Mettle Business Bank Account – Eligibility, Limits, and Fees
Mettle is a business banking app from NatWest, one of the premiere Banks in the UK. Mettle was launched in November 2019 and has never looked back since then. The app is now on its way to consolidating its market more and posing a stiff challenge to its competitors.
What is Mettle Business Banking?
Mettle is a business banking app, which performs plenty of functions in digital format. However, Mettle has been able to make its distinct presence separate from its parent company NatWest.
The digital business account helps numerous traders and business persons to securely transact online anywhere and anytime using the Mettle app. Using the app, you can create invoices and also understand business performance.
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Pros and cons of Mettle Business Banking
Advantages and Merits
· A simplified application process
· No fees for signing up on the Mettle app
· Easy invoice creation facility
· An user-friendly app with a seamless navigation facility.
· It works in tandem with accountancy software.
Demerits and Disadvantages
· No branch banking facility for Mettle App users
· It is not FSCS protected
· You can’t pay more than £10,000.
What Features Does Mettle Offer to its Customers?
· Instant application submission process and approval.
· Create a customized invoice in the digital format and send it to your debtor.
· Make faultless financial reporting through business transactions.
· You can also use the app for advanced accounting purposes like Xero, QuickBooks, and FreeAgent.
· Streamline your payment process through scheduling on the app.
· You can also lock or unlock your account.
· You can also integrate Apple Pay and Google Pay into the Mettle app.
Mettle Fees, Limits, and Pricing
Annual Fees: No Fee/ It’s Free to use and join
Transaction Limit: You can’t have more than £50,000 as deposits for sole traders and £100,000 as deposits for limited companies.
You can’t pay or receive more than £10,000 a day.
Is My Money Safe with Mettle?
Mettle is FCA-recognised but not protected by FSCS. When you deposit any money through the app, you do it at your own risk. If your money is lost, you won’t get compensated for it.
Though Mettle is a banking app invented by NatWest bank, the former maintains a distinct identity as an app.
According to the FSCS rule, if your money deposited at an FSCS-authorized bank got stolen or lost, you can recover up to £85,000 through the scheme. But such a scheme doesn’t apply if your money is deposited using the Mettle app.
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Mettle Business Account Eligibility
Before getting yourself registered on the Mettle business banking app, you have to scrutinize the eligibility criteria. If your business is eligible for the app, you can get instant approval.
· Your business firm must be registered with the relevant UK trading authority.
· You must be a UK resident with a valid mobile number.
· You should be above 18 years old while submitting your request.
· You can’t apply for the Mettle app if you are a public limited company, unlimited company, LLPs (Limited Liability Partnerships).
· Never try to indulge in any activity such as alcohol manufacturing, porn entertainment, betting, and cryptocurrency transactions.
· If you already have a registered app account in the name of your business, you can’t open another account or multiple accounts.
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How to Open a Mettle Business Account?
The primary step you should follow before opening a Mettle business account is to check your eligibility criteria checklist first. If you are eligible you can get your business banking app opened.
The account opening process is simple. It won’t take more than five or seven minutes to get an activated Mettle business banking app account. However, your account in the app is liable to be canceled or deactivated if any information you furnished on the app is turned out to be false or incorrect.
A Step-by-step Guideline to Open Your Mettle Account
Step 1: Download the Mettle app on the Android play store or Apple store.
Step 2: If you are residing outside the UK or are not a UK citizen, you can’t get your Mettle account opened.
Step 3: Submit all necessary details such as your driving license number, passport number, and photo ID.
Step 4: You may be asked to submit a short video to confirm your identity.
Step 5: In the subsequent steps, you have to furnish details relating to your address proof, residence proof, utility bill, and taxation details.
Step 6: A scanned copy of your VAT registration number may also be sought.
Step 7: If required, the Mettle executive may also get in touch with you through video chat to understand the details of your business.
Step 8: If the company or app accepts your application, you will receive a confirmation email straight into your email inbox.
Mettle enjoys a high degree of credibility in the market. Most sites and users have spoken positively about the app granting four to five stars in most cases.
If you are a sole trading concern or own a limited company, a Mettle business account can help you immensely with its outstanding in-app facilities. Moreover, you can use all these facilities absolutely free of cost. At ATMs, you can get the advantage of depositing cash, withdrawing cash, and processing electronic transfers across the UK without any fee.
For any grievances or complaints, you can also raise disputes and get in touch with a Mettle representative via email or telephone on all days. However, you won’t get any help from NatWest bank branches scattered across the country.