Get between £50 and £1,000 when you switch to Mettle’s new bank account
Switch your Mettle e-money account to a new Mettle bank account before 31 July 2024 and we’ll deposit up to £1,000 into your new bank account. The amount you receive will depend on your overall account balance at the time of switching.
Overall account balance when switching | Deposit you'll receive from Mettle |
|---|---|
£500 and less than £2,500 | £50 |
£2,500 and less than £7,500 | £100 |
£7,500 and less than £25,000 | £300 |
£25,000 and less than £100,000 | £500 |
£100,000 or more | £1,000 |
See if you're eligible
Switching to the Mettle bank account is not available to all customers. Check your app for updates.
You must be a current Mettle e-money customer, have not previously held a Mettle bank account and must not be in the process of closing your account.
To be eligible for the cash incentive, you must meet the criteria to open a Mettle bank account, be a UK resident and have a minimum balance of £500 at the time of opening the Mettle bank account.
The cash incentive offer ends 31 July 2024, but could be withdrawn earlier due to limited availability.
We reserve the right to withhold, or require repayment of any reward, or determine that you are not eligible to participate in the cash incentive. We also reserve the right to amend, suspend, withdraw or vary the cash incentive for any reason without notice.
You should receive the cash incentive within 30 days from when you're confirmed as eligible.
Why switch?
Earn interest on your savings
With a savings pot, you could earn 1.46% AER / 1.45% Gross p.a (variable) on balances from as little as £10.
Only savings pots can earn interest. You can only have one savings pot. It has a maximum balance of £1m. The interest rates may change to reflect the savings market. Interest is calculated daily and will be paid out monthly. Any positive change in interest will be notified within 30 days, any negative change in interest will be notified at least 60 days before. AER stands for Annual Equivalent Rate. It shows you what the rate would be if interest was paid and compounded each year. Gross is the interest rate you’ve paid without the deduction of UK income tax. p.a is per annum (per year). Read the full Mettle business account T&Cs here.
A new account limit
You'll have a total account limit of £1.1 million. This includes up to £1 million in your main account, and up to £100k in pots.
Funds protected up to £85,000
Your funds are protected by the Financial Services Compensation Scheme (FSCS) up to £85k.
More features to come
We have a host of new features on the way to make managing your business finances even easier.
The switching process
New account number and sort code
Your old account details will no longer work.
Close your e-money account
Your new bank account will replace your e-money account.
Move your money
Your e-money balance (including money in pots) will be safely moved to your new account.
Email your data
We’ll email your standing orders and Direct Debit information, with instructions on how you can set them up again.
Send you a new card
This will take 3-5 working days. Your old card will no longer work.
Keep FreeAgent connected
All your FreeAgent data and transactions will remain as they are.
What you'll need to do
Share your new bank details
You’ll need to update outstanding invoices, and let your contacts know your new details for any payments you’re expecting.
Set up your Direct Debits and scheduled payments
Use the email we send you to set them up again.
Set up your pots
The balance of your existing pots will be moved to your main balance in your new account.
Set up virtual wallet
You can do this once you’ve activated your new card.
Reconnect Xero or Quickbooks
Any connections you currently have will expire.
Frequently asked questions
What is the Mettle bank account?
We've built a new Mettle business bank account on NatWest’s banking licence where your eligible funds, up to £85,000, are protected by the Financial Services Compensation Scheme (FSCS). We have plans to offer you even more banking and financial features in the future.
I don’t see the option to switch, what will happen to my account?
You’ll know when you’re able to switch to a Mettle bank account if you can see the option ‘Switch to our new bank account’ on the Account screen in your Mettle app. If you can’t see this option, it’s not available to you yet.
Read moreWe’re working on making this available to all customers, so please keep checking the app to see when you can switch.
There are no immediate changes to your Mettle e-money account, and you can continue to use it as you normally do. We’ll provide you with formal notice of this change next year.
How long will I be unable to access my account whilst I am switching to the Mettle bank account?
You will be locked out of your account whilst we open your bank account. This can take up to 2 hours.
Something went wrong when I was switching from an e-money account to a bank account. What do I need to do?
If something went wrong when opening your new bank account, we’ll have been made aware that there is a problem and will be working to fix it. We’ll be in touch with you as soon as the issue is fixed.
Read moreIn the meantime, you can contact us via email at support@mettle.co.uk or by calling 0800 0987 765.
What will happen to my old e-money account?
When you switch to the Mettle bank account your e-money account will be closed.
Read moreSome points to consider:
You’ll no longer have access to your transaction history, so we recommend downloading this before you switch over
The switch process can take up to two hours. Your Mettle app will be locked during this period
You’ll have to set up your regular payments and Pots again, and reissue invoices with your new account details
You can find more answers to additional questions in our help centre.