Metro Bank is a relatively new high street bank, opening its first branch in 2010. Currently, Metro offers business current accounts, deposit accounts, and business finance. In an independent survey of business current account providers, Metro Bank scored higher than all the major UK banks for service quality.
Metro Bank Business Banking Services
Current Accounts
Current accounts are available for brand new startups as well as large corporate businesses. If your balance stays above £5,000, there’s no monthly account fee. Otherwise, it’s £5 a month. You can open and manage your account online, on the phone, or in a branch (open 7 days a week).
Savings account
Instant access, fixed term, and notice accounts are available to Metro Bank business customers – you can open your account with a minimum balance of £5,000. Interest rates vary from 0.35-1.60% AER, depending on how much you save and how long for. You can save for 1 month to 2 years.
Overdrafts
Customers only pay for how much of the overdraft they use. Arranged overdrafts up to £25,000 have a variable interest rate of 10% EAR, and an arrangement fee of either 1.75% or £50, whichever is higher.
Business finance and loans
Borrow between £2,000 and £25,000, and repay over 1-5 years. For loans under £25,000, interest rates are 9.6% APR fixed. For loans over £25,000, interest rates vary depending on the loan, and fees apply for arrangement and other admin.
Metro Bank Reviews and Ratings
Trustpilot reviewers are very impressed with Metro Bank – 60% of reviewers rate them 5/5. Customers seem particularly impressed by the service they get in-branch, and how easy it is to set up an account.
Reviewers are more split on Smart Money People and Reviews.co.uk, with some enthusiastically rating then 5/5, and others emphatically rating them as ‘poor’. Many business customers find them to be efficient, as long as account set-up is simple.
On Which?, Metro Bank scores 4/5 for every part of its service – customer service, application process, communication, transparency of charges, complaint handling, etc.
Metro Bank ranked 2nd in a list of the 14 largest business current account providers for overall service quality in an independent survey.
In the same list of 14 business current account providers, Metro Bank also ranked 2nd for online and mobile banking services, relationship/account management, and service in branches.
Trustpilot – 3.9/5 (based on 1,504 reviews)
Reviews.co.uk – 2.90/5 (based on 10 reviews)
Smart Money People – 2.93/5 (based on 15 reviews)
Which? – 76% Which? Customer Score
Pros
- Competitive monthly account fee and charges.
- Branches are open 7-days a week.
- Scores 2nd in independent survey of 14 business current accounts.
Cons
- There are many branches in the south of England and the midlands, but none in other regions.
- In-branch service is hit and miss according to reviewers.
- Limited products compared to bigger banks.
Website: Metro Bank Business Banking