Open an account with Tide
- Free business Mastercard
- No foreign transaction fees
- In-app support
- Invoice directly from your Tide app
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 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.
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 25 different currencies at the same price.
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.
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