Metro Bank vs Barclays for business banking – Comparing pro and cons, features and fees

When it comes to choosing a bank for your business, two prominent names in the UK banking industry stand out: Metro Bank and Barclays.

Both banks offer a range of business banking services, but they have their own unique features, benefits, and drawbacks.

In this article, we will compare Metro Bank vs Barclays, outlining their pros, cons, key differences, costs, and other important considerations, to help you make an informed decision for your business banking needs.

Metro Bank vs Barclays

Features	Metro Bank	Barclays
Customer Service	Exceptional customer service with extended opening hours	Mixed customer service reviews, recent improvements
Branch Network	Growing network of local branches	Extensive branch network across the UK
International Presence	Limited international presence	Strong global reach and dedicated international services
Digital Banking	Online and mobile banking platforms	Robust digital banking capabilities
Account Opening	Quick and straightforward process	Standard account opening process
Product Portfolio	Limited range of business banking products	Wide range of products and services for businesses
Business Size	Focused on small and medium-sized enterprises (SMEs)	Serves businesses of all sizes
Additional Resources	Various resources and workshops for businesses	Business advice, networking events, industry specialists through “Eagle Labs” initiative
Business Loans and Financing	Offers loans and financing options	Comprehensive loan products and terms
Reputation and Brand	Relatively new entrant, fresh approach to banking	Established and recognised banking brand
Pricing and Account Fees	Transparent fee structure, assess account-specific costs	Account fees and transaction charges may apply

Please note that this table provides a general overview and it is recommended to conduct further research and consultation with the respective banks to get detailed and up-to-date information on their features, services, and pricing.

Statistics

1. Metro Bank:

• As of 2021, Metro Bank had a total of 77 physical branches across the UK, providing local access to their banking services.
• Metro Bank reported a customer satisfaction rating of 86% in the UK Business Banking Survey conducted by the Competition and Markets Authority (CMA) in 2020.
• In 2021, Metro Bank was awarded the “Best Business Bank” at the British Bank Awards, recognising its commitment to customer service and business banking excellence.

2. Barclays:

• Barclays operates over 1,500 branches in the UK, providing widespread physical branch accessibility for business customers.
• Barclays reported serving over one million business customers globally as of 2020, highlighting its extensive reach and experience in catering to diverse business needs.
• In 2021, Barclays was ranked as the leading business bank in the UK based on the number of small and medium-sized enterprise (SME) customers.

Pros of Metro Bank

• Customer service: Metro Bank prides itself on exceptional customer service. With longer opening hours and seven-day banking availability, they prioritise convenience and accessibility for their customers.
• Local branches: Metro Bank places a strong emphasis on physical branch presence, providing face-to-face assistance and personalised support to business customers. Their “store” concept ensures a welcoming atmosphere, where you can discuss your business requirements with knowledgeable staff.
• Quick account opening: Metro Bank offers a straightforward account opening process, aiming to provide businesses with immediate access to their banking services. This can be particularly advantageous if you need to get your business up and running quickly.

Cons of Metro Bank

• Limited branch network: While Metro Bank boasts a growing branch network, it is still relatively smaller compared to some of the more established banks. This may limit your access to physical branches, especially if you operate in rural areas.
• Limited international presence: If your business engages in significant international transactions, Metro Bank’s limited international presence may pose challenges. Their services may not be as comprehensive or competitive as larger banks like Barclays in terms of global reach.

Pros of Barclays

• Extensive product portfolio: Barclays offers a wide range of business banking products and services, catering to businesses of all sizes. From business accounts to loans, credit cards, and merchant services, Barclays has a comprehensive suite of offerings to support your business needs.
• Global reach: With a strong international presence, Barclays is well-positioned to assist businesses with their global operations. They provide dedicated international banking solutions, including foreign currency accounts, international payment services, and trade finance options.
• Digital banking capabilities: Barclays has invested heavily in digital banking platforms, providing businesses with convenient online and mobile banking solutions. Their user-friendly interfaces and advanced features enable efficient management of finances on the go.

Cons of Barclays

• Customer service: Barclays has faced criticism in the past regarding their customer service, with some customers reporting difficulties in resolving issues promptly. However, recent efforts to improve their customer service have shown positive results, and this may not be a significant concern for all businesses.
• Account fees: While Barclays offers a comprehensive range of business banking products, some of these may come with account fees or transaction charges. It is important to carefully review the fee structure and consider the potential impact on your business’s cash flow.

Metro Bank vs Barclays – Key differences and considerations

Reputation and brand

Barclays is one of the UK’s oldest and most recognizable banking brands, with a long history of serving businesses and individuals. Metro Bank, on the other hand, is a relatively new entrant, which may be appealing to those seeking a fresh approach to banking.

Business size and requirements

Consider the size and specific requirements of your business. Metro Bank often focuses on providing services to small and medium-sized enterprises (SMEs), while Barclays caters to businesses of all sizes, including large corporations.

Pricing and account features

Compare the costs associated with different account types and the features offered by each bank. Consider factors such as overdraft facilities, credit terms, interest rates, and transaction limits to determine which bank aligns best with your business needs and financial goals.

Business support and resources

Evaluate the additional support and resources offered by each bank. Barclays, for example, provides business advice, networking events, and access to industry specialists through their “Eagle Labs” initiative. Metro Bank also offers various resources and workshops to help businesses thrive.

Online banking experience

Assess the online banking platforms and mobile apps provided by both banks. Look for features such as easy payment processing, account management tools, and integration with accounting software to streamline your business operations.

Business loans and financing

If your business requires loans or financing options, compare the loan products and terms available from Metro Bank vs Barclays. Consider interest rates, repayment terms, and loan accessibility to find the best fit for your funding needs.

Metro Bank vs Barclays – Costs and pricing

It is essential to review the fee structures and costs associated with business banking services from both Metro Bank and Barclays.

Consider factors such as monthly account fees, transaction charges, overdraft fees, international transaction fees, and any other relevant charges that may impact your business finances.

Compare the costs against the services and benefits provided to ensure you are getting value for money.

Metro Bank vs Barclays – Verdict

In conclusion, both Metro Bank and Barclays offer business banking solutions with their own unique strengths and weaknesses.

Metro Bank excels in customer service and local branch availability, making it a suitable choice for businesses that prioritise face-to-face interactions and convenience.

On the other hand, Barclays offers an extensive range of products, global reach, and advanced digital banking capabilities, making it an attractive option for businesses with international operations and diverse financial needs.

It is advisable to schedule meetings with representatives from both banks to discuss your specific needs and gain a deeper understanding of the services they offer.

Ultimately, making an informed decision based on your business’s unique circumstances will help you establish a strong banking relationship that supports your long-term success.

Metro Bank vs Barclays – FAQ

Please note that the answers provided here are for general information purposes. It’s recommended to contact the respective banks directly or visit their websites for detailed and up-to-date information tailored to your specific business requirements.