Mettle vs SoFi
Side-by-side comparison — pricing, features, ratings, use cases. Find which Neobanks fits you best.
🔍 Independently researched ·
📊 Data-driven
60/100
Free tier
UK based freelancers, contractors, and sole traders who want a no-cost, mobile-first business bank account with built-in
💰 Pricing
🆓 Free tier available
All core features are included at no cost: no monthly fees, no UK payment fees, free electronic money transfers, no minimum balance. Some usage limits apply to card spending and ATM withdrawals, but there are no restrictions on account features.
Fee notes:
- No monthly account fee, setup fee, or closure fee
- No fee for UK Faster Payments or BACS payments
- Debit card purchases in foreign currencies incur a 2.99% non-sterling transaction fee
- ATM withdrawals in the UK are free, but ATM operator surcharges may apply
- International ATM withdrawals: likely a 2% platform fee (minimum £2) plus the 2.99% non-sterling transaction fee (check current terms)
⚠ Watch for:
- Non-sterling transaction fee of 2.99% applied to all purchases made in a foreign currency
- International ATM withdrawals may carry both a fixed fee and the non-sterling fee, resulting in higher effective costs
- Business account only supports GBP for domestic payments; international transfers require integration with third-party FX services that add their own conversion margins
- Some accounting integrations require a separate paid subscription (e.g., free with FreeAgent only while you hold a Mettle account)
🔧 Features
✓ Free Tier✓ Uk Sole Trader✓ Natwest Owned✓ Invoicing✓ Accounting
📋 Assessment
💪 Strengths
- No fees, truly free: Mettle charges no monthly fee, no minimum balance requirement, and no transaction fees for standard UK payments (including Faster Payments and Direct Debits). For a small business, this removes a predictable monthly cost, freeing up capital for growth. You can make unlimited UK transfers without worrying about per-transaction charges, which is rare among both traditional and digital banks.
- Free FreeAgent subscription: Every Mettle customer gets a complimentary FreeAgent account, normally costing around £120 a year. This is a significant saving for freelancers who need to manage their accounting, and it integrates seamlessly with Mettle—transactions appear automatically in FreeAgent, and you can create invoices directly from the accounting dashboard. This integration simplifies tax filing and financial reporting.
- Built-in invoicing and receipt capture: Mettle's app allows you to generate professional invoices in seconds, with customizable fields and the ability to schedule recurring invoices. You can also photograph receipts on the go, and Mettle uses AI to extract the total, date, and merchant, then attaches it to the corresponding transaction. This digitizes your admin, saving hours each month and making expense tracking effortless.
- FSCS protection and NatWest backing: Because Mettle is an arm of NatWest, your money is protected by the Financial Services Compensation Scheme (FSCS) up to £85,000. This is a major trust advantage over many standalone neobanks that either lack FSCS protection or require a banking partner. For risk-averse freelancers, knowing their funds are safeguarded by a major UK bank is reassuring.
- FreeAgent integration with Xero support: Beyond FreeAgent, Mettle also integrates with Xero, allowing you to sync your transactions with your existing accounting setup. This flexibility is crucial for businesses that already use Xero and don't want to switch. The two-way sync ensures that payments made via Mettle are automatically reconciled, reducing manual data entry and errors.
⚠ Watch out for
- No cash deposits: If you operate in a cash-intensive business—like retail, events, or some trades—you cannot deposit cash into Mettle. The app has no facility to accept cash, meaning you'd have to keep a separate bank account and transfer money, creating extra admin and potentially delaying access to funds. For businesses that rely on cash flow, this is a major drawback.
- Eligibility restrictions: Mettle is only available to sole traders and single-director limited companies. If you have a partnership, a multi-director Ltd, a charity, or a trust, you cannot open an account. This narrow focus might be fine for many freelancers, but it excludes a substantial segment of business owners who might otherwise benefit from the free banking.
- Limited international features: Mettle doesn't offer foreign currency accounts, and international payments incur a 4.5% currency conversion fee (plus a £1.50 flat fee for non-UK transfers). For freelancers with clients abroad, this is expensive compared to specialist services like Wise or Revolut Business, which offer interbank rates and low fees. Mettle is best for domestic transactions only.
- No phone support and limited in-app help: While Mettle has an in-app chat and a comprehensive help center, there is no direct phone number to call. If you have a time-sensitive issue, the chat can be adequate, but some users may find the lack of phone support frustrating, especially in emergency situations. Response times can vary, and complex queries might require multiple interactions.
- Not suitable for businesses needing branch access: As a digital-only bank, Mettle has no physical branches. If you need to deposit cheques (though they are becoming obsolete), or prefer face-to-face banking, you'll be disappointed. Cheques cannot be paid in via Mettle; you'd need a separate NatWest account, which defeats the convenience.
