In today’s fast-paced and digital business landscape, choosing the right banking partner is crucial for entrepreneurs and small business owners. Mettle and Starling are two prominent players in the UK business banking market, offering innovative solutions and tailored services. In this article, we will compare Mettle vs Starling, highlighting their pros, cons, key differences, costs, and other essential considerations.
Mettle vs Starling
| Aspect | Mettle | Starling |
|---|---|---|
| Account Types | Sole traders, freelancers, small businesses | Various options for different business sizes |
| Brand and Legacy | Backed by NatWest, established UK bank | Independent digital challenger bank |
| Features and Integration | Emphasis on accounting software integration | Extensive features, integrations, and marketplace |
| User Experience | Intuitive interface, user-friendly experience | Intuitive interface, user-friendly experience |
| Costs and Pricing | No monthly fees, transaction and foreign currency fees may apply | No monthly fees, competitive pricing, no foreign currency fees |
| Customer Support | N/A | Mixed reviews, occasional delays in support |
| Account Verification | N/A | Stringent process, may take longer for approval |
| Additional Services | Limited additional services | Various services and features available |
| Scalability and Growth | Limited scalability for larger enterprises | Scalable solutions for growing businesses |
Please note that the information provided in the table is based on general observations and may be subject to change. It’s advisable to visit the respective banks’ websites or contact their customer support for the most up-to-date and accurate information before making a final decision.
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Statistics
- Mettle:
- As of September 2021, Mettle had over 150,000 registered users, indicating its growing popularity among freelancers, sole traders, and small business owners.
- Mettle reported a 63% year-on-year increase in the number of businesses applying for its services, showcasing the demand for digital banking solutions tailored to the needs of small businesses.
- According to a customer satisfaction survey conducted by Mettle, 80% of their users expressed satisfaction with the platform’s user-friendly interface and financial management tools.
- Starling:
- By September 2021, Starling had over 450,000 business customers, highlighting its significant market share in the digital business banking sector.
- In 2020, Starling Bank reported a 600% increase in business accounts opened, reflecting the rapid adoption of their services by entrepreneurs and businesses across the UK.
- Starling Bank received the Best British Bank award in 2020 and 2021, as voted by customers in the British Bank Awards, highlighting its reputation for excellent customer service and user experience.
Mettle – Embracing the future of banking
Mettle, powered by NatWest, is a digital-only business banking platform designed specifically for freelancers, sole traders, and small business owners. It offers a range of features that simplify financial management and provide an intuitive user experience. Here are some of the advantages and drawbacks of choosing Mettle for your business banking needs:
Pros
- Seamless integration: Mettle seamlessly integrates with various accounting software, streamlining your financial processes and allowing you to manage your accounts effortlessly.
- Holistic financial tools: Mettle provides a suite of financial tools, including invoicing, cash flow management, and expense categorisation, enabling better control over your business finances.
- Supportive community: Mettle boasts an active and engaged community, fostering networking opportunities, and allowing users to share insights and experiences.
Cons
- Limited business types: Mettle primarily caters to sole traders, freelancers, and small businesses. If you have a larger enterprise or more complex banking needs, it may not be the best fit.
- No physical branches: As a digital-only platform, Mettle lacks physical branches. While this may not be an issue for most users, those who prefer face-to-face interactions with their bank may find this limiting.
Starling – A full-service digital bank
Starling Bank is a digital challenger bank that offers a comprehensive suite of banking services for both personal and business customers. With its modern approach and robust features, Starling has gained popularity among entrepreneurs and businesses. Here’s a closer look at the pros and cons of using Starling for your business banking:
Pros
- Flexible account options: Starling provides various business account options to cater to different business types and sizes. This flexibility ensures that you can find an account that suits your specific requirements.
- Competitive pricing: Starling offers cost-effective business banking solutions, with competitive transaction fees and no monthly account charges, making it an attractive option for budget-conscious entrepreneurs.
- Integrations and marketplace: Starling’s extensive integrations and marketplace allow users to connect their business accounts with a range of third-party apps and services, expanding functionality and customisation.
Cons
- Customer support: Some users have reported issues with Starling’s customer support, including delayed responses or difficulties in resolving certain inquiries promptly.
- Account verification process: The account verification process for opening a Starling business account can be stringent and may take longer compared to some other banking providers.
