“Digital-only business accounts have become more popular in the last few years – it’s not the case that you have to visit your local high street bank to open a business account any more,” says Finder’s banking publisher, Matthew Boyle. “Our comprehensive business banking section will also help you explore the business accounts which are currently available in the UK.”
Mettle business account review
Mettle is a spin-off venture from parent bank NatWest - find out more about what this business banking app has to offer small businesses.
Mettle is the first standalone business banking app to be offered by one of the high street banks, NatWest Group. Following a pilot phase, Mettle saw its full launch in November 2019, and looks to rival the mobile app-based business accounts already offered by challenger banks.
What's in this review?
What is Mettle?
Mettle is the first standalone business banking app to be offered by one of the high street banks, NatWest Group. It has been featured on our best business bank accounts guide with a standout mention for accounting software integrations.
NatWest’s new digital business account can be seen as a response to other challenger banks which have changed the face of banking in the last few years – reeling in customers by letting them open and manage bank accounts through their mobile phones as app based business banking, as well as offering great exchange rates for people who travel frequently.
Mettle lets business customers apply for an account in minutes, forecast business performance and create invoices. All of this is possible in its mobile app, which is designed to be easy to use, as well as free to use.
How does Mettle work?
Mettle offers its users a number of features, including:
- Fast application. Mettle will let customers open a business account in a matter of minutes.
- Invoicing. You can create and send customised invoices on the go. The app will let you know when you’ve been paid or if you need to chase.
- Reporting. You’re able to categorise business transactions to reduce admin and minimise errors. You can then export your data and share it with your accountant.
- Accounting. Mettle can connect to accounting packages like FreeAgent and Xero.
- Payments. You can schedule payments on the go and manage recurring payments directly from the app.
- Manage your cards. You can lock your card in the app if you think you’ve lost it, then just unlock it if the card shows up.
How to open a Mettle account
These are the steps to open a Mettle account:
- Download the Mettle app from the App Store or Play Store.
- Complete the application – Mettle will ask questions about you and your business.
- Verify your ID and provide a business document.
- Once approved, you’ll get an account number and sort code to get started.
 Mettle | |
| Account fee | Free |
| FSCS protected | |
| UK ATM charge | Free |
| Account software integration | |
| Accounting integrations | FreeAgent, Xero |
| Requires credit check | Soft search with no impact on credit score |
| Credit check | |
| Credit check details | Soft search with no impact on credit score |
| Key benefits | Comes with a suite of free accounting software to integrate with |
| Overdraft | |
| Freeze card from app or online banking | |
| Interest rate | 0% |
| Current account switch guarantee |
Doing business overseas with Mettle
Mettle | |
| Overseas transaction charge | Unable to make international payments |
| Overseas ATM charge | N/A |
| International transfer charge | Use exchange rates set by Mastercard |
Mettle fees, limits and pricing
- Mettle is free to join – you won’t be charged to download the app or to open an account.
- Mettle is free to use – there are no charges for transactions or for using any of the account’s features.
- There is a maximum account balance of £100,000 for limited companies and £50,000 for sole traders.
- There is a maximum payment out of the account limit of £10,000 per day.
Mettle customer reviews
As a relative newcomer, Mettle doesn’t yet have the same volume of customer ratings as some other business banking brands – although the app does score well in initial reviews. It has an average rating of 4.8 out of 5 from 1,000 reviews on the App Store, and 4.6 out of 5 from 130 ratings on Google Play.
On Trustpilot, Mettle only has around 80 customer reviews, receiving a mark of 3.0 out of 5, and a rating of Average. Some users praised the app’s functionality, while others complained about issues with the account opening process.
Is Mettle safe?
Mettle is separate from NatWest and is not a bank, so it isn’t currently covered by the Financial Services Compensation Scheme (FSCS). The FSCS protects money you’ve deposited in a bank up to £85,000 if it goes bust – this does not apply to Mettle.
In terms of the app, it has security processes in place to ensure the safety of your money. You can also freeze your card instantly in the app should you lose it.
Pros and cons of Mettle
Pros
- Instant and easy application process.
- No fees to join or manage your account.
- App lets you invoice and manage your money.
- User-friendly app with control over accounts and cards.
- Freeze your card in the app if you lose it.
Cons
- Currently not FSCS-protected, so your deposits of up to £85,000 aren’t covered.
- Maxiumum daily payment out limit of £10,000.
Our verdict
Mettle is an interesting digital play by parent company NatWest. But as it’s separate from the high street bank itself, unfortunately you can’t visit a NatWest branch to discuss your Mettle account. However, a digital-only business account with Mettle is free to open and use, and it has strong mobile banking features. It also comes with a useful invoicing system and the ability to integrate with accounting software like Xero. Time will tell if it’s successful enough to take on similar business account offerings from the likes of challenger rivals Starling and Monzo.
Compare Mettle against its competitors
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.
More guides on Finder
-
Loans for small businesses affected by coronavirus
Learn about government support and alternative options for businesses needing finance to help deal with the impact of coronavirus.
-
Compare joint business bank accounts
Discover how a joint business bank account works and why you might want to open one.
-
How many bank accounts do I need?
It’s common to have a few different bank accounts that each have a different purpose. Here’s how you may benefit from having multiple bank accounts and the traps to avoid.
-
Tide vs Monzo business: Which is the best business account?
Discover the key differences between the Tide and Monzo business bank accounts and which might suit you better.
-
Tide vs Revolut business: Which is the best business account?
Learn more about the key differences between the Tide and Revolut business bank accounts and which is likely to suit you better.
-
Mettle vs Starling business: Which offers the best business bank account
Discover key the differences between Mettle and Starling business bank accounts and what is likely to be best for you.
-
Best business banking apps for small business owners
Discover our list of the best business banking apps and how to find the best app for you.
-
Business bank accounts for non-UK residents
We’ve put together some tips and information on how to open a business bank account in the UK as a non-resident.
-
Business bank accounts for contractors
Contractors usually need a business bank account, so we’ve put together a guide on how to find one that works for you.
-
Business bank accounts with overdrafts
Business overdrafts can be a useful safety net, but be aware of fees and charges.
Ask an Expert