🎯 Best for
UK based freelancers, contractors, and sole traders who want a no-cost, mobile-first business bank account with built-in invoicing and easy accounting integration.
🚫 Who should skip
Businesses that deal with cash, have multiple directors or partners, or need international banking features — you'll quickly outgrow Mettle.
📚 Learning curve
Minimal — the app is intuitive and similar to consumer banking apps, with a short onboarding flow and straightforward invoicing tools.
🧑⚖️ Verdict
If you're a sole trader or a single-director company that operates digitally, Mettle is an exceptional, no-cost choice—especially with the free FreeAgent subscription. However, if you need cash deposits, international banking, or phone support, look elsewhere. Bottom line: Mettle is the best free di
69/100
Free tier
US consumers who want to replace multiple banking, lending, and investing apps with a single free financial ecosystem, e
★ Best
💰 Pricing
🆓 Free tier available
Free tier includes standard banking, investing, and loan access. Some perks like unlimited ATM fee reimbursement require direct deposit or a qualifying balance.
Fee notes:
- No monthly service fee, no overdraft fee, no insufficient funds fee, no minimum balance fee.
- Out-of-network ATM fees: SoFi does not charge its own fee, but the ATM operator may charge a fee. With direct deposit, SoFi reimburses all domestic ATM fees; without direct deposit, up to $25/month in ATM fee rebates.
- International ATM fees: SoFi does not charge a foreign transaction fee on debit card purchases, but ATM operators may charge a fee. Reimbursement for international ATM fees is only $12/month (with direct deposit) or $0 without direct deposit.
- Foreign transaction fee: 0% on debit card purchases (no currency conversion markup) – but only if using SoFi's debit card; the exchange rate used may have a small markup.
- Wire transfers: $0 for incoming and outgoing domestic wires for SoFi checking accounts (may be free), but international wire fees may apply – need to verify (SoFi does not offer international wires on checking accounts).
⚠ Watch for:
- ATM operator fees: if you use an out-of-network ATM, the operator may charge fees, but SoFi reimburses only if direct deposit is set; otherwise you may incur up to $25/month in reimbursement.
- International ATM fees: reimbursement is capped at $12/month, and you may incur operator fees beyond that.
- Foreign transactions: no fee, but the exchange rate may include a 1% markup despite no explicit fee.
- Wire transfers: international wires are not available on SoFi checking; for domestic wires, there may be fees if you use a different method (e.g., sending via ACH is free).
🔧 Features
✓ Free Tier✓ Mobile App✓ Investing✓ Loans✓ Mortgage✓ Insurance✓ Us Only
📋 Assessment
💪 Strengths
- All-in-one platform: SoFi combines banking, investing, credit card, loans, mortgage, and insurance in one app. This means you can manage virtually all your finances without juggling multiple institutions, and the integration allows for features like viewing your entire net worth in a dashboard, seamless money movement between accounts, and automatic round-ups, which invest or save your spare change.
- Fee-free banking: Checking and savings accounts have no monthly maintenance fees, no minimum balance requirements, and no overdraft fees. This is a significant advantage over traditional banks that commonly charge $10-15 per month or hit you with $35 NSF fees. SoFi also reimburses ATM fees up to a certain limit when you have direct deposit, making it truly fee-friendly.
- Competitive savings rate with direct deposit: When you set up direct deposit, you can earn a high-yield savings APY that is often among the best from neobanks (e.g., around 4.6% APY, though variable). Additionally, you can boost your rate by 0.50% if you maintain a certain monthly direct deposit amount or use the SoFi Plus subscription, but even the standard direct deposit rate is strong. This helps your emergency fund grow faster.
- Early paycheck access: SoFi offers early direct deposit, which lets you receive your paycheck up to two days before your scheduled payday. This can help you avoid living paycheck to paycheck and cover unexpected expenses sooner, a feature that many users appreciate.
- Innovative investing options: SoFi Invest allows you to buy fractional shares of stocks and ETFs, making it easy to start investing with small amounts. You can also set up recurring investments and invest round-up change from your debit card. The platform offers no commission fees on trades, and you can open an IRA with low minimums, which is great for beginners.
⚠ Watch out for
- Direct deposit requirement for high APY: Without setting up direct deposit, the savings APY drops to a much lower rate (currently around 1.2% APY), which is significantly less competitive. You can avoid this with a SoFi Plus subscription (which costs $10/month) but that also requires a qualifying deposit to waive the fee. This could be a downside for users who can't or don't want to use direct deposit.
