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Monzo Business and Mettle by NatWest are both digital‑first business accounts aimed at UK-based small business owners, but they’re designed with different priorities.
Monzo Business extends Monzo’s well‑known consumer banking experience into the business space, focusing on usability and app‑based money management. Mettle, backed by NatWest, is built around simplicity and admin support, with free accounting software thrown in too.
This guide compares Mettle against Monzo across features, fees, regulation, and which type of SME each account is best suited to.
Monzo vs Mettle: At a Glance Comparison
Monzo | Mettle | |
Account model | Fully licensed bank | E-Money Institution (EMI) |
Core focus | Simple, app‑first | Admin support |
Typical users | Freelancers, sole traders, small businesses | Sole traders, micro‑businesses |
Monthly fees | Free and paid plans | Free |
Accounting | Via integrations | FreeAgent included |
Cash deposits | Via PayPoint (fees apply) | Via Post Office (fees apply) |
FSCS protection | Yes, up to £120,000 | Yes, up to £120,000 |
Business Bank Account Offers and Fees
What Monzo Business is Designed For
Monzo Business is designed to make day‑to‑day money management clear and intuitive. Its strength lies in its app experience, real‑time notifications, and budgeting tools that help small business owners stay on top of cash flow.
While the free account covers the basics, Monzo offers paid plans for businesses that want more structure and insight.
Key Characteristics of Monzo Business
App‑first business banking experience
Free Lite account available
Paid plans unlock invoicing and tax tools
Real‑time notifications and spending insights
FSCS‑protected deposits
Available to sole traders and limited companies
Trade‑Offs to Consider
Monthly fees apply for advanced features
Limited lending options
Fewer admin and automation tools than Mettle
Monzo Business tends to appeal to freelancers and small teams who value clarity and ease of use.
What Mettle is Designed For
Mettle is built for very small businesses and sole traders who want to keep admin to a minimum. Its standout feature is free access to FreeAgent accounting software, which helps users manage invoicing, expenses, and tax.
Rather than offering advanced banking features, Mettle focuses on helping business owners stay organised.
Key Characteristics of Mettle
Free business account with no monthly fee
Free FreeAgent accounting software included
Simple, app‑based money management
Backed by NatWest
Available to sole traders and small limited companies
Trade‑Offs to Consider
Not a fully licensed, independent bank
No overdrafts or business lending
Limited advanced banking features
Mettle often suits freelancers who want banking and accounting bundled together at no cost.
How They Charge
Monzo Pricing
Free Lite plan available
Paid plans charge a monthly fee
Higher tiers include invoicing and tax tools
Cash deposit and card charges may apply
Monzo’s pricing suits businesses that want optional upgrades as they grow.
Mettle Pricing
Free account only
No subscription fees
Accounting software included at no extra cost
Charges apply for cash deposits
Mettle’s pricing is ideal for businesses that want predictable, zero‑cost banking.
Feature Comparison: Monzo vs Mettle
Everyday Banking
Payments and transfers: Both support Faster Payments and Direct Debits
Business debit cards: Both provide Mastercard business debit cards
Account access: Mobile apps with online account management
Invoicing and Admin
Monzo: Invoicing available on paid plans
Mettle: Invoicing handled via FreeAgent
Accounting Support
Monzo: Integrates with accounting software
Mettle: FreeAgent included as standard
Budgeting and Insights
Monzo: Strong budgeting tools and real‑time alerts
Mettle: Basic transaction visibility
Cash Handling
Monzo: Cash deposits via PayPoint
Mettle: Cash deposits via the Post Office
Regulation and Protection
Monzo Business and Mettle operate under different regulatory models, which affect how customer funds are protected.
Monzo Business is provided by Monzo Bank Ltd, a fully licensed UK bank
The FSCS protects eligible deposits up to £120,000
Funds benefit from full UK banking regulation
Mettle operates as an E-Money Institution (EMI) backed by NatWest Group
The FSCS protects eligible deposits up to £120,000
Money is held separately from Mettle’s own funds
For businesses where deposit protection is a priority, Monzo Business offers slightly stronger regulatory reassurance.
Who Should Consider Monzo?
Monzo Business may be a good fit if your company:
Values a clean, intuitive app experience
Wants strong budgeting and cash‑flow insights
Is happy to pay for premium tools
Operates as a freelancer or small business
Who Should Consider Mettle?
Mettle may suit businesses that:
Are sole traders or micro‑businesses
Would like free accounting software
Prefer simplicity over advanced banking features
Don’t need business loans or overdrafts
Want a free, admin‑light solution
Alternatives to Monzo and Mettle
You may want to explore other business accounts if your company:
Wants advanced expense management
Trades internationally
Prefers subscription models
In those cases, it’s worth comparing other UK providers to find the best fit.
