NatWest’s Mettle digital business account is geared toward sole proprietors and other small businesses. Keep reading for a detailed analysis or product comparison.
Analyzing Commercial Accounts at Mettle
In 2018, NatWest Group launched Mettle, a free, fully in-app business account tailored to sole proprietors and limited liability companies, as a way to compete in the challenger banking space.
That translates to not only not having to pay any sort of monthly fee, but also not having to pay any sort of transaction fee for things like making payments or getting cash out of an ATM.
Below, you’ll learn about the benefits and drawbacks of a Mettle business account, as well as the features it offers and how it stacks up against competing business solutions.
The benefits and drawbacks of Mettle
There are a few things to keep in mind to determine if a Mettle business checking account is the best fit for your company’s financial needs.
The Benefits of a Mettle Business Account
- There are no hidden fees, and there is no minimum balance required.
- Created for sole proprietors and small businesses, both well-established and fledgling.
- Access to FreeAgent accounting software without cost and seamless integration with other leading monetary management systems.
- Old-fashioned, human-powered help via conventional channels like email, phone, and in-app chat.
- It’s possible to make and send invoices bearing your company’s branding directly from your mobile device.
- Upon approval of your application, your account will be activated within 72 hours (excluding weekends).
The Downside to a Business Account with Mettle
- Although Mettle is a subsidiary of the NatWest Group, in-branch assistance is not available.
- No ability to get a loan from the government or use other forms of credit like overdrafts or credit cards.
- There will be no wire or check deposits from abroad.
- No additional cardholders can be added at this time.
Which Mettle packages are available?
Mettle does not employ a pricing structure that creates tiers for access. It has just one plan available, and it’s a free one: a business checking account accessible via mobile app.
You will enjoy the same benefits and options whether you operate as a sole proprietor or a small company.
When using Mettle, what benefits do you get?
When you sign up for a Mettle business account, you’ll gain access to a suite of tools and resources made specifically for freelancers, entrepreneurs, and small businesses.
Some of these characteristics are:
- All financial dealings in the United Kingdom, including deposits, withdrawals, and transfers, are free of charge.
- You can get a prepaid debit card for your company’s bank account for free.
- Payments can be scheduled from any location with the Mettle app.
- Your accountant can access your Mettle business account or you can connect it to a third-party accounting program like Xero or Quickbooks.
- Using Money Pots, you can save up for things like taxes and unexpected expenses.
- Free use of the potentially £150 per year accounting software FreeAgent (T&Cs apply).
- With this app, you can easily create and send professional-looking invoices right from your phone, complete with your brand’s logo.
- Streamlined accounting features like exporting expense data and attaching receipts to transactions reduce manual labor.
Person-to-person help via phone, email, and within the app itself.
When compared to other online banks, how does Mettle fare?
The table below shows how Mettle compares to other online business checking account options.
Setting up a Mettle account for your company
Mettle makes it simple to open a business account; the application process typically takes no more than 10 minutes. In the following 72 hours, your application will be reviewed and either accepted or declined (excluding weekends).
The Requirements for Opening a Business Account with Mettle
Make sure your company qualifies for a Mettle business account before submitting an application. Your first requirement is to be:
a UK resident with a UK phone number who is at least 18 years old and who has registered to do business in the UK
With regards to the finer points of your company, you must:
Maintain a ‘active’ status with Companies House as a sole proprietorship or a limited liability company with a minimum of one director.
Keep no more than £50,000 in your personal account or £100,000 in your business account.
Consequently, organizations like PLCs, Unltds, LLPs, and charities cannot open a Mettle business account.
Mettle also doesn’t back a few common business practices. Industries like the production of alcoholic beverages, pornographic media, gambling, and digital currencies are included here.
Settling into a Mettle business account
If you are, then you can get the Mettle app from the App Store or Google Play.
