Metro bank - new customer review

richardmk

On the letter they compare the charges with the banks that are more expensive, conveniently they miss off the Norwich and Peterborough (free), Cumberland (free), and Coventry Building Societies(ATM 2% no fee) that are cheaper. All of the articles say that Metro service is different. You were led to believe that by sacrificing interest on your current account you would get these extras.. If the extras are chipped away you are left with an account that does not offer that much value.

Archi_Bald

richardmk wrote: »

If the extras are chipped away you are left with an account that does not offer that much value.

That's why a lot of people just used the extras.

As the extras vanish, so will a lot of customers, particularly as other banks, and the odd building society, have better offers overall.

richardmk

I suppose they need to find some cutbacks to pay for all of the dog biscuits and £20 gifts and for the promotion of bring your dog to the store day...
https://www.metrobankonline.co.uk/News-Events/Events/2012/May/Dogs-Get-to-Vote/Dogs-Get-the-Vote/

wrkactjob

Just joined Metro bank and notice that sending money to payee's on your list is very slow to work.

I was with RBS and transfer of money was virtually instant, why is it so slow with Metro?....and where is their on line mobile app?...don't they have one yet?

Bloomberg

CitySlicker wrote: »

I know I risk being a bit controversial with this question, but why is anyone banking with this bank? Their rates are not competitive and the only thing I can see being a bonus is the extended opening hours.

They just seem like the Today newspaper. It seemed revolutionary at the time, a full colour newspaper when our papers at the time only printed the front page in colour at best. People eventually realised it was a load of hype and stopped buying it until it collapsed.

I would sooner have my money work for me and be in an account where I am getting a good return.

I could not agree with you more. Judging by some of the posts it seems like the branches are run on a wing and a prayer. I am struggling to see what Metro Bank have to offer, the extended opening hours are of little use in this day and age of internet and mobile banking. I will be sticking with Barclays for my day to day banking.

Hazzanet

When you compare like for like (i.e. against bricks and mortar institutions), the products are comparable. 1.65% for the Instant ISA, 1% for the Instant Savings Account, 13% for the credit card and 15% for the overdraft, they are on a par if not a little better.

alanq

wrkactjob wrote: »

Just joined Metro bank and notice that sending money to payee's on your list is very slow to work.

Was this for a large amount and/or the first time a payment had been made to that payee? (Some banks delay payments a little when there is a higher risk from fraud) Did the same payee show credits quickly with funds transferred from an other bank? (Sometimes the sending bank sends the funds instantly but the receiving financial institution does not immediately show the credit.)

It was a complaint that "real" banks could perform faster payments almost instantly, others took a few hours and still others took until the following banking day. MetroBank if I recall correctly used to be in the second group. I was pleasantly surprised a couple of weeks ago to find that a large transfer to a Nationwide account (to which I had made payments previously) happened almost instantly.

alanq

richardmk wrote: »

I suppose they need to find some cutbacks to pay for all of the dog biscuits and £20 gifts and for the promotion of bring your dog to the store day...

I don't know about the cost of dog biscuits but when I was last in branch a group of school kids came in for a lollipop each. If they do that each day on their way home from school the costs must mount up!

Today I noticed for the first time that my local NatWest had put out a dog's water bowl. Dog owners must be very desirable customers.

alanq

Bloomberg wrote: »

I am struggling to see what Metro Bank have to offer, the extended opening hours are of little use in this day and age of internet and mobile banking.

Rates are not the best but by no means the worst. The 18-month bonds are usually among the top 1-2 years rates.

Some customers will be drawn by the fact that as a newcomer the bank is untarnished by PPI misselling, LIBOR rigging and all the other naughty things that traditional banks have been up to and Co-op has its own issues.
http://!!!!!!.uk/

ColdIron

Their 1 year and 18 month fixed rate products aren