Mettle vs Starling – Key differences
- Brand and legacy: Mettle is backed by NatWest, a well-established UK bank, while Starling is an independent digital challenger bank. This difference in brand and legacy can influence perceptions of trust and stability.
- Target market: Mettle focuses on freelancers, sole traders, and small businesses, whereas Starling offers solutions for a broader range of business sizes, including larger enterprises.
- Features and integration: Mettle places a strong emphasis on integration with accounting software, whereas Starling offers a wider range of features, such as invoicing, real-time payment notifications, and advanced reporting.
Mettle vs Starling – Costs and pricing
Both Mettle and Starling offer free business banking accounts with no monthly fees. However, it’s important to consider transaction fees, international payment charges, and other costs associated with specific services or features. Here’s a summary of the costs and pricing considerations for Mettle and Starling:
Mettle costs and fees
- No monthly account fees
- No fees for domestic payments
- Free ATM withdrawals up to £200 per month, with a 2% charge thereafter
- Foreign currency transactions may incur fees, so it’s essential to review the specific charges for international payments
Starling costs and fees
- No monthly account fees
- No fees for domestic payments
- Free ATM withdrawals in the UK and abroad
- Foreign currency transactions may incur a small fee or markup, so it’s important to check the rates for international payments
It’s worth noting that banking fees and pricing structures can change over time, so it’s advisable to visit the respective websites of Mettle and Starling for the most up-to-date information on costs.
Mettle vs Starling – Other considerations
User experience and interface
Both Mettle and Starling pride themselves on providing user-friendly interfaces and intuitive experiences. It’s worth exploring their mobile apps and online platforms to see which one aligns better with your preferences and needs.
Security and data protection
As with any digital banking provider, security and data protection should be a top priority. Both Mettle and Starling employ advanced security measures to safeguard your financial information. However, it’s always recommended to review their security protocols and encryption standards to ensure they meet your requirements.
Additional services
While both Mettle and Starling offer core banking services, it’s essential to consider any additional services or features that may be relevant to your business. For example, if you frequently make international transactions, you may want to explore the foreign exchange rates and international payment options offered by each provider.
Future expansion and growth
As your business grows, you may require additional banking services or support. Assess the scalability and flexibility of both Mettle and Starling to determine which one can accommodate your future needs effectively.
Mettle vs Starling – Conclusion
Choosing between Mettle and Starling for your business banking needs ultimately depends on your specific requirements, preferences, and the nature of your business. Mettle, powered by NatWest, offers tailored solutions for freelancers and small businesses, with a focus on integration and community support. Starling Bank, on the other hand, provides a broader range of services, catering to various business sizes and budgets, with a strong emphasis on flexibility and competitive pricing.
Carefully consider the pros, cons, key differences, costs, and other factors discussed in this article to make an informed decision. Remember to review the latest information and consult with the respective banks to ensure that you select the best business banking partner that aligns with your long-term goals and financial requirements.
Mettle vs Starling FAQ
Yes, both Mettle and Starling offer business account options for limited companies, along with other business types such as sole traders and freelancers.
No, both Mettle and Starling offer business banking accounts with no monthly fees. However, it’s important to review any transaction fees, international payment charges, or other costs associated with specific services or features.
As digital banking platforms, Mettle and Starling do not support cash deposits as they don’t have physical branch networks. However, you can deposit funds via electronic transfers, debit card payments, or other supported methods.
Currently, Mettle does not offer business loans or credit facilities directly. However, as part of the NatWest group, they may be able to provide connections or options for business funding. Starling, on the other hand, does offer business loans and credit facilities to eligible customers.
Both Mettle and Starling employ robust security measures to protect your financial information and transactions. They use advanced encryption protocols, secure authentication methods, and adhere to strict data protection regulations to ensure the security of their platforms.
Yes, both Mettle and Starling offer integration with various accounting software, allowing you to streamline your financial management by syncing transactions, invoices, and other data between your banking platform and accounting tools.
Mettle and Starling offer additional services and features to enhance your business banking experience. Mettle focuses on providing a suite of financial tools and a supportive community, while Starling offers a marketplace and a range of integrations for expanding functionality.
Remember that specific features, services, and terms may vary, so it’s important to visit the respective banks’ websites or contact their customer support to get detailed information based on your specific needs and requirements.