highly rated and available on both Android and iOS platforms.
  • Mettle offers an interest-paying savings pot.
  • The Mettle bank account has an increased account limit.
  • Mettle includes FreeAgent accounting software, saving you up to £150 a year.
  • Mettle comes with a useful invoicing system.
  • Mettle can integrate with accounting software like FreeAgent and Xero.
  • Mettle’s Tax Calculation feature, powered by FreeAgent, provides an up-to-date total of how much tax you are likely to owe.
  • Mettle notifies you when the money hits your account and matches the payment to your invoice.
  • Mettle offers online support through the app.
  • FSCS protects eligible funds up to £85,000.

Where Mettle bank business account falls short

  • Account Access: Mettle business accounts can only be accessed online or through the app. This means you can’t bank over the phone or at a branch. If your company is a limited one with two owners, however, only one owner is allowed to access the business bank account.
  • Account Balance Limits: Both individual business owners and limited companies can have a maximum balance of £1 million in their Mettle accounts.
  • Cheques: You can’t deposit cheques into Mettle business account.
  • Overdraft and Credit Facilities: At present, Mettle doesn’t provide business overdrafts or other types of business lending, such as credit cards or loans.
  • Eligibility: Mettle business accounts are only for individual business owners and limited companies with up to two owners. Public limited companies (PLCs), charities, limited liability partnerships (LLPs), and other non-profit organisations can’t open an account.

Can I link my existing business accounts to Mettle?

Yes, you can link your existing business accounts to Mettle. Mettle allows you to connect with accounting packages likeXero, FreeAgent, and Quickbooks. You can easily sign up through the Mettle app and to sync all your business transactions. 

However, please note that individuals and businesses are limited to one Mettle account. If you own more than one business, you may be able to open another Mettle account for the second business by contacting Mettle through the in-app chat.

Some Questions

What is a Mettle Bank? 

Mettle Bank is a digital bank offering free business accounts for self-employed individuals and small businesses.

How much does a Mettle account cost? 

A Mettle account is free, with no monthly fees or transaction charges.

Can I use Mettle for my business? 

Yes, if you are a sole trader or part of a limited company with up to two owners, you can use Mettle.

Are there any limits on Mettle accounts?

Yes, there are balance limits, and you cannot make international payments, deposit cheques, or get a business overdraft.

How do I open a Mettle account? 

Download the Mettle app, complete the application, verify your ID, and provide a business document.

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