Try Tide as an alternative to Metro's business account
- Award-winning, smart, simple business account
- The hassle-free account for your business
- Get your sort code and account number in minutes
Updated
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.
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
Cons
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.
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.
We’ve taken a look at some of the best trading apps in the UK and explained who they’re best suited to. Our table compares fees and services too.
Currently over a quarter of Brits (27%) say they have at least one bank account with a digital-only bank. This is a percentage increase of 16% from last year when 23% of Brits said they had an account with a digital bank. It is also over 3 times the amount of Brits who had one in January 2019 (9%).
Find out the cheapest way to buy shares on Asia’s largest stock exchange.
We’ve put together some tips and information on how to open a business bank account in the UK as a non-resident.
Contractors usually need a business bank account, so we’ve put together a guide on how to find one that works for you.
Business overdrafts can be a useful safety net, but be aware of fees and charges.
Looking to set up your own business but not quite ready to get a proper office? You can definitely run your company from home, once you’ve taken care of a few details.
Learn what business breakdown cover includes, what policies are available and how to get the best cover for your business needs.
Revolut Plus is the latest current account to be offered by digital banking brand Revolut – we take a look at its features and fees.
Cash flow can be hard to deal with, but the right business practices can make it easier to keep your company’s finances in good health throughout the year.