ComparisonLast checked 8 November 2026

Lloyds vs Mettle

A high-street business account for UK businesses with turnover up to £3 million, including sole traders and limited companies, with electronic payments included and a monthly fee after the first year. A free business account from NatWest for sole traders and small limited companies, with invoicing and FreeAgent accounting included. We also show Incard, our pick for businesses whose main costs go on cards.

By the editorial team. How we make money.

Where Incard beats both

You spend thousands a month on cards, especially on advertising, software or travel
You want card cashback, which Lloyds or Mettle don't list
You want a US dollar account, which Lloyds or Mettle don't list
You want cards for your team, which Lloyds or Mettle don't list
You're comfortable with safeguarding instead of FSCS cover

cashback a year on Incard's £0 Free plan from £5,000 a month of eligible ads, software and travel spend. Simple arithmetic, not a forecast.

£600

Apply for Incard on incard.co

We may earn a commission if you apply.

What a year of card spending earns you

Incard Free against Lloyds's cheapest plan, at your monthly spend on ads, software and travel.

Monthly card spend on ads, software and travel£5,000

£720 a year better off with Incard

Incard Free: £600 cashback, £0 fees
Lloyds's cheapest plan: no cashback, £120 fees

Simple arithmetic, not a forecast: 1% on eligible ads, software and travel spend at merchants on Incard's eligible brand list, and each plan's published monthly fee. Other fees, such as FX and ATM charges, aren't included. Lloyds's cheapest plan: Free for 12 months for businesses new to Lloyds, then £10 a month.

Lloyds suits you if

Your turnover is £3 million or less and you want a high-street bank with FSCS cover
You pay in cash at Lloyds deposit machines or the Post Office
You need a euro account alongside your sterling account
You're a sole trader who wants Lloyds' free Making Tax Digital software

Mettle suits you if

You want a free account from NatWest with FSCS cover
You want invoicing and FreeAgent accounting included
You're a sole trader, or a company with one or two owners

At a glance

**Table notes:** correct as of 8 November 2026, from each provider's own pages listed under Sources. “Not listed” means the provider's pages we checked don't say.
	Lloyds	Mettle	Incard
Type and protection	Bank · FSCS cover	Bank · FSCS cover	E-money · safeguarded, no FSCS
Who can open one	UK sole traders and UK limited companies	UK sole traders and UK limited companies	UK sole traders, UK limited companies, LLPs, Swiss GmbHs and AGs and Swiss sole traders
Cheapest plan	Free for 12 months for businesses new to Lloyds, then £10 a month	No fee for maintaining the account	Free: £0 a month
Plans (monthly)	One plan: £10 a month after 12 months free for new customers	No account fee; Mettle+ £4 a month	Free £0, Grow £49, Plus from £199
Card cashback	Not listed for the debit card	Not listed	Free: 1% on ads, software and travel, 0.5% on other eligible spend. Higher on Grow and Plus. Uncapped
Card payments in other currencies	2.75% non-sterling transaction fee	Not listed	1.8% on Free, 1.5% on Grow and Plus
Domestic transfers	Included	Not listed	100 included on Free, 250 on Grow, then £0.30 each
International transfers	£15 in internet banking; SEPA £5	Inbound over £10: £4 plus 1.5% if converted to GBP	3 included on Grow; otherwise from £5 (SHA) or £20 (OUR)
ATM withdrawals	Free in the UK; abroad 2.75%, plus 1.5% (minimum £1.50) for non-euro cash	£1 per withdrawal	2% in the UK, 2.5% abroad
Cash deposits	£0.85 per £100 at an Immediate Deposit Machine, £1.60 per £100 at the counter or Post Office	£2.75 per Post Office deposit	Not listed
Currencies you can hold	GBP; separate Euro Current Account and Foreign Currency Account	Not listed	GBP, EUR and USD, with IBANs
Accepting card payments	Tap to Pay, card readers, terminals and online payments offered; pricing not on the account page	Not listed	Not listed

Where they differ

Based on what each provider lists on its own pages. If a feature isn't listed, check with the provider before you rule it out.

Only Lloyds lists card payments from customers.
Only Mettle lists invoicing.
Only Incard lists card cashback, a US dollar account, cards for your team, accounts for LLPs, accounts for Swiss GmbHs and AGs and accounts for Swiss sole traders.

What each one is, and who can open one

Lloyds

Lloyds Bank plc, authorised by the PRA and regulated by the FCA and PRA (registration number 119278). Lloyds says the FSCS protects up to £120,000 of the eligible money you hold with it. Not every business customer meets the FSCS eligibility criteria.

Who can open one: Owners or directors aged 18 or over who are UK resident with a UK mobile number, applying for a UK business with a UK trading address and annual turnover of £3 million or less. Limited companies must be registered in the UK, active, on the Companies House register for at least 4 days and unchanged there in the past 4 days. Full Lloyds profile.

Mettle

The Mettle bank account is provided by National Westminster Bank plc (FRN 121878), trading as Mettle. Eligible deposits are protected up to £120,000 by the FSCS. Some older Mettle e-money accounts, provided by PrePay Technologies (FRN 900010), are safeguarded instead and not FSCS-protected.

Who can open one: Sole traders and limited companies with up to two owners, of whom only one can access the account. One account per person. Full Mettle profile.

Incard

Incard Ltd is authorised by the FCA as an electronic money institution (firm reference number 1027309). It is not a bank. Safeguarded: Incard keeps customer funds separate from its own money, in accounts with authorised credit institutions, and doesn't lend or invest them. Funds are not protected by the FSCS.

Who can open one: UK limited companies and LLPs, UK sole traders and freelancers registered with their local authority, and Swiss GmbH, AG and sole-trader businesses. EEA onboarding is paused until an expected restart in 2027. Public sector bodies, cooperatives, charities, foundations and trusts aren't accepted, and a long list of industries is restricted. Full Incard profile.

Our e-money vs bank account guide explains what safeguarding and FSCS cover mean if a provider fails.

When Incard isn't the answer

Incard isn't the right account if

Your business is registered outside the UK and Switzerland. EEA onboarding is paused until an expected restart in 2027
You're a charity, cooperative, foundation, trust or public body, or work in one of Incard's restricted industries