Mettle account switch

[Karimbo]

Was using mettle account today (app) and it said rthey were changing the account for e-money to a proper legal bank account.

Offered £200 to switch now, but everyone will be switched at some point.

If everyone was going to be forced to chnage at some point, it makes sense to opt in and do it now.

Does anyone know what the chnages are?

 

[Karimbo]

More importantly, The £200 incentive to switch/upgrade was a no brainer but I dont see any information on this incentive anywhere. So would be handy if someone else got a screenshot of the terms.

 

[Karimbo]

I got clarification. From them. It wasn't apparent to me on the pop up screen. But you need to upgrade the account with £7500 balance on the account.

There are no other conditions. You need to put £7500 balance in the mettle account before upgrading. Then upgrade and receive £200 after 30 days.

 

[MyAccountantOnline]

Was using mettle account today (app) and it said rthey were changing the account for e-money to a proper legal bank account.

Offered £200 to switch now, but everyone will be switched at some point.

If everyone was going to be forced to chnage at some point, it makes sense to opt in and do it now.

Does anyone know what the chnages are?

I just got an email from FreeAgent as we are FreeAgent accountants part of which says -

If your clients have been using Mettle for longer than six months, it’s likely they hold an e-money account provided by PrePay Solutions. However, in April 2023, Mettle (as part of NatWest Group) launched a new FSCS-protected business bank account on NatWest’s banking licence.

Previously, this account was only available to new Mettle customers, but now eligible customers are being invited to switch to the new bank account.

This process involves Mettle closing your clients' e-money accounts and opening a Mettle bank account, providing them with a new sort code and account number.

 

[Karimbo]

Here the terms of the incentive: https://forumshares.s3.eu-west-2.amazonaws.com/mettleincentive.pdf

It wasn't clear enough for me. I actually have the money in a aldermore business savings account earning 3.2%

I could have just transferred it into the mettle account and upgraded and would have got £200 bonus from mettle.

 

[thewibbler]

Are there any negatives to moving accounts? Seems like a changed account number will mean I have to update all my suppliers etc

One positive may be that we get an IBAN number - is this correct?

 

[Karimbo]

Well it's required they will move everyone on evebtually. I am not sure about negatives from current to new accounts.

More protection perhaps because it has a proper banking license, no emoney. Still fee free as well.

Someone who goes through terms and conditions might find something there

 

[NNS]

Are there any negatives to moving accounts? Seems like a changed account number will mean I have to update all my suppliers etc

One positive may be that we get an IBAN number - is this correct?

one small negative is that the new one opens immediately and the old one closes simultaneously. It leaves you without a debit card for the new account for a few days. it also requires you to set up your direct debits again, and any scheduled payments.

The £200 was nice- it took me about an hour to sort a few things, perhaps a little less so good compensation for this, and like others had said I would have changed away from the e-account anyway soon- may as well have the money. You get a summary of direct debits, so I had to fill in a few new mandates and email then to a few companies. The debit card was more annoying- only because I hadn't thought about it and wanted to set up a pension within the coming days, and I had to use another one to pay for some parking and put it through as an expense.

 

[potato632]

one small negative is that the new one opens immediately and the old one closes simultaneously. It leaves you without a debit card for the new account for a few days. it also requires you to set up your direct debits again, and any scheduled payments.

The £200 was nice- it took me about an hour to sort a few things, perhaps a little less so good compensation for this, and like others had said I would have changed away from the e-account anyway soon- may as well have the money. You get a summary of direct debits, so I had to fill in a few new mandates and email then to a few companies. The debit card was more annoying- only because I hadn't thought about it and wanted to set up a pension within the coming days, and I had to use another one to pay for some parking and put it through as an expense.

When switching, do you lose your banking history? e.g. list of previous transactions

 

[Karimbo]

you dont lost it. they archive all the transactions into pdf statements and email it them to you.

But for the online banking screen you do not see any transactions prior to the switch, because the bank account number and sort code changes - the previous mettle account is a different account and you dont see those transactions.

 

[fisicx]

One positive may be that we get an IBAN number - is this correct?

You already have one. Mine shows up on my statements and on the banking app for all three banks I currently use.

