NatWest vs Metro Bank for business banking

Updated on 7 August 2023

In the highly competitive banking industry, NatWest vs Metro Bank both stand out as strong contenders for businesses seeking robust and reliable banking services. They each offer a diverse range of products and services tailored towards businesses, all backed by years of industry experience.

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The choice between the two often comes down to the specifics of each bank’s offerings, and this article aims to provide a comprehensive comparison to assist businesses in making informed decisions.

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NatWest vs Metro Bank

FeaturesNatWestMetro Bank
Online BankingComprehensive online banking with robust security featuresModern, easy-to-use online banking platform
Mobile BankingFeature-rich app, compatible with iOS & AndroidAward-winning mobile app with 24/7 access
Overdraft FacilityOffers tailored solutions based on individual business needsFlexible overdrafts with competitive interest rates
Business Credit CardOffers Business Credit Card with cashback rewardsProvides Business Credit Card with transparent pricing
Business LoansProvides a variety of business loans with competitive ratesOffers unsecured and secured loans for businesses
Business MortgagesOffers a wide range of commercial mortgagesCommercial mortgages tailored to individual business needs
Business Savings AccountRange of savings accounts including instant access and fixed termOffers Business Savings Account with competitive interest rates
Business Investment ServicesProvides investment services through NatWest InvestCurrently does not offer business investment services
Cash Flow ManagementOffers Invoice Finance & Asset Finance solutionsProvides cash management solutions tailored to individual businesses
Invoice FinanceProvides a tailored approach to Invoice FinancingOffers Invoice Financing services with flexible options
Trade FinanceOffers a comprehensive range of trade finance solutionsCurrently does not offer trade finance solutions
Asset FinanceAsset finance solutions to help manage cash flowOffers a range of asset finance solutions
Treasury ServicesProvides a range of treasury and risk management solutionsOffers treasury solutions, including cash management and payment services
Specialist Sectors ExpertiseOffers sector-specific financial adviceHas dedicated managers for healthcare, hospitality, and property sectors
International BankingProvides international banking solutions including FXOffers international banking with no fees on non-sterling transactions
24/7 Customer ServiceProvides 24/7 automated service and customer service during working hoursOffers 24/7 customer service
Physical Branch AccessExtensive branch network across the UKBranches primarily in London and the South East, but open 7 days a week
Personal Relationship ManagerProvides dedicated relationship managers for business customersOffers local business managers for personalized service
Startup BankingOffers tailored services for startups including NatWest Entrepreneur AcceleratorProvides startup accounts and business growth support
Free Business Banking PeriodOffers 18 months free for startupsOffers 12 months free business banking for startups
NatWest vs Metro Bank

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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
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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

NatWest

As one of the UK’s largest and most established banks, NatWest offers a comprehensive suite of products and services designed to support businesses at all stages. Their range of banking solutions, tailored to diverse industries and business sizes, are aimed to drive growth and provide seamless banking experience.

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Pros and cons

Pros

  • Extensive Branch Network: With a large number of physical branches across the UK, NatWest provides convenient access to banking services.
  • Robust Digital Platform: Their online and mobile banking platforms are user-friendly and feature-rich, allowing for efficient management of business finances.
  • Wide Range of Services: NatWest offers an extensive range of services, from standard checking and savings accounts to complex financing and investment services.
  • Specialist Support: Their business customers have access to specialist advisors who can provide industry-specific advice and support.

Cons

  • Customer Service: There have been complaints about slow response times, particularly with telephone and online banking customer services.
  • Fees: While NatWest offers a range of services, some may come with high fees compared to other banks.
  • Innovation: Being an older bank, NatWest sometimes lags in innovation and modern banking trends.

Fees and charges

ServicesFees
Business Account Monthly Fee£5
Electronic PaymentsFree
Cash Payments (in/out)0.65% of value
Cheque Payments (in/out)£0.65 per cheque
Overdraft FacilityVariable
NatWest fees and charges

Unique and standout features

NatWest’s standout features revolve around their extensive expertise in providing bespoke solutions for businesses.

They offer dedicated Relationship Managers to help businesses navigate their banking needs.

They also boast sector specialists who provide industry-specific insights and solutions.

Furthermore, their Entrepreneur Accelerator programme provides startups and scaleups with coaching, workspace and networking opportunities, setting them apart from many of their competitors.

Metro Bank

Established in 2010, Metro Bank has quickly established itself as a prominent player in the UK banking sector. Known for its customer-focused approach, Metro Bank offers a variety of business banking services designed to suit businesses of all sizes.

Pros and cons

Pros

  • Excellent Customer Service: Metro Bank is renowned for its high-quality customer service, available 24/7.
  • Innovative Banking: As a relatively newer bank, Metro Bank has a strong focus on innovative banking solutions.
  • Extended Branch Hours: Metro Bank branches have extended operating hours, including weekends, providing more convenience for business customers.
  • No Non-Sterling Transaction Charges: For businesses dealing with international transactions, this can result in significant savings.

Cons:

  • Limited Branch Network: While Metro Bank provides excellent service, their physical presence is limited mostly to London and the South East.
  • Less Comprehensive Services: As a newer bank, Metro Bank doesn’t offer the same breadth of services as more established banks.
  • Interest Rates: The interest rates offered on their savings accounts can be lower than some other banks.

Fees and charges

ServicesFees
Business Account Monthly Fee£5
Electronic PaymentsFree
Cash Payments (in/out)0.75% of value
Cheque Payments (in/out)£0.70 per cheque
Overdraft FacilityVariable
Metro Bank fees and charges

Unique and standout features

Metro Bank’s customer-focused approach is reflected in their unique features.

Their physical branches operate on extended hours and are open seven days a week.

Additionally, they provide instant business account opening in branches.

They are also known for their award-winning mobile app with impressive functionalities.

Furthermore, Metro Bank doesn’t charge any fees for non-sterling transactions, a major advantage for businesses dealing in multiple currencies.

Conclusion – NatWest vs Metro Bank

Both NatWest and Metro Bank provide robust and reliable business banking services.

While NatWest’s offerings are more comprehensive, and they provide industry-specific support, their customer service sometimes falls short.

On the other hand, Metro Bank stands out with its customer-centric approach, innovative banking solutions, and excellent customer service but lacks in geographic reach and the breadth of services.

Ultimately, the choice between NatWest and Metro Bank will depend on the specific needs and preferences of your business.

It’s important to understand the pros and cons of each, and how they align with your business requirements.

FAQ

Can I open a business bank account online with either bank?

Yes, both NatWest and Metro Bank allow you to open a business bank account online.

Which bank offers better digital banking services?

Both banks offer robust digital banking platforms. However, Metro Bank is often praised for its innovative and user-friendly mobile banking app.

Do either banks provide support for startups?

Yes, both banks provide services specifically designed for startups, including startup accounts and mentoring services.

Which bank offers a better overdraft facility?

Both banks offer similar overdraft facilities. The rates will vary depending on your business’s financial status and history with the bank.

Do either banks offer international banking?

Yes, both NatWest and Metro Bank offer services for international banking, but Metro Bank stands out with its no fees for non-sterling transactions.

Which bank is more accessible?

While Metro Bank offers extended branch hours, NatWest has a larger branch network across the UK, making it more accessible for some customers.

Reviewed by , Managing Director

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