Kristina Fox
Duncan FerrisMany or all of the products and brands we promote and feature including our ‘Partner Spotlights’ are from our partners who compensate us. However, this does not influence our editorial opinion found in articles, reviews and our ‘Best’ tables. Our opinion is our own. Read more on our methodology here.
When it was founded in 2010, Metro Bank was the first new high street bank in more than 100 years. Today, Metro Bank offers bank accounts for small and large businesses, community groups, international businesses and insolvency specialists.
Metro Bank Business Account
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Monthly FeeFrom freeFree if you have a £6,000+ account balance, otherwise £6 per month
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UK Card Purchase Fees30 free per month30 free per month if you have a £6,000+ account balance, otherwise 30p each
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UK Bank Transfer Fees30 free per month30 free per month if you have a £6,000+ account balance, otherwise 30p each
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Offern/a
- Must be aged 18 or over
- Must have a turnover and/or annual balance sheet total that does not exceed £2 million
- Must be one of the following: sole trader, limited company, limited guarantee, or limited liability partnership
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Key features
- FSCS protectionEligible deposits up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS).
- International paymentsMake and receive international payments via SWIFT or SEPA.
- Quick set-upIt takes an average of two days to set up a Metro Bank Business account, though it can be set up the same day.
- Accounting softwareIntegrate existing accounting software or use Metro’s partner, ClearBooks, with your business bank account.
Metro Bank business account pros & cons
Pros
- You can get your account set up and a debit card on the same day if you open a business account in a Metro store.
- Metro Bank offers a range of borrowing options for businesses, including overdrafts, credit cards and loans.
- Metro Bank offers accounting options, including integrating existing software, organising receipts and creating invoices.
Cons
- There is a monthly fee of £6 if your business bank account does not have a minimum monthly balance of £6,000.
- While you can get customer support online, in person, over the phone or in store, 24/7 customer service is not available at Metro Bank. However, business customers can contact its UK-based call centre Monday to Friday, 9am to 6pm.
- You will be charged transaction fees as soon as you begin using your Metro business bank account if your monthly balance is below £6,000.
- There are only 30 fee-free transactions on the business bank account if your monthly balance is above £6,000.
- There are no Metro branches in Scotland or Northern Ireland (and only two in Wales).
The pros and cons featured here are chosen by us based on a combination of our expert, research-based opinions and an exclusive survey of UK business owners and decision makers. The survey was conducted on behalf of NerdWallet UK in December 2022 to identify the business bank account features that people feel are most important. They are unlikely to be the only product features and restrictions that you should consider. Pros and cons are subjective and you should align them to your own personal and business circumstances. Information was correct at the time of publication but may have changed since.
Metro Bank business account full review
Metro Bank offers two main business current accounts: a business bank account for sole traders, small businesses or start ups and a commercial current account for large and commercial businesses.
As well as these business accounts, Metro Bank also has a community account for community groups and charities, an insolvency practitioner account and an account specifically for dealing in foreign currencies.
Business bank account
This account is for sole traders, start ups, small businesses and limited companies with a turnover of less than £2 million. Your business must also be owned by individuals and not a parent company to be eligible for this account.
The account offers access to local business managers across Metro Bank’s branches who can offer support with your business banking, as well as a business overdraft of up to £60,000 (if eligible).
There is a £6 monthly fee for accounts that don’t hold a minimum balance of £6,000.
Commercial current account
The commercial current account is suitable for partnerships, limited liability partnerships and limited companies with a turnover above £2 million. It offers dedicated relationship managers and expert sector teams to provide you with personalised support, as well as working capital options to support your business’s cash flow.
There is no monthly account fee, and UK transaction fees are based on account activity.
Community current account
The community account is for community groups or charities with a maximum annual turnover of £250,000.
There is no monthly account fee, with 200 free transactions each month (charged at 30p per transaction after that). The limit for a fee-free cash withdrawal, deposit or exchange is £10,000. Cash transactions above £10,000 will be charged 1%.
Foreign currency account
This account is for businesses that regularly send or receive overseas payments and charges a monthly fee, which depends on the currency and the monthly balance in the account.
While all of the business accounts allow holders to make and receive international payments, the foreign currency account allows businesses to hold balances and make transfers in a choice of 14 currencies. Cash and cheque deposits can only be made in euros or US dollar accounts.
To open a foreign currency account with Metro Bank, you’ll need to have an existing business or commercial account, or a business instant access account. Applications can be made in store, or you can call your local relationship manager.
This account does not come with a cheque book, debit card or access to overdrafts.
Insolvency practitioner account
If you already have a Metro business account, you can apply for this specialist account. This account is for holding funds in trust for clients – for example, if you are a solicitor or accountant holding clients’ funds. It allows holders to make and receive payments on behalf of clients and offers 24/7 phone support or face-to-face support in a branch.
