Image Image Image Image Image Image Image Image Image

By Nimbus

Time to switch Banks?

October 23, 2015 | By |

At Nimbus Accounting we are always reviewing the market for new innovations and solutions to make our client’s lives easier and more efficient. Recently a new bank opened on the high street in Brighton. Metro Bank, which is the first new High Street bank to open in the UK in over 100 years, has entered the market with a clear intention to provide an unparalleled level of service to its customers. You may ask, what is all the fuss about? Well there are several things that Metro Bank do which set it apart from the competition.

As a small business owner, time is the one thing that we all have to manage. Having restrictive opening hours to contend with is something that is very frustrating. Metro Bank is open from 8am to 8pm in the week, 8am to 6pm on Saturday and it is even open on Sundays and Bank Holidays from 11am to 5pm. At last there is a bank that is open when you need them!

From an accounting perspective, the bank has teamed up with Xero to set up direct bank feeds into their accounting software. This shows their commitment to small business. Not only this, they only charge £1 a month per account for the service, which is at least £2 cheaper than the other two main high street banks that have direct feeds. If you have a foreign currency bank account, this will also feed directly into Xero, something that the other banks seem to struggle with.

The good news doesn’t stop there. With the recent news of certain banks overcharging their customers, it is good to know that Metro Bank has competitive charges, offering most services for free if you hold a balance of over £5,000. You also get the manager’s mobile number, so you know that you have peace of mind that a decision maker is on the end of the phone if you need them. It is refreshing that your call is not going through a myriad of automated options before you speak to someone you have never met and knows nothing about you or your business.

To top it all off, when you are putting your feet up for a well-earned holiday, there are no fees to withdraw your money from cash machines in Europe. Not only that, you also get the MasterCard exchange rate, which you can’t beat on the high street. The days of leaving home with your entire spending money for a holiday are over.

We believe that Metro Bank has an offering that the savvy business owner must consider, they have embraced the best bits of traditional banking and added the service that we all require and deserve.

If you would like to discuss how Metro Bank and Xero work together, please give one of our accountants a call.