NatWest vs Metro Bank for business banking – Pros and cons, features and fees compared

Choosing the right bank for your business is a crucial decision that can have a significant impact on your financial operations. In the UK, NatWest and Metro Bank are two prominent players in the business banking arena, offering a range of services tailored to meet the needs of small, medium, and large enterprises.

This article aims to compare NatWest vs Metro Bank, highlighting their pros, cons, key differences, costs, and other considerations, helping you make an informed decision for your business.

NatWest vs Metro Bank

Features	NatWest	Metro Bank
Branch Network	Extensive branch network across the UK	Relatively smaller branch network
Digital Banking	Robust online and mobile banking platforms	User-friendly and innovative digital experience
Product Range	Wide array of business banking products	Focus on essential business banking services
Customer Service	Comprehensive business support and resources	Emphasis on personalised customer service
Fees and Charges	Potentially higher fees for certain services	Generally competitive fees
Lending Criteria	Strict lending criteria for loans and credit	May offer more flexibility for certain businesses
Accessibility	Branches available during regular business hours	Extended opening hours, including evenings and weekends
Reputation	Established “Big Four” bank in the UK	Challenger bank with a customer-focused approach
Business Size	Catering to businesses of all sizes	Attractive to smaller businesses
Digital Innovation	Offers digital banking capabilities	Known for a user-friendly digital platform
Relationship Management	Dedicated relationship managers	Emphasis on personalised relationship management
Trustworthiness	Long-standing reputation and recognition	Gaining popularity for customer-focused approach

Please note that this table provides a general overview and it’s important to conduct further research and discussions with the banks to ensure accurate and up-to-date information specific to your business needs.

Statistics

1. NatWest:

• As of 2021, NatWest had a network of over 960 branches across the UK, making it one of the largest branch networks in the country.
• In 2020, NatWest launched a digital platform called Mettle, specifically designed for small businesses and offering a range of digital banking services.
• NatWest’s mobile banking app has been downloaded over 5 million times, indicating its popularity among customers for convenient banking on the go.

2. Metro Bank:

• Metro Bank opened its first branch in 2010 and has since expanded its network to over 77 branches across the UK.
• In 2020, Metro Bank’s digital platform experienced a surge in usage, with a 77% increase in logins to its mobile app and a 24% increase in online business banking registrations.
• According to the UK Customer Satisfaction Index, Metro Bank consistently ranks among the top banks for customer satisfaction, reflecting its commitment to providing excellent service to its customers.

NatWest for business banking

NatWest is a well-established and highly regarded bank in the UK, providing comprehensive banking services to businesses of all sizes. Here are the key factors to consider when evaluating NatWest:

Pros

• Extensive branch network: NatWest boasts one of the largest branch networks in the UK, making it convenient for businesses to access in-person banking services.
• Range of products and services: NatWest offers a wide array of business banking products, including current accounts, savings accounts, loans, credit cards, merchant services, and international banking solutions.
• Digital banking capabilities: NatWest provides robust online and mobile banking platforms, allowing businesses to manage their finances conveniently.
• Business support and resources: NatWest offers valuable resources and support for businesses, including sector-specific insights, networking events, and dedicated relationship managers.

Cons

• Potentially higher fees: Some businesses may find that NatWest’s fees and charges are higher compared to other banks, especially for certain services such as international transfers or account maintenance.
• Limited flexibility: Some customers have reported that NatWest’s lending criteria can be strict, making it challenging for certain businesses to obtain loans or credit.

Key differences

• Reputation and history: NatWest has a long-standing reputation and is one of the “Big Four” banks in the UK, while Metro Bank is relatively newer to the scene.
• Branch accessibility: NatWest has a significantly larger branch network, which may be beneficial if your business prefers face-to-face interactions.
• Digital experience: Although NatWest provides digital banking services, Metro Bank has a reputation for offering a more user-friendly and innovative digital experience.

