Mettle vs Tide – which business account is better?

Having faced hurdles opening business bank accounts ourselves, we’re deeply invested in the digital  business banking space. Whenever a new player enters the scene, we’re eager to assess its offerings.

Although Mettle isn’t entirely new—it’s been providing business accounts for over five years—its recent transition into offering full business bank accounts (rather than e-money accounts) positions it as a serious contender in the small business banking arena.

Tide is one of our top picks when it comes to free business account, but how does it compare to Mettle’s latest offering? Let’s find out.

Mettle vs Tide – which one is better?

Mettle is better for self employed sole traders, freelancers, and micro businesses. It’s simple and easy to use, and its fee free basic business banking leaves you get on with running your business without worrying about banking.

Tide covers that too, but is also better for growing small and medium sized companies. It offers more features and can be expended as your business grows, such as advanced invoicing and credit options.

Mettle customers get free access to FreeAgent accounting software, which could be the the difference for those that do their own accounting.

Overview of Mettle

Mettle, is RBS/NatWest’s second attempt at digital banking (Bo was the first). It’s aimed at  small businesses and freelancers, and is designed for those who seek a straightforward, no-cost banking solution that doesn’t skimp on essential features. Think of is as a basic business account.

Key Features and Benefits

• No Fees: no monthly fees, no transaction fees, or UK transfer fees
• Seamless Integration: Mettle integrates smoothly with popular accounting software like FreeAgent,
• Instant Account Setup: The account setup process is entirely online, with users able to apply and potentially gain access to their account within minutes.
• Innovative App: Mettle’s mobile app is designed with the modern entrepreneur in mind, offering features like invoice creation and management directly from your phone, categorizing transactions for easier accounting, and providing real-time notifications on your financial activity.

Potential Drawbacks

Limited Services: While Mettle’s no-fee model is appealing, it does come with limitations in terms of services and products compared to traditional banks. For instance, there are no physical branches or loan and overdraft facilities currently available.

Eligibility Restrictions: Both sole traders and limited companies are accepted but only one person from the company can access the account. Limited liability partnerships are not eligible.

Overview of Tide

Tide, a leading figure in the UK’s digital business banking sector, offers a rich suite of features aimed at small to medium-sized enterprises (SMEs) looking for an all-encompassing banking solution. With a focus on automating financial tasks, Tide seeks to save businesses time and money, allowing owners to focus more on growth and less on banking.

Key Features and Benefits

• Wide Range of Features: invoicing capabilities, expense management tools, and the ability to create multiple accounts
• Competitive Fees: Tide charges no monthly fees for its basic account but operates on a pay-per-use model for bank transfers and cash withdrawals.
• Powerful Integrations: Xero, QuickBooks, and Sage
• Credit Options: Unlike Mettle, Tide offers access to credit through its credit line and overdraft services,

Potential Drawbacks

• Transaction Fees: the transaction fees can add up for businesses with high transaction volumes
• Tiered support model: Priority support only given to paid users

Services

Mettle focuses on simplicity, catering to freelancers and small businesses with straightforward banking needs. Its integration with accounting software FreeAgent stands out, allowing for real-time financial management and simplifying tax preparation.

Its offerings are more focused on digital banking basics. It doesn’t currently offer any added financial products like loans, but does offer tax calculation tools, invoice templates, and savings accounts.

Tide, offers a more extensive array of services tailored to small and medium-sized enterprises. Include advanced invoicing, full expense management, tax accounting, cashflow forecasts, card readers, and credit facilities. It also offers a credit builder, for businesses looking to improve their credit rating.

Tide also allows users to open up to 5 accounts. Great for serial entrepreneurs or those with multiple but separate side hustles.

The additional services make Tide a more versatile option for businesses looking for comprehensive financial management tools within their banking app, but for many small businesses, Mettle will be enough.

Winner: Tide

Fees and pricing

It’s free to open a Tide or Mettle account, and neither have any service fees. Some Tide transactions do incur fees, but these are par for the course, and a vast improvement over more traditional highstreet banks.

Comparing solely the basic account features, Mettle wins out on cost. It did used to carry some fees, but its since transitioning to a bank, it’s now completely fee free.

At 20p a transaction, Tide is so cheap it’s almost a no-brainer, but as far as the standard or basic accounts go, Mettle wins out due to its free cash deposits and fee free ATM withdrawals.

Winner: Mettle

Eligibility and sign up

To set up either a Tide business bank account (here) or a Mettle business bank account, you’ll first need to download the Tide app or Mettle apps from your devices App Store, by clicking the links above.

You will also need identification, either a passport, driving licence or a European National ID card.

Both will ask questions about your business, its structure, sector, current or estimated turnover etc.., and you may also need evidence that your business is up and running, such as a contract or a letter from HMRC.

