Mettle business banking review
Mettle is a UK-based digital business banking service offered by NatWest. It is designed specifically for freelancers, sole traders, and small businesses, providing an easy-to-use mobile banking solution with no monthly fees.
Key features of Mettle
1. Business current account
- No monthly fees: Completely free for business banking.
- Quick and easy digital onboarding: Open an account in minutes via the app.
- UK sort code and account number: Standard banking features.
- FSCS protection through NatWest: Deposits up to £85,000 are safeguarded.
- Physical and virtual debit cards: For everyday business expenses.
2. Payment and invoicing tools
- Instant UK bank transfers: Supports Faster Payments and BACS.
- Create, send, and track invoices: Built-in invoicing feature.
- Automatic payment categorisation: Helps track business expenses.
- Direct debit support: Enables automated payments for bills and suppliers.
3. Business insights and accounting integration
- Cash flow insights: Helps businesses track and manage income and expenses.
- Tax calculation support: Estimates tax liabilities for self-assessment.
- Integration with accounting software: Works with Xero, FreeAgent, and QuickBooks.
- Receipt capture: Upload and store receipts for expense tracking.
4. Digital banking experience
- Mobile-only banking: Fully app-based with no physical branches.
- Biometric login: Secure access with fingerprint and facial recognition.
- Real-time notifications: Get instant alerts for transactions and payments.
- 24/7 in-app support: Dedicated customer service available via chat.
Mettle fees and pricing
1. Business current account fees
- Monthly account fee: £0 (completely free to use).
- UK bank transfers: Free Faster Payments.
- ATM withdrawals: Free within the UK.
- Foreign transactions: FX fees apply for international payments.
2. Additional costs
- International payments: Exchange rates and fees apply.
- No lending options: No overdrafts or business loans available.
- Cash deposits not supported: Only electronic transactions are allowed.
Pros and cons of Mettle
Pros
- Completely free business banking with no monthly fees.
- Fast and easy setup via the mobile app.
- Integrated invoicing and expense tracking tools.
- Strong security features including biometric login.
- Seamless accounting software integration.
- FSCS protection via NatWest.
Cons
- No cash deposits supported.
- No lending or overdraft facilities available.
- Limited to digital and app-based banking only.
- No international business accounts.
How Mettle compares to competitors
| Feature | Mettle | Starling Business | Tide | Monzo Business |
|---|---|---|---|---|
| Business current account | Yes | Yes | Yes | Yes |
| Monthly fees | Free | Free | Free – £49.99 | Free – £5/month |
| Accounting integration | Yes | Yes | Yes | Yes |
| Cash flow insights | Yes | Yes | No | Yes |
| Overdrafts & loans | No | Yes | Limited | Yes |
| FSCS protection | Yes (£85,000 via NatWest) | Yes (£85,000) | No | Yes (£85,000) |
| Ideal for | Freelancers, sole traders | SMEs, startups | Startups, SMEs | Freelancers, SMEs |
Who should use Mettle?
- Freelancers and sole traders: Ideal for self-employed individuals.
- Startups and small businesses: Provides essential financial tools without fees.
- Businesses using accounting software: Easy integration with Xero, QuickBooks, and FreeAgent.
- Entrepreneurs looking for mobile-first banking: Fully digital experience with robust features.
Our verdict
Mettle is a modern, mobile-first business banking solution tailored for freelancers, sole traders, and small businesses. It offers free business banking, smart financial tools, and seamless integration with accounting software.
However, its lack of cash deposits, overdrafts, and lending options may not suit businesses requiring full banking services. For those looking for a simple, cost-effective, and digital-first banking solution, Mettle provides a strong alternative to traditional banks.