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.
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.
NatWest vs Metro Bank
| Features | NatWest | Metro Bank |
|---|---|---|
| Online Banking | Comprehensive online banking with robust security features | Modern, easy-to-use online banking platform |
| Mobile Banking | Feature-rich app, compatible with iOS & Android | Award-winning mobile app with 24/7 access |
| Overdraft Facility | Offers tailored solutions based on individual business needs | Flexible overdrafts with competitive interest rates |
| Business Credit Card | Offers Business Credit Card with cashback rewards | Provides Business Credit Card with transparent pricing |
| Business Loans | Provides a variety of business loans with competitive rates | Offers unsecured and secured loans for businesses |
| Business Mortgages | Offers a wide range of commercial mortgages | Commercial mortgages tailored to individual business needs |
| Business Savings Account | Range of savings accounts including instant access and fixed term | Offers Business Savings Account with competitive interest rates |
| Business Investment Services | Provides investment services through NatWest Invest | Currently does not offer business investment services |
| Cash Flow Management | Offers Invoice Finance & Asset Finance solutions | Provides cash management solutions tailored to individual businesses |
| Invoice Finance | Provides a tailored approach to Invoice Financing | Offers Invoice Financing services with flexible options |
| Trade Finance | Offers a comprehensive range of trade finance solutions | Currently does not offer trade finance solutions |
| Asset Finance | Asset finance solutions to help manage cash flow | Offers a range of asset finance solutions |
| Treasury Services | Provides a range of treasury and risk management solutions | Offers treasury solutions, including cash management and payment services |
| Specialist Sectors Expertise | Offers sector-specific financial advice | Has dedicated managers for healthcare, hospitality, and property sectors |
| International Banking | Provides international banking solutions including FX | Offers international banking with no fees on non-sterling transactions |
| 24/7 Customer Service | Provides 24/7 automated service and customer service during working hours | Offers 24/7 customer service |
| Physical Branch Access | Extensive branch network across the UK | Branches primarily in London and the South East, but open 7 days a week |
| Personal Relationship Manager | Provides dedicated relationship managers for business customers | Offers local business managers for personalized service |
| Startup Banking | Offers tailored services for startups including NatWest Entrepreneur Accelerator | Provides startup accounts and business growth support |
| Free Business Banking Period | Offers 18 months free for startups | Offers 12 months free business banking for startups |
 | 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 Pricing Trial period Contact | |
 | ANNA Money ✓ Apply In 10 Minutes ✓ Bookkeeping & Payroll Tools ✓ User-Friendly Mobile App Pricing Trial period Contact | |
 | 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.
Cutting edge payroll software
- Powerful and easy to use
- HMRC & RTI compliant
- Used by payroll pros
The CRM platform to grow your business
- Great for entrepreneurs
- Powerful data analytics
- Manage sales and data
Powerful web builder and advanced business tools
- Great for startups
- Powerful web page builder
- E-commerce available
Supercharged content planning
- Great for marketing
- Better than lists or sheets
- Manage social media
Create a new website in 10 minutes. Easy.
- Launch your website fast
- Powerful data intuitive
- No coding skills needed
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
| Services | Fees |
|---|---|
| Business Account Monthly Fee | £5 |
| Electronic Payments | Free |
| Cash Payments (in/out) | 0.65% of value |
| Cheque Payments (in/out) | £0.65 per cheque |
| Overdraft Facility | Variable |
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
| Services | Fees |
|---|---|
| Business Account Monthly Fee | £5 |
| Electronic Payments | Free |
| Cash Payments (in/out) | 0.75% of value |
| Cheque Payments (in/out) | £0.70 per cheque |
| Overdraft Facility | Variable |
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
Yes, both NatWest and Metro Bank allow you to open a business bank account online.
Both banks offer robust digital banking platforms. However, Metro Bank is often praised for its innovative and user-friendly mobile banking app.
Yes, both banks provide services specifically designed for startups, including startup accounts and mentoring services.
Both banks offer similar overdraft facilities. The rates will vary depending on your business’s financial status and history with the bank.
Yes, both NatWest and Metro Bank offer services for international banking, but Metro Bank stands out with its no fees for non-sterling transactions.
While Metro Bank offers extended branch hours, NatWest has a larger branch network across the UK, making it more accessible for some customers.