- No crypto trading: SoFi Invest discontinued crypto trading in 2023, meaning users can no longer buy or sell Bitcoin or other digital assets in the app. This is a drawback for those who want a one-stop shop for all investments, as they'd need a separate exchange.
- No physical branches: SoFi is online-only, so there are no brick-and-mortar branches. This means you can't walk in to speak with a representative, and cash deposits are awkward—you must use Green Dot locations (fees may apply) or link an external bank to transfer cash electronically. This can be a disadvantage for those who frequently handle cash or prefer face-to-face service.
- Cross-selling and product pushes: The app is heavily designed to promote other SoFi products, such as loans, credit cards, and insurance. This can feel intrusive, especially when you're trying to do simple banking tasks. Not all users appreciate the constant upsell.
- Customer support not 24/7: While SoFi offers chat and email support, phone support is available only during specific hours (e.g., 7am-midnight ET). Response times vary, and some users report delays during peak periods. For a platform that handles critical banking and investment needs, some users may find this limitation frustrating.
🎯 Best for
US consumers who want to replace multiple banking, lending, and investing apps with a single free financial ecosystem, especially if they receive regular direct deposits.
🚫 Who should skip
People who want physical branch banking, crypto trading, or a stock broker with complex trading tools should skip SoFi and go with a traditional bank and a dedicated broker.
📚 Learning curve
Minimal — consumer-friendly mobile UI with separate tabs for Banking, Invest, Loans, and Insurance, though you'll need to spend a few minutes setting up direct deposit and exploring the product bundles.
🧑⚖️ Verdict
SoFi is ideal for digitally-savvy users who want to consolidate their banking, investing, and lending in one fee-free app, and are willing to set up direct deposit to unlock the best rates. It's not for those who need physical branches, cash handling, or crypto trading. Bottom line: If you're lookin
📊 Use Case Suitability
Higher score = better fit. Scores from editorial review.
Use CaseMettleSoFi
Invoicing freelancers and sole traders95—
Mettle has built-in invoicing tools that let you create, send, and track invoice
Tracking expenses on the go90—
Receipt capture and automatic expense categorization help sole traders keep pers
Streamlining accounting with an accountant85—
Mettle lets you share access with your accountant and integrates with accounting
Running a single-director limited company75—
Designed for single-director companies, so it works fine for simple one-person L
Businesses that handle cash daily20—
There's no way to deposit cash into Mettle, so retail shops, cafés, or market st
Consolidating personal finances into one app—95
SoFi deliberately spans bank accounts, investing, loans, credit cards, and insur
Building an emergency fund with a high-yield savings account—88
With direct deposit, the checking and savings accounts pay a competitive APY tha
Refinancing student loans or taking a personal loan—92
SoFi is one of the best-known student loan refinancers and personal loan provide
🧭 Which One Should You Pick?
Choose Mettle if...
- You are: UK based freelancers, contractors, and sole traders who want a no-cost, mobile-first business bank account with built-in
- 👍 No monthly fees, no minimum balance, and no transaction charges for standard UK payments.
- 👍 Built-in invoicing and receipt capture, saving time on everyday admin.
- 👍 FSCS protected up to £85,000 because it's backed by NatWest, adding trust versus unregulated neobank
- 💰 Free tier available
- ⚠ Trade-off: No cash deposit support, making it unsuitable for cash-heavy businesses.
Choose SoFi if...
- You are: US consumers who want to replace multiple banking, lending, and investing apps with a single free financial ecosystem, e
- 👍 Truly all-in-one platform: checking/savings, investing, credit card, loan refinancing, mortgage, and
- 👍 No monthly maintenance fees, no minimum balance, and no overdraft fees on banking accounts, which is
- 👍 When you set up direct deposit, SoFi's savings APY is often among the highest from neobanks, plus yo
- 💰 Free tier available
- ⚠ Trade-off: You need to set up direct deposit to get the best savings APY; otherwise the rat
❓ Frequently Asked Questions
Is Mettle really free to use?
Yes, Mettle has no monthly fees and no transaction fees for standard UK payments in pounds. You only pay for optional extras or third-party services you choose to connect.
Can I open a Mettle account if I'm a sole trader?
Yes, Mettle is specifically designed for sole traders and single-director limited companies. Partnerships and multi-director companies aren't eligible.
Is my money protected with Mettle?
Mettle is a NatWest brand and your funds are covered by the Financial Services Compensation Scheme (FSCS) up to £85,000. This makes it a safer option than many other neobanks.
Can I pay in cash at Mettle?
No, Mettle doesn't support cash deposits. You can transfer money electronically via bank transfer, Faster Payments, or online transfers from another bank.
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