Following that, you’ll be prompted to enter your information, which may include:
photo identification (driver’s license or passport) a selfie video recorded within the app to verify your identity (photo ID) the names of all company shareholders (at least one must be a “person of significant control”)
When applying to Mettle, you may be asked for additional details.
council tax bill, utility bill, or UK driver’s license showing current address
A copy of your VAT registration or a utility bill in your business name will suffice as proof of trading.
Before a final decision is made on your application, you may also be asked to engage in an in-app chat to discuss the specifics of your business.
To learn more about opening an online business bank account, click here:
What do people think of Mettle?
Mettle has been praised by many outlets since its 2018 release:
Over 2,100 reviewers have given Trustpilot a 4.6 out of 5, with 81% giving it a perfect score of 5 stars.
Based on 13,100 ratings, Apple Store receives 4.9 out of 5 stars.
More than 4,800 happy customers have given this game a 4.8/5 rating on Google Play.
This data is current as of December 2, 2022.
A Mettle business account provides sole proprietors and small businesses with a free, mobile banking solution for handling financial transactions.
Since Mettle doesn’t charge any fees for making transactions, you can use it to make free wire transfers within the UK, as well as free deposits and withdrawals from ATMs. Either use the included FreeAgent accounting software, or connect your existing accounting program. It also enables you to add your company’s logo to invoices you send.
Keep in mind, though, that funds in a Mettle business account are not covered by the FSCS in the event of a financial disaster. Even though Mettle offers live chat, email, and phone support, it is not possible to do any business banking in a physical branch.
Mettle Bank Account Information for Businesses
Exactly what does “Mettle business banking” entail?
The NatWest Group PLC, in conjunction with Prepay Solutions, introduced their electronic money business bank account Mettle in 2018. (PPS).
It’s made for one-person businesses and limited companies with at least one director, but not for limited liability partnerships or PLCs (LLP).
Do you use Mettle as a bank?
Mettle is owned by the NatWest Group, but it is not a legitimate financial institution. Instead, it provides its customers with a Prepay Solutions electronic money account (PPS).
As a result, you won’t be able to use your Mettle company account to get a line of credit, among other things.
Is it safe to put money in my Mettle account?
In spite of Mettle’s FCA authorization, business accounts are not FSCS-insured.
Any funds you deposit into your Mettle account will be considered “at risk,” meaning you will not be eligible for compensation under the scheme in the event of a loss. However, because of FCA compliance, your funds are safely segregated in a client account and would be protected in the event that Mettle went bankrupt.
What is the procedure for setting up a business account on Mettle?
Mettle is a free business banking app that enables you to perform many everyday banking tasks from your smartphone.
This entails handling monetary transactions, invoicing customers, and maintaining financial records.
Only sole proprietors or limited liability companies with at least one director are eligible to open a Mettle business account.
Is there a mobile app for the Mettle business account?
That’s right, you can get to everything in your business account on Mettle from the mobile app. It works on both iOS and Android devices.
How about the more standard forms of help, does Mettle provide those?
If you have any questions or or concerns about your Mettle account, you can contact a real person via in-app chat (accessed by tapping “Get help”), email, phone.
Monday through Friday from 8 a.m. to 8 p.m., and Saturday and Sunday from 9 a.m. to 5 p.m. are the times that customer service is available for the platform.
However, NatWest locations do not offer Mettle customer service.
How do I register my company for a Mettle account?
Beginning a Mettle business account couldn’t be simpler.
- Mettle is available in the App Store and on Google Play; all you have to do is download it and register. It ought to take no more than a few minutes.
- We will then review your application and notify you of our decision within 72 business hours (not including weekends).
- Be sure, though, that your business qualifies for a Mettle account before proceeding. In order to:
- carry out business as a legitimate entity within the UK.
- have a UK telephone number and be at least 18 years old and a resident of the UK.
- trade as a sole proprietorship or operate as a limited liability company with at least one director.
- Mettle also doesn’t back a number of industries, including making alcoholic beverages or running gambling operations.