Metro Bank was founded in 2010 as a high-street challenger, and while most new banks are online-only, this one has high street branches. When it first launched, Metro Bank’s branches stayed open for up to 12 hours a day and operated on weekends. However, it has since reduced its weekday opening hours to 9.30am to 5pm, while only some branches open on Saturdays and all are now closed on Sundays to reflect the increased use of digital banking by customers.
In this article we look at Metro’s business accounts.
To make comparing even easier we came up with the Finder Score. Fees, features and customer service across 20+ of the most popular banks are all weighted and scaled to produce a score out of 10. The higher the score the better the account – simple.
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What is a Metro Bank business account?
Metro Bank offers different business account types depending on what your business does and how much it earns:
Business account. For businesses with up to £2 million of annual turnover.
Commercial account. For businesses with more than £2 million of annual turnover. Fees work a bit differently, and you’ll need more documents to open one, but apart from that it’s quite similar to a standard business account.
Foreign currency account. For businesses trading in more than one currency. You don’t get a card, but you can open an account for each currency you trade in.
Community current account. For clubs, societies and charities. Again, this is mostly a standard business account, but cheaper.
Insolvency practitioner current account. For insolvency professionals. Holds funds in trust, with the ability to make and receive payments on your clients’ behalf.
Metro Bank also offers business savings accounts. They can all be managed through the Metro Bank mobile app, including your Metro Bank personal accounts if you have any. The app is smart, easy to use and has some handy features, such as personalised spending reports. It also matches most digital banks’ apps for efficiency.
How does a Metro Bank business account work?
To apply for the standard business account, you must be at least 18, at least half of your business’s directors or beneficial owners must be living in the UK, and at least 50% of your business’s shares must be owned by UK residents. Your business must only be owned by individuals, not a parent company.
You can only apply in person at a Metro Bank branch, unless your application is for a business with multiple directors. In this instance, you can apply online if you have an invite code.
When you open an account in branch, you’ll need to bring your proof of identity and address together with those of all account operators and people who control 25% or more shares of the company. You don’t need an appointment and your card will usually be printed in the store on the same day and you’ll be ready to go immediately.
It is a full business account that comes with a debit card, overdraft options and cheques if you need them. You can also deposit cash in store for a 1% fee on the transaction amount.
Metro Bank business account fees
If you make a full switch to the standard Metro business bank account, you won’t pay any monthly account or transaction fees for the first two years. If you don’t, or if you open another business account, these are the fees you can expect to pay:
Account maintenance fees. There’s no monthly fee if you keep a minimum balance in the standard account, but you’ll be charged £8 each month your balance drops under £6,000. The commercial account, community current account and insolvency practitioner account all come with no monthly fee.
Transaction fees. By “transaction”, Metro Bank means card payments, ATM withdrawals, direct debits and money transfers in the UK. If you keep £6,000 or more in your account, you get 30 a month of those for free; it’s £0.30 each after that, or if the balance goes below £6,000. The commercial account has its own pricing table, while the community account includes 200 free UK transactions per month (£0.30 after that).
Currency exchange fees. You can use your card and withdraw cash for free inside the SEPA area, which includes most European countries, but there’s a 2.99% currency exchange fee in other overseas countries, plus £1.50 for each ATM withdrawal.
Fees for money transfers abroad. SEPA transfers are £0.20 each and international payments are £25.
Your money is safe with Metro Bank. It’s a UK-licensed bank, and the Financial Services Compensation Scheme (FSCS) protects all deposits up to £85,000, as is customary with UK banks.
There’s a PIN for the card and you can access the app with either your fingerprint or a passcode.
Pros and cons
Pros
Physical branches
A wide range of account options
You can manage all your accounts from the same app
You can deposit cash into the account
You can use the card in Europe for free, including free cash withdrawals
You can link it to accounting software Xero
Safe and secure
Cons
The fee system is complicated
Using the card outside of Europe comes with a fee
No interest on your balance
Foreign currency accounts don’t come with their own card
Customer service information for Metro Bank
Email support
Telephone support
In-app or live chat
Contact form
Branch support
Our verdict
Considering the wide range of products available, chances are that you’ll find something that can work for you. Metro Bank is weaker than some digital challengers when it comes to small businesses – there isn’t a product specifically tailored for them. However, it’s also true that the regular business account can mostly work just fine.
As far as fees are concerned, Metro Bank business accounts aren’t especially expensive, but it really depends on how much you use them, how much money you keep in them and how you manage your business’s finances – which doesn’t exactly make the pricing system straightforward and user-friendly.
Get started by visiting Metro Bank’s website and sign up for an account. If you have read this review and decided that Metro Bank’s account is not for you, you can also compare other business bank accounts on the market.
Frequently asked questions
No, it doesn’t. But Metro Bank also has business savings accounts that do.
No, it doesn’t. But it does have a partnership with Xero, a widely used accounting software.
Yes, you can. Metro Bank says that it won’t take more than seven days.
Opening times are 9.30am to 5pm on weekdays, and 9.30am to 4pm on Saturdays – although not all branches are open on Saturdays. No branches open on Sundays or Bank Holidays.
Yes, you can. The call centre is open Monday to Friday from 9am to 6pm. However, you can call to report fraud, scams or a lost or stolen card 24/7.
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Valentina Cipriani was a writer at Finder UK. She wrote news, features and guides about banking and credit cards, helping people to improve their financial lives. She holds an MA in International Journalism. See full bio
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