Tide vs Mettle for business banking – Comparing pros and cons, features, costs and more

When it comes to choosing a business banking solution in the UK, two names that often come up are Tide vs Mettle. Both of these digital banks have gained popularity among small business owners and freelancers due to their user-friendly platforms and convenient features.

In this article, we will compare Tide vs Mettle, exploring their pros, cons, key differences, costs, and other considerations, to help you make an informed decision for your business banking needs.

Tide vs Mettle

Criteria	Tide	Mettle
Account Types	Business Current Account	Business Current Account (Sole Traders and Limited Companies only)
Easy Account Setup	Yes	Yes
Expense Management	Yes	Yes
Invoicing	Basic	Comprehensive
Funding Options	Business loans (through partners)	N/A
Cashback Rewards	N/A	Available for selected partners
Integrations	Various accounting software, business tools	Limited
Customer Support	Mixed reviews	Positive reviews
Transaction Limits	Varies	Varies
Monthly Fees	Free	Free
Additional Charges	Cash deposits, withdrawals, international transactions, additional services	Cash deposits, certain transactions, value-added services
User Experience	User-friendly interface	User-friendly interface
Eligibility	Open to various business structures	Sole Traders and Limited Companies only
Availability	UK	UK

It’s important to note that the information provided in the table is based on the general features and criteria of Tide and Mettle. For more detailed and up-to-date information, it is recommended to visit their respective websites or contact their customer support.

Use this table as a reference to compare the key aspects of Tide and Mettle and to evaluate which features and criteria are most important for your business’s banking needs.

Statistics

1. Tide:

• Over 350,000 small businesses in the UK have chosen Tide as their digital banking solution for managing their finances and expenses.
• Tide has facilitated over £10 billion in business transactions since its launch, showcasing its growing popularity and usage among businesses.
• As of 2021, Tide had raised over £130 million in funding, allowing them to expand their services and develop new features to cater to the needs of small businesses.

2. Mettle:

• Mettle, launched by NatWest, has attracted more than 100,000 sign-ups since its inception, indicating a strong interest in its business banking offerings.
• In a customer satisfaction survey conducted by BVA BDRC, Mettle achieved a Net Promoter Score (NPS) of +52, demonstrating high levels of customer satisfaction and positive recommendations.
• Mettle received the “Best Business Banking Provider” award at the British Bank Awards in 2021, further emphasising its recognition within the industry.

Pros of Tide

• Easy account setup: Tide offers a seamless account opening process, allowing you to create an account quickly and conveniently.
• Expense management: The Tide app provides intuitive tools for tracking expenses, creating and sending invoices, and managing cash flow.
• Business integrations: Tide integrates with various accounting software and business tools, streamlining your financial management processes.
• Free transactions: Tide offers a free account option with no monthly fees and no charges for making electronic payments.

Cons of Tide

• Limited features: While Tide provides essential banking services, some advanced features like business loans or overdraft facilities are not currently available.
• Customer support: Customer support at Tide has received mixed reviews, with some users reporting delays in response times.

Pros of Mettle

• Holistic business banking: Mettle offers a comprehensive suite of business banking services, including current accounts, invoicing, expense management, and more.
• Collaboration tools: Mettle allows you to invite team members or your accountant to collaborate on your finances, enhancing transparency and efficiency.
• In-app invoicing: With Mettle, you can create and send invoices directly from the app, simplifying your billing process.
• Cashback rewards: Mettle provides cashback rewards on business expenses for selected partners.

Cons of Mettle

• Limited access: Mettle is currently available only to sole traders and limited companies registered in the UK, excluding partnerships or non-UK businesses.
• Funding options: Mettle does not offer business loans or overdraft facilities, which may be a limitation for businesses seeking credit options.

Tide vs Mettle – Key differences

• Account types: Tide offers a single business current account option, while Mettle provides a range of accounts tailored for different business types and needs.
• Funding options: Tide collaborates with third-party lenders to offer business loans, while Mettle does not provide any lending services.
• Cashback rewards: Unlike Tide, Mettle offers cashback rewards on business expenses, which can be a valuable perk for cost-conscious businesses.

Tide vs Mettle – Costs

• Tide: Tide offers a free account option with no monthly fees. However, there are charges for cash deposits and withdrawals, international transactions, and additional services.
• Mettle: Mettle provides free business current accounts with no monthly fees. However, charges may apply for cash deposits, certain transactions, or value-added services.

When comparing costs, both Tide and Mettle offer free business current accounts with no monthly fees. However, additional charges may apply for certain transactions, cash deposits, or value-added services. It is crucial to review the fee structures of each platform carefully to ensure they align with your business’s transaction volume and requirements.

Other Considerations

• Integration with existing systems: Consider whether Tide or Mettle integrates seamlessly with your existing accounting software, payment gateways, or other business systems.
• Transaction limits: Assess the transaction limits and any associated fees on both platforms to ensure they align with your business requirements.
• User experience: Test the user interfaces of Tide and Mettle to see which platform feels more intuitive and suits your preferences.

If you prioritise a straightforward account setup process, expense management tools, and free transactions, Tide might be the better choice for you. It is known for its user-friendly interface and seamless integration with various business tools. However, keep in mind that Tide currently lacks some advanced features like business loans or overdraft facilities.

On the other hand, if you value a more comprehensive business banking solution that includes invoicing, expense management, and collaboration tools, Mettle could be the preferred option. Mettle’s collaboration features allow you to involve your team members or accountant in your financial processes, promoting transparency and efficiency. Additionally, the cashback rewards on business expenses offered by Mettle can be a significant benefit for businesses seeking cost savings.

Tide vs Mettle for sole traders and limited companies

Consider your business structure as well. Mettle is limited to sole traders and limited companies registered in the UK, excluding partnerships or non-UK businesses. If you fall into one of these categories, Mettle might be the ideal fit. However, if you have a different business structure, Tide offers a more inclusive approach.

Third-party integrations

Furthermore, take into account the integration capabilities of each platform with your existing systems. Seamless integration with your accounting software, payment gateways, or other business tools can greatly simplify your financial management processes.

User experience

Lastly, consider the user experience of both Tide and Mettle. Test the platforms and explore their interfaces to determine which one feels more intuitive and suits your preferences. A user-friendly interface can enhance your overall banking experience and save you time in navigating through various features and functionalities.

Verdict

Ultimately, the choice between Tide and Mettle depends on your specific business needs, preferences, and priorities. Take the time to evaluate the pros, cons, key differences, costs, and other considerations outlined in this article.

Consulting with other business owners or seeking professional advice can also provide valuable insights. By conducting thorough research and analysis, you can select the business banking solution that best supports your business growth and financial management requirements.

Tide vs Mettle FAQ

Remember to refer to the official websites of Tide and Mettle or contact their customer support for the most accurate and up-to-date information regarding their services, features, and eligibility criteria.