 

[James_Hogan70]

Got the same option and been onto Mettle about it. The problem is, you have to stop invoicing while you are waiting for payment of any outstanding invoices as they close the old account when they open the new one — and you won’t get the new account details before the switch. Seems like the only way to avoid it is to open a new account with Tide, Revolut or Monzo.

 

[potato632]

Got the same option and been onto Mettle about it. The problem is, you have to stop invoicing while you are waiting for payment of any outstanding invoices as they close the old account when they open the new one — and you won’t get the new account details before the switch. Seems like the only way to avoid it is to open a new account with Tide, Revolut or Monzo.

You should already have a backup bank account not only for things like this but if your account is frozen for any reason, you'll be royally screwed

This goes for personal bank accounts too!

 

[mikes99]

Are there any negatives to moving accounts? Seems like a changed account number will mean I have to update all my suppliers etc

One positive may be that we get an IBAN number - is this correct?

I’ve been through the process and received the £200. Thanks Mettle. What they don’t make particularly clear is that they are not part of the current account switching service. I discovered this when a refund failed to reach my new mettle account because the old one is closed. If they were part of the switching service, this refund would find its way to my new account. But because they are not, the refund has ‘bounced’ and I’m trying to establish from Mettle what the ARN number is, whatever that may be. Its not straightforward and it’s time consuming. I fear I’m going to be stuck between a retailer saying contact your bank, and Mettle saying contact the retailer.

It looks as if you will have to change accounts eventually because Mettle was effectively a start up bank with a prepaid card. Now they’re going mainstream. But they are not part of the switching service so it’s a switch you have to do yourself. Ok if you don’t have many payments but a huge pain if you have lots of suppliers and customers to contact.

I’m off to Starling Bank.

 

[Karimbo]

a gripe i have with mettle is I use it primarily as a purchasing account. for repetitive low value purchases.

sometimes card payments dont go through on ecom sites i pay with. so i try again and eventually it goes through. most normal banks will hold the amount from your available balance, for a day or two then release.

mettle removes that amount from your balance for 30 days.

Its not a big issue for what im doing. but imagine you were making big purchases and the transaction breaks midway - they're keeping that amount from you for a month.

 

[lesvatadvice]

I have had some difficulty with the change of Mettle account.
I did note that the schedule of Direct Debits is incorrect. The due dates are wrong, which means you might miss a payment, as I did.

 

[Cjones1090]

I have had the worst thing happen yesterday. I was told that all my previous paid and unpaid invoices will be available to download after the switch. So I didn’t do anything with my unpaid invoices as I wanted to send them with the new account details. Moments after the switch I went to download my unpaid invoices so I could re enter the data and then set them all up. Unpaid invoices had disappeared but the paid invoices were there. I stupidly trusted mettle with my data and didn’t make a hard copy on paper so all data has been lost and I’m unable to retrieve the information that I need to invoice my clients. Therefor not being paid. They are being very vague and unhelpful and don’t quite get how much of a big deal this is. What I can’t understand is that how can data I’ve entered over the whole month be saved on the app ready for sending to clients then after the switch just disappear. I am so stressed and at a loss of what to do. I just feel stupid for not having a hard copy

 

[Deleted member 356896]

I have had the worst thing happen yesterday. I was told that all my previous paid and unpaid invoices will be available to download after the switch. So I didn’t do anything with my unpaid invoices as I wanted to send them with the new account details. Moments after the switch I went to download my unpaid invoices so I could re enter the data and then set them all up. Unpaid invoices had disappeared but the paid invoices were there. I stupidly trusted mettle with my data and didn’t make a hard copy on paper so all data has been lost and I’m unable to retrieve the information that I need to invoice my clients. Therefor not being paid. They are being very vague and unhelpful and don’t quite get how much of a big deal this is. What I can’t understand is that how can data I’ve entered over the whole month be saved on the app ready for sending to clients then after the switch just disappear. I am so stressed and at a loss of what to do. I just feel stupid for not having a hard copy

Hopefully they can retrieve the data for you.

What’s the impact if they can’t?

 

[Cjones1090]

Hopefully they can retrieve the data for you.

What’s the impact if they can’t?

They have told me they can’t. Which I just can’t understand. Information I’ve saved saved can just disappear xxx