Metro Bank Business Banking

About Metro Bank

Metro Bank are retail and commercial bank that launched in London in 2010 and have since spread across the South East of England, gaining more than a million business customers. When they opened their doors Metro Bank were the first bank to do so in more than 150 years, giving them the status of a challenger bank.

See our full Metro Bank business bank account review of features, fees and how they compare against other online and high street bank accounts.

Metro Bank pros & cons

Pros of Metro Bank

• Free banking with balances over £6,000
• Highly rated for in-branch services & business centres
• Offers savings & current accounts
• Mobile, desktop & in-branch management
• Switch your banking in 7 days
• Everyday banking at the Post Office
• Overdrafts, credit cards & finance available
• FSCS protected & fully regulated
• Dedicated local business manager
• Business insurance provide by Churchill Expert

Cons of Metro Bank

• Branches only in the Midlands, South & East of England
• Complicated fee structure
• Card purchases outside Europe are not free

Metro Bank business current accounts

Metro Bank offer two business bank accounts:

• Business Current Account - account for small businesses that turnover less than £2 million per annum.
• Commercial Current Account - this account is for businesses that make more than £2 million turnover each year and require a complex banking solution.

Here's a summary of fees for the Metro Bank business current accounts:

*for balances of more than £6,000, the account maintenance fee is reduced to zero and you're given 30 free transactions (a total of 30, combining all transactions in the table above) each month.

Overdrafts

Metro Bank offer arranged business overdrafts from £100 up to £60,000. The typical interest rate for an arranged overdraft up to £25,000 is 15.57% EAR with arrangement fees of 1.75% of the agreed limit, or £50 should that be more.

There are no fees on overdrafts with limits up to £500.

You'll need a Metro account to be eligible and will undergo a credit check.

Commercial overdrafts are available for businesses that require an overdraft of more than £60,000, rates and fees can be agreed upon application.

Eligibility

To be eligible for a business account with Metro Bank, you and all directors must:

• Be over 18
• Be a UK resident & taxpayer
• Be registered with Companies House or HMRC as self-employed (applying as a sole trader)
• Turnover less than £2 million (Business Bank Account)
• Turnover more than £2 million (Commercial Current Account)

This is what you'll need to apply for Metro Bank:

• Business or personal email address
• UK mobile number
• In-date, original photo ID
• Mobile device with a camera

Limited companies are subject to a credit check upon application, though may not need any of the documents above.

Opening an account

Here's how to open a Metro Bank business account:

1. To open online download Metro's app from the App Store or Google Play, or sign up from their website
2. To open in store find your nearest Metro Bank and head on in
3. Complete their application, available from 10am each day - Metro Bank will confirm your eligibility
4. Verify your ID - with photo ID such as a passport or photocard driving licence
5. Once approved, you can start banking

Switching accounts

If you already have a business bank account you can switch to Metro Bank hassle-free.

You won't need to do anything except for applying as usual and Metro Bank's switching team will take care of the rest - transferring all incoming and outgoing payments, moving the balance across and finally closing your old account.

To successfully switch you will need to provide:

• Proof of identity & residence
• Previous account details, including account number & sort code
• The date you want to be switched over by

Metro Bank business savings accounts

Metro Bank offer three different options when it comes to business savings. These are the accounts:

• Business Instant Access Deposit Account- an easy access account that can be opened with as little as £1, offering an interest rate of 0.95% AER.
• Business Notice Accounts - you can choose between three periods to lock your money away for, 35, 60 or 95 days. You can't withdraw until after the notice period and doing so rewards interest rates of 1.84% to 2.33% AER.
• Business Fixed Term Deposit Accounts - there are four fixed terms you can choose to save for: three or six months and one or two years. Rates range from 1.50% to 2.50% AER.

Metro Bank reviews

Metro on the App Store have an excellent score of 4.8 stars, based on nearly 200,000 ratings.

They also have a good rating on Google Play with 4.6 out of 5 from over 43,900 reviews.

While on Trustpilot they only get 1.8 stars, from nearly 5,000 reviews, with 50% rating them 1-star.

Information correct as of 12th September 2024.