Mettle vs Monzo for business banking

Updated on 7 August 2023

In the rapidly evolving landscape of digital banking, small businesses and freelancers are increasingly turning to innovative and user-friendly platforms to meet their financial needs. Mettle vs Monzo are two prominent players in the UK market, both offering business banking services with unique features and benefits.

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This article aims to compare and contrast the offerings of Mettle and Monzo to help UK business owners make an informed decision about which bank is best suited to their needs.

Video: Choosing a business bank account

Mettle vs Monzo

To provide a clear overview, let’s start with a quick comparison of the key features offered by Mettle and Monzo for business banking:

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FeaturesMettleMonzo
Account TypeDigital-onlyDigital-only
Account SetupQuick and seamlessQuick and seamless
Banking ServicesCurrent AccountCurrent Account
InvoicingYesNo
Expense TrackingYesYes
Cash DepositsNot availableNot available
Foreign TransactionsFee appliesFee applies
IntegrationLimitedWide range
Mettle vs Monzo

Revolut Business
✓ Business Current Account
✓ Award-Winning Mobile App
✓ Quick & Easy Application Process
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Tide Business Bank Accounts
✓ Free, Plus, or Pro Account
✓ iOS & Android Mobile App
✓ Upload & Auto-Match Receipts
Pricing Trial period Contact

Card One Money
✓ No Credit Checks
✓ Simple Fees
✓ Up To 3.5% Cashback
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ANNA Money
✓ Apply In 10 Minutes
✓ Bookkeeping & Payroll Tools
✓ User-Friendly Mobile App
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HSBC Business Banking
✓ Business Current Account
✓ In-Branch, Online & App Banking
✓ FSCS Protected
Pricing Trial period Contact

Metro Business Banking
✓ Business Current Account
✓ High Street Presence
✓ FSCS Protected
Pricing Trial period Contact

Mettle Business Banking
✓ Business Bank Account
✓ Online & App
✓ Quick & Easy Application Process
Pricing Trial period Contact

Monzo Business Banking
✓ Business Current Account
✓ Dedicated mobile app experience
✓ FSCS Protected
Pricing Trial period Contact

Virgin Money
✓ Business M Account
✓ In-Store, Online & App Banking
✓ Insights & Forecasting Platform
Pricing Trial period Contact

Mettle

Mettle, backed by NatWest, offers a digital-only banking solution tailored specifically for small businesses and freelancers. It boasts a quick and seamless account setup process, allowing users to get up and running in no time.

Pros

  • Easy Account Setup: Mettle’s account setup process is straightforward and hassle-free, allowing businesses to start managing their finances without delays.
  • Invoicing Capabilities: Mettle provides users with the ability to create and send invoices, streamlining the billing process.
  • Expense Tracking: The platform offers robust expense tracking features, helping businesses monitor and manage their spending effectively.

Cons

  • Limited Integration: Mettle has a more restricted range of integrations compared to its competitors, which may limit its compatibility with other business tools and software.
  • No Cash Deposits: Unlike traditional banks, Mettle does not support cash deposits, which may pose a challenge for businesses that deal with physical currency.

Table of fees and charges

ServiceFee
Account MaintenanceFree
UK Payments (in/out)Free
Foreign Transactions2.75% per transaction
Cash WithdrawalsFree (ATMs)
Cash DepositsNot available
International Transfers£5
Mettle fees and charges

Unique and standout features

  • Invoicing capabilities to streamline billing processes.
  • Expense tracking features to efficiently manage business spending.

Monzo

Monzo is a digital bank known for its user-friendly interface and modern approach to banking. While primarily focused on personal banking, it offers a business account designed to cater to the needs of small businesses.

Pros

  1. User-Friendly Interface: Monzo’s intuitive interface makes it easy for business owners to navigate their accounts and access relevant financial information.
  2. Expense Tracking: Similar to Mettle, Monzo provides robust expense tracking features to help businesses monitor and categorize their spending.
  3. Wide Range of Integrations: Monzo offers a broad selection of integrations, allowing businesses to connect their banking data to various third-party tools and software.

Cons

  • No Invoicing Feature: Unlike Mettle, Monzo does not offer an invoicing feature, which may be a drawback for businesses that heavily rely on invoicing for their operations.
  • Cash Deposits: Similar to Mettle, Monzo does not support cash deposits, which might pose challenges for businesses that frequently handle physical currency.

Table of fees and charges

ServiceFee
Account MaintenanceFree
UK Payments (in/out)Free
Foreign Transactions3% per transaction
Cash WithdrawalsFree (ATMs)
Cash DepositsNot available
International Transfers£5-25
Monzo fees and charges

Unique and standout features

  • A wide range of integrations to connect banking data with third-party tools and software.
  • User-friendly interface for easy navigation and account management.

Conclusion – Mettle vs Monzo

Both Mettle and Monzo offer compelling business banking solutions with their own sets of strengths and limitations.

Mettle excels in its invoicing capabilities and expense tracking features, making it an ideal choice for businesses that heavily rely on efficient billing and expense management.

On the other hand, Monzo stands out with its user-friendly interface and extensive integration options, providing businesses with the flexibility to connect their financial data with various tools and software.

Ultimately, the decision between Mettle vs Monzo for business banking depends on the specific needs and priorities of your business.

Consider factors such as invoicing requirements, integration possibilities, and cash handling preferences before making a choice.

FAQ

Can I deposit cash with Mettle or Monzo?

Both Mettle and Monzo do not support cash deposits. They are digital-only banks, primarily focused on providing convenient online banking services.

Are there any fees for UK payments?

Both Mettle and Monzo offer free UK payments (inbound and outbound), making it cost-effective for businesses to manage their local transactions.

Do these banks charge for foreign transactions?

Both banks charge fees for foreign transactions. Mettle imposes a 2.75% fee per transaction, while Monzo charges 3% per transaction for foreign transactions.

What are the fees for international transfers?

Both Mettle and Monzo charge a fee of £5 for international transfers. However, Monzo may charge higher fees ranging from £5 to £25, depending on the transfer amount.

Which bank offers a wider range of integrations?

Monzo offers a wider range of integrations compared to Mettle. Businesses looking to connect their banking data with third-party tools and software may find Monzo’s integration options more suitable for their needs.

Reviewed by , Managing Director

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