The monthly account fee depends on the number of insolvency practitioner accounts you hold that have a credit balance, but there are generally no UK transaction fees. However, you won’t receive interest on these funds, either.
Metro Bank business account features: at a glance
| Monthly fee | £6 (if your monthly balance is under £6,000) £0 (if your monthly balance is over £6,000) |
| Transaction fees | Yes |
| Account management | In a branch Via mobile app Online via internet banking Over the phone |
| FSCS protection | Yes |
| Set-up time | Two days average |
| Cash deposits | Yes (at a branch and Post Office) |
| Cheque deposits | Yes (at a branch and Post Office) |
| Access to other banking services | Yes (overdrafts, credit cards, loans) |
| International payments | Yes |
| Customer service | At a branch Over the phone: 0345 08 08 508, Monday to Friday, 9am to 6pm, By post On Twitter |
| Multiple user access | Yes |
| Create and send invoices | Yes |
| Integration with accounting software tools | Yes |
Where Metro Bank business account stands out
Access to borrowing: Metro Bank has a range of borrowing options for businesses, including overdrafts, business credit cards, loans, asset finance and invoice finance.
International capabilities: Business bank account holders can send and receive money internationally using their business account.
Quick set-up: It takes two days on average for Metro Bank to set up a new business account. If you go into a branch to apply, you can have your account and debit card set up on the same day. However, in some cases, it can take up to 13 days.
FSCS protection: Metro Bank is a fully licensed bank, meaning that eligible deposits up to £85,000 are covered by the Financial Services Compensation Scheme (FSCS). If you are a sole trader with both personal and business accounts, this will be up to £85,000 across both accounts.
Access to software: Business bank account holders can integrate existing accounting software or use Metro’s partner ClearBooks, as well as its range of accounting tools.
Fast switch: If you switch to a Metro business bank account and you have fewer than 50 employees and an annual turnover below £6.5 million, Metro Bank guarantees your account will be switched within seven days.
Where Metro Bank business account falls short
Monthly fees: There is a monthly account fee of £6 on the business current account if your balance falls below £6,000. Additionally, all UK transfers carry a charge of 30p if your balance drops below this level.
Branch access: There are no Metro branches in Scotland or Northern Ireland.
Customer service: Customer support from an agent is not available 24/7, but business customers can contact the UK-based call centre Monday to Friday, 9am to 6pm.
Limited fee-free transactions: Metro Bank offers 30 fee-free transactions per month, with additional transactions being charged at 30p each – you can find several other business accounts that offer more than 30 free transactions per month.
Metro Bank business account customer reviews
Metro Bank has a ‘poor’ score on Trustpilot of 2.0 out of 5, based on over 4,800 reviews. However, these reviews are for Metro Bank generally, not specifically for its business offering.
Metro Bank scored better for its mobile apps, which are also not specific to business accounts:
- 4.8 out of 5, based on over 189,100 reviews on the app store
- 4.6 out of 5, based on 42,400 reviews on Google Play
This information is correct as of 23 April 2024.
Metro Bank business account eligibility
To be eligible to open a business bank account with Metro Bank, you must:
- live in the UK
- be over 18 years old
- be a sole trader or run one of the following: a limited company, limited liability partnership, business partnership or not-for-profit organisation
- have an annual turnover under £2 million
You’ll also have to be willing to undergo a credit check as part of your application.
If you have an annual turnover above £2 million, you may be able to get Metro Bank’s commercial current account instead. You will need to talk to your local Metro Bank director to open a commercial current account. You can find their details alongside your local store information on the Metro Bank website.
How to apply for a Metro Bank business account
If you already have a business account with another bank and you’re looking to move to Metro, you can use the Current Account Switch Service if your existing bank has signed up to the scheme.
To open a Metro Bank business bank account, you’ll need to follow these steps:
- Apply online or at a branch.
- Provide the required business and personal details.
- Submit proof of ID – for limited companies, limited liability partnerships, business partnerships and charities, proof of ID will be required for all responsible individuals (anyone who owns 25% or more of the business), company officials, trustees or account signatories as appropriate.
- Wait for approval – if you’ve provided all the information that Metro Bank requires, you may receive a decision within a couple of working days.
Review methodology
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Our reviews may display lenders’ rates. This additional information has not been included in our evaluations but is still very important when choosing a product. Rates offered can depend on circumstances, amount and term. Always check details before proceeding with any financial product.
Product details reflect the information that was available at that time but may have changed since. We strive to give you a review on as many products as possible, but there will be products not included on the market. The review is our opinion, but it does not constitute advice, recommendation or suitability for your financial circumstances.
You can view our full review methodology here.
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