Metro Bank business bank account comparison and review
With four different account options, Metro Bank has many irons in the fire of business banking.
![Metro Bank Business Metro Bank Business](https://www.finder.com/niche-builder/5d5169822d518.png)
Metro Bank was founded in 2010 as a high-street challenger, and while most new banks are online-only, this one has branches across the UK that stay open up to 12 hours a day.
Besides going all-in with customer services, Metro Bank has also developed a wide range of products. In this article we look at its business accounts.
Metro Bank offers different business account types depending on what your business does and how much it earns:
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.
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.
You can only apply in person at a Metro Bank branch, and 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, if you aren’t the kind of owner who believes in Sunday relax, you can even do it on weekends. They’ll usually print the card 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, overdrafts options and cheques if you need them. You can also load cash for a 0.50% fee on the transaction amount.
You should be ready for a relatively long series of fees, which include:
The foreign currency account, which can be opened only if you already have another Metro Bank business account, also has account maintenance fees that vary according to the minimum balance and to the currency you’re opening the account in. For example, in euros it costs €5 (around £4.50) a month, which become €15 (around £13.50) if you have less than €2,000 (around £1,800) in your account. Full account and transaction fees in all available currencies are here.
Compare the fees of popular business bank accounts
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.
Email support | |
---|---|
Telephone support | |
In-app or live chat | |
Contact form | |
Branch support |
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.
If you trade in more than one currency, Metro Bank’s foreign currency accounts probably aren’t the easiest or the cheapest option around. For example, you may be better off with Revolut, which offers 28 different currencies at the same price.
Get started by visiting Metro Banks’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.
We explore how to find the right bank account if you’re a freelancer.
Looking for sign-up deals and bonus codes for a new Tide account? Check out your latest options.
We look at business survival rates, how the chance of business failure varies between industries and some of the reasons businesses stop trading.
We explore the latest small business statistics in the UK, including the number of SMEs and how this varies between industries and regions.
43% of Brits have a side hustle in 2024. The average income from side hustles in the UK is £207 a week or £900 a month.
Discover how opening a business bank account could benefit your e-commerce business.
We’ve put together some tips and information on how to open a business bank account in the UK as a non-resident.
Discover everything you need to know about opening a business bank account if you’re self-employed
Mettle is a spin-off venture from parent bank NatWest – find out more about what this business banking app has to offer small businesses.
Challenger Countingup draws accounting and business banking together in one account. Our review looks at how it works and what it costs.