Metro Bank Business

Metro Bank business bank account comparison and review

With four different account options, Metro Bank has many irons in the fire of business banking.

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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.

Compare Metro Bank’s business accounts

Name Product Finder score Account fee Bank transfers Requires credit check Arranged overdraft Account management Key benefits Business bottom txt Link
Commercial Account
Not yet rated
Free
£0.50
Branch, online, app & phone
View details
Business Bank Account
Not yet rated
£6 per month. Fee waived if account balance £6000+
£0.30
Branch, app & phone
View details
Client Premium Deposit Account
Not yet rated
Free
Free
Branch, online, app & phone
View details
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Name Product Interest rate and type Interest paid Invest Term Open via Incentive Table product description Apply link
Metro Bank – Community Fixed Term Deposit Account
3.7% AER fixed
Monthly
£5,000 - £10,000,000
1 year
Open via: branch
Go to site
View details
Metro Bank – Community Fixed Term Deposit Account
3.7% AER fixed
On maturity
£5,000 - £10,000,000
1 year
Open via: branch
Go to site
View details
Metro Bank – Flexible Client Term Deposit Account
3.7% AER fixed
On maturity
£500,000 - £10,000,000
1 year
Open via: branch
Go to site
View details
Metro Bank – Business Fixed Term Deposit Account
3.7% AER fixed
On maturity
From £5,000
1 year
Open via: branch
Go to site
View details
Metro Bank – Business Fixed Term Deposit Account
3.7% AER fixed
Monthly
From £5,000
1 year
Open via: branch
Go to site
View details
Metro Bank – Flexible Client Term Deposit Account
3.3% AER fixed
On maturity
£500,000 - £10,000,000
2 years
Open via: branch
Go to site
View details
Metro Bank – Business Fixed Term Deposit Account
3.3% AER fixed
Monthly
From £5,000
2 years
Open via: branch
Go to site
View details
Metro Bank – Business Fixed Term Deposit Account
3.3% AER fixed
Yearly
From £5,000
2 years
Open via: branch
Go to site
View details
Metro Bank – Flexible Client Term Deposit Account
2.8% AER fixed
On maturity
£500,000 - £10,000,000
3 years
Open via: branch
Go to site
View details
Metro Bank – 95 Day Notice Account
2.35% AER variable
Monthly
£1 - £10,000,000
95 days notice
Open via: branch
Go to site
View details
Metro Bank – 95 Day Notice Account
2.35% AER variable
Yearly
£1 - £10,000,000
95 days notice
Open via: branch
Go to site
View details
Metro Bank – 95 Day Notice Account
2.34% AER variable
½ Yearly
£1 - £10,000,000
95 days notice
Open via: branch
Go to site
View details
Metro Bank – Business Fixed Term Deposit Account
2.31% AER fixed
On maturity
From £5,000
182 days
Open via: branch
Go to site
View details
Metro Bank – Business Fixed Term Deposit Account
2.3% AER fixed
Monthly
From £5,000
182 days
Open via: branch
Go to site
View details
Metro Bank – 60 Day Notice Account
2.1% AER variable
Yearly
£1 - £10,000,000
60 days notice
Open via: branch
Go to site
View details
Metro Bank – 60 Day Notice Account
2.1% AER variable
Monthly
£1 - £10,000,000
60 days notice
Open via: branch
Go to site
View details
Metro Bank – 60 Day Notice Account
2.09% AER variable
½ Yearly
£1 - £10,000,000
60 days notice
Open via: branch
Go to site
View details
Metro Bank – 35 Day Notice Account
1.85% AER variable
Monthly
£1 - £10,000,000
35 days notice
Open via: branch
Go to site
View details
Metro Bank – 35 Day Notice Account
1.85% AER variable
Yearly
£1 - £10,000,000
35 days notice
Open via: branch
Go to site
View details
Metro Bank – 35 Day Notice Account
1.84% AER variable
½ Yearly
£1 - £10,000,000
35 days notice
Open via: branch
Go to site
View details
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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.

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.

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.

Metro Bank business account fees

You should be ready for a relatively long series of fees, which include:

  • Account maintenance fees. There’s no monthly fee if you keep a minimum balance on the account, but it becomes £6 if your balance drops under £6,000 during the month. The commercial account and the community current account both 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 on 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. These are a bit expensive. SEPA transfers are £10 each and international payments are £25. You may want to make the acquaintance of Wise for this.

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

Security

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 with long opening hours
  • A wide range of account options
  • You can manage all your accounts from the same app
  • You can load cash on 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.

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.

Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.

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