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.
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.
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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| Features | Mettle | Monzo |
|---|---|---|
| Account Type | Digital-only | Digital-only |
| Account Setup | Quick and seamless | Quick and seamless |
| Banking Services | Current Account | Current Account |
| Invoicing | Yes | No |
| Expense Tracking | Yes | Yes |
| Cash Deposits | Not available | Not available |
| Foreign Transactions | Fee applies | Fee applies |
| Integration | Limited | Wide range |
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 | 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 |
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
| Service | Fee |
|---|---|
| Account Maintenance | Free |
| UK Payments (in/out) | Free |
| Foreign Transactions | 2.75% per transaction |
| Cash Withdrawals | Free (ATMs) |
| Cash Deposits | Not available |
| International Transfers | £5 |
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
- User-Friendly Interface: Monzo’s intuitive interface makes it easy for business owners to navigate their accounts and access relevant financial information.
- Expense Tracking: Similar to Mettle, Monzo provides robust expense tracking features to help businesses monitor and categorize their spending.
- 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
| Service | Fee |
|---|---|
| Account Maintenance | Free |
| UK Payments (in/out) | Free |
| Foreign Transactions | 3% per transaction |
| Cash Withdrawals | Free (ATMs) |
| Cash Deposits | Not available |
| International Transfers | £5-25 |
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
Both Mettle and Monzo do not support cash deposits. They are digital-only banks, primarily focused on providing convenient online banking services.
Both Mettle and Monzo offer free UK payments (inbound and outbound), making it cost-effective for businesses to manage their local 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.
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.
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.