Metro Bank for business banking

Metro Bank is a challenger bank in the UK, aiming to disrupt the traditional banking landscape with its customer-centric approach. Let’s delve into the key aspects of Metro Bank’s business banking offering:

Pros

• Customer-focused culture: Metro Bank prides itself on its customer service, aiming to provide a personalised banking experience for businesses.
• Flexible opening hours: Unlike traditional banks, Metro Bank branches are open seven days a week, including evenings, offering extended accessibility for businesses.
• User-friendly digital platform: Metro Bank’s digital banking platform is known for its simplicity and ease of use, enabling businesses to manage their finances effortlessly.
• Competitive fees: Metro Bank generally offers competitive fees, making it an attractive choice for businesses seeking cost-effective banking solutions.

Cons

• Limited branch network: Metro Bank’s branch network is relatively smaller compared to more established banks like NatWest. This might be a drawback if branch accessibility is crucial to your business operations.
• Product range: While Metro Bank offers essential business banking services, their product range may be more limited compared to larger institutions like NatWest.

Key differences

• Service approach: Metro Bank emphasises a customer-centric approach and aims to differentiate itself through exceptional service, while NatWest’s focus is on its extensive banking expertise and resources.
• Branch availability: Metro Bank’s extended opening hours and seven-day branch availability can be advantageous for businesses that require face-to-face banking services outside regular business hours.
• Digital innovation: Metro Bank is often considered more innovative in terms of its digital banking capabilities, offering an intuitive and modern user experience compared to NatWest.

NatWest vs Metro Bank – Costs and other considerations

When comparing NatWest and Metro Bank for business banking, it’s essential to consider the costs associated with their services and other relevant factors:

• Fees and charges: Both NatWest and Metro Bank have their fee structures for various services. It’s crucial to compare these fees, including transaction charges, account maintenance fees, international transfer costs, and overdraft fees, to determine which bank offers the most cost-effective solutions for your business’s needs.
• Business size and requirements: The size and specific requirements of your business should also be taken into account. NatWest’s extensive range of products and services, along with its expertise in catering to businesses of different sizes, may be beneficial for larger enterprises. On the other hand, Metro Bank’s customer-centric approach and competitive fees may be attractive to smaller businesses seeking personalised service.
• Business support and relationship management: Consider the level of business support and relationship management provided by each bank. NatWest’s established position in the market means it can offer comprehensive resources and specialised support for businesses in various sectors. Metro Bank, with its emphasis on customer service, may provide a more hands-on and personalised relationship management experience.
• Accessibility and convenience: Evaluate the accessibility and convenience offered by each bank. NatWest’s extensive branch network provides easy access to in-person banking services, while Metro Bank’s extended hours and digital capabilities may be more suitable for businesses that prioritise convenience and flexibility.
• Reputation and trustworthiness: Consider the reputation and trustworthiness of each bank. NatWest’s long-standing presence and recognition as a major UK bank may instill confidence in some businesses. Metro Bank, although newer, has gained popularity for its customer-focused approach and commitment to innovation.

NatWest vs Metro Bank – Verdict

In conclusion, both NatWest and Metro Bank offer business banking solutions tailored to meet different needs.

NatWest’s extensive branch network, comprehensive product range, and established reputation make it an attractive choice for businesses seeking a well-established banking partner.

On the other hand, Metro Bank’s customer-centric approach, flexible opening hours, and user-friendly digital platform may be appealing to businesses looking for a more personalised and innovative banking experience.

Ultimately, the choice between NatWest and Metro Bank will depend on your business’s specific requirements, size, preferences, and financial objectives.

It is advisable to speak to representatives from both banks to determine which one aligns best with your business’s needs and long-term goals.

NatWest vs Metro Bank – FAQ

Remember, these FAQs provide general information, and it’s advisable to contact the banks directly to obtain accurate and up-to-date information specific to your business requirements.