In the ever-evolving landscape of digital banking, the Mettle bank account has emerged as a unique solution for entrepreneurs and small business owners in the UK. Unlike traditional banks, Mettle is a digital-only bank offering features designed to simplify business banking. The Mettle bank account is a free, digital-only business bank account designed for UK sole traders and small limited companies. It operates under the NatWest Group and was launched in 2018 as part of NatWest’s push to offer more innovative, flexible banking solutions. Mettle is regulated by the Financial Conduct Authority (FCA) and is part of a broader trend of “neobanks” that operate without physical branches and rely solely on mobile and online platforms.
Unlike many traditional banks, which charge business customers for services, Mettle offers a fee-free account that covers many essential business needs. Its core features include real-time transaction tracking, invoicing capabilities, and integration with accounting tools, making it a go-to option for business owners looking for convenience and efficiency.
Mettle’s Origins and History
Mettle was launched in response to growing demand for flexible, modern banking solutions. The rise of digital-only banks, such as Monzo and Starling, created a significant shift in how consumers and businesses viewed banking. With more people turning to mobile banking, Mettle was designed to cater specifically to business owners who needed quick and efficient ways to manage their finances.
Mettle was officially launched in beta in 2018 and fully rolled out in 2019. NatWest developed the service to address the needs of small business owners, freelancers, and entrepreneurs, whose requirements were often overlooked by traditional banks. By combining innovative features with NatWest’s trusted infrastructure, Mettle created a business account that stands out from its competitors .
What Makes Mettle Business Account Special in the UK Market?
Several factors set Mettle apart from other business bank accounts in the UK. These unique offerings and features cater specifically to small businesses, freelancers, and sole traders:
1. Completely Free Account
Mettle offers a fully fee-free business account. This is a huge selling point in a market where most banks charge for business banking services. For small businesses, every pound counts, and avoiding unnecessary fees can be a significant advantage. With Mettle, there are no monthly maintenance fees, no fees for payments, and no hidden charges.
2. Mobile-First Banking
As a digital-only bank, Mettle’s banking services are accessed entirely through its mobile app and online platform. This aligns with the growing trend of mobile banking in the UK. According to UK Finance, mobile banking usage has been steadily increasing, with more than half of adults using their mobile phones for banking by 2023. Mettle capitalizes on this trend by offering a streamlined app that allows users to manage everything from transactions to invoicing on the go .
3. Real-Time Transaction Tracking
Mettle offers real-time transaction tracking, a feature that’s particularly beneficial for businesses looking to keep a close eye on cash flow. Business owners can see payments coming in and out of their accounts instantly, allowing them to maintain a real-time view of their financial position. This functionality is essential for managing day-to-day operations efficiently and ensuring that funds are available when needed .
4. Invoicing Tools and Payment Reminders
A standout feature of the Mettle bank account is its built-in invoicing tools. Users can create, send, and track invoices directly from the Mettle app, simplifying one of the most time-consuming aspects of running a business. In addition to creating invoices, users can set up payment reminders to ensure that clients pay on time. This feature is invaluable for small business owners who often struggle with late payments and cash flow issues .
5. Integration with Accounting Software
For business owners, especially sole traders and freelancers, accounting can be a major hassle. Mettle integrates seamlessly with popular accounting tools like FreeAgent and Xero, making bookkeeping easier and more efficient. Transactions from the Mettle account are automatically synced with the accounting software, reducing the time spent manually inputting financial data . This integration ensures that businesses stay on top of their financial obligations, including tax returns and VAT submissions.
Is Mettle Only Available in the UK?
Yes, as of now, the Mettle bank account is only available to UK-based businesses. This UK-exclusive status is primarily due to Mettle being part of the NatWest Group, which operates within the UK banking regulations. Businesses that are registered in the UK and have UK-based directors can open a Mettle account, making it a highly localized service tailored specifically to the needs of UK entrepreneurs and sole traders .
While it is only available in the UK, Mettle’s popularity is steadily growing. Its focus on mobile-first, digital banking and the free account structure has attracted many small business owners. Whether Mettle will expand its operations beyond the UK remains to be seen, but for now, it remains one of the top choices for business banking within the UK.
Mettle’s Business Account Features and Benefits
1. Customizable Account Management
Mettle’s app is designed for flexibility and ease of use. Users can customize their account settings to suit their business needs, allowing them to manage multiple clients, categorize transactions, and set up notifications for important updates. This customization ensures that the app remains relevant and functional across various business types.
2. Financial Security and Trust
Though Mettle is a digital-only bank, it benefits from the trust and reliability associated with NatWest, one of the UK’s oldest and most well-regarded banks. Mettle customers are covered under the Financial Services Compensation Scheme (FSCS), meaning that up to £85,000 of their deposits are protected should the bank encounter financial difficulties. This added layer of security gives small business owners peace of mind .
3. Simple Application Process
Opening a Mettle bank account is quick and straightforward. Business owners can apply for an account entirely through the mobile app in a matter of minutes. There’s no need for physical paperwork or lengthy approval processes. Applicants are typically approved within a few days, provided they meet Mettle’s eligibility criteria (e.g., being a UK resident and running a UK-registered business) .
4. Debit Card and International Payments
Mettle provides users with a contactless MasterCard debit card, which can be used for business expenses both in the UK and abroad. Additionally, users can send and receive international payments, making it a convenient option for businesses that work with clients and suppliers from around the world. The lack of fees for standard UK payments makes it a competitive choice for small businesses dealing primarily within the UK market .
5. Customer Support
While Mettle operates digitally, it offers responsive customer support through chat, email, and phone. Unlike many other digital-only banks, which focus solely on automation, Mettle ensures that users have access to real-time support when needed. This level of customer service is a significant advantage for business owners who may require immediate assistance .
Limitations of Mettle
While Mettle offers many benefits, there are a few limitations worth considering. First, the account is only available to sole traders and small limited companies, which means larger businesses or those with more complex financial needs may require more robust services from traditional banks. Additionally, Mettle does not offer overdraft facilities or credit services, which can be a drawback for businesses needing flexible funding options.
Another limitation is that while Mettle offers international payments, these transactions can take longer and may incur additional charges compared to other business bank accounts that specialize in foreign exchange and international trade .
Final Thoughts: Mettle by NatWest
The Mettle bank account offers an innovative and accessible solution for small business owners, freelancers, and sole traders in the UK. By combining the trust of NatWest with the flexibility of a digital-only service, Mettle stands out in the competitive UK banking market. With features like fee-free banking, real-time tracking, and invoicing tools, Mettle provides valuable solutions for those looking to manage their business finances efficiently.
Although Mettle is currently limited to UK-based businesses and lacks some features like overdrafts or credit facilities, its focus on simplicity, security, and ease of use makes it an excellent choice for many entrepreneurs. As more businesses shift towards mobile banking, Mettle’s popularity is likely to continue growing, solidifying its position as one of the UK’s leading digital business bank accounts.