In our tests Tide was the quicker of the two, our account was open and ready two use the same day. Mettle took a little longer, but was still open the same day.

The great thing about both accounts is that neither of them run hard credit checks so if you’re rejected from one, you can always try the other without any impact on your credit history. The same can’t be said for typical highstreet banks.

Eligibility

Both companies provide business accounts for directors of limited companies and sole traders over the age of 18 years old. Limited companies must be registered with Companies House, while sole traders need a UK address and must be registered with HMRC.

Neither account is available to limited liability partnerships, charities, clubs, or communities. Additionally, Tide and Mettle don’t provide business accounts for businesses in what they consider to be high-risk industries, for example:

• Cryptocurrencies
• Adult entertainment
• Real estate investments
• Money services, including foreign exchange and money transfers
• Sale of unlicensed pharmaceuticals and cannabis (CBD) products

We contacted both ask if OnlyFans creators would be eligible for a business account. Unfortunately both classed this as ‘adult entertainment’ and as such would decline accounts for such businesses.

If you are a self employed OnlyFans creator, take a look at our article The best bank accounts for content creators (YouTube, OnlyFans, TikTok)

Winner: Tie

Customer support

Both accounts leverage technology to provide customer support, primarily through in-app messaging and email. However, the depth and responsiveness of their support can differ significantly:

Mettle aims for a straightforward approach, offering support for essential banking queries and technical issues. While its digital-first model facilitates efficient communication, via in-app chat, it also offers support via telephone 0800 0987 765 (Monday to Friday 8am to 8pm, Saturday and Sunday 9am to 5pm), and via email at support@mettle.co.uk

Despite being owned by Natwest. Mettle users cannot use Natwest branches or access its support.

Tide offers in-app and email channels (hello@tide.co),  as well as detailed knowledge base and community forums where users can seek advice from Tide staff and fellow business owners.

What concerns us, is its tiered approach to customer support, with paid users getting priority access. An example of these of telephone support, which is only available to paying customers, though free users can request a call back.

Winner: Mettle

Safety and security

Mettle and Tide started life as e-money accounts. One of the main drawbacks of these was the lack of FSCS protection. Tide partnered with Clearbank in 2019 and began offering FSCS protected accounts in 2020. Now all Tide accounts are protected up to £120,000.

Mettle began offering FSCS protected accounts in 2024, and while some current account holders might still hold an e-money account, they are being encouraged to switch over to the new bank account. All new Mettle customers will already have the FSCS protected account.

Winner: Tie

Tide vs Mettle – reviews and ratings

We previously reviewed Tide on Money Saving Answers and while we’ve never officially reviewed Mettle, Money Saving Answers has been using the account for a number of years. Both are great at what they do, but what’s the typical user sentiment?

According to Trustpilot, Tide boasts an average rating of 4.2 out of 5 from 18,000 reviews, whereas Mettle holds a rating of 4.5 out of 5 from 3,500 reviews. The substantial difference in sample size underscores Tide’s greater popularity and longevity compared to Mettle.

Given the difference in sample size, we’ll consider this a tie, and revisit it, once Mettle gains more reviews.

Winner: Tie

Mettle vs Tide – Which one is right for my business

Mettle is best for self employed and micro businesses

In our opinion Mettle is best for the self employed, freelancers, and those only needing basic banking, invoicing and account facilities. Everything is free, from paying in cash, to ATM withdrawals abroad, and its linked accounting software allows you to file your tax return directly within the app.

If you work for yourself, and either accept payment via bank transfer or cash, then Mettle is the one for you.

Tide is best for small business and those needing more powerful features

Tide is the larger and more mature account of the two, and this is shown in its offerings. It can do everything that Mettle does, and more, but it does charge for some transactions, namely the 20p transaction charge, and fees on cash withdrawals.

Its app is far more feature rich, and while that allows users to get more done, it also adds a layer of complication.

If your business has any employees, takes card payments (or plans to the future) or needs additional accounts, or expense cards, then Tide is one for you.

Our verdict – open both they’re free

Both accounts offer modern digital tools and work well with popular accounting software, and both have a low cost of entry i.e. free.

For many, Mettle’s draw will be the free FreeAgent subscription, and the fact that it’s backed by a major highstreet bank (RBS/Natwest). That is both a blessing and curse given how RBS killed off its last digital bank leaving its customers in the lurch. There’ no indication that would happen again though, especially now it is offering a fully fledged bank accounts.

All in all, for smaller businesses, freelancers, sole traders, there isn’t much to separate the two, but Tide has more scope to grow with your business. That being said, given that both are free, we recommend you open both. In these days of KYC and heightened security, having a back up business account helps to mitigate the risks to your business.

Looking for more? We have a full comparison of the top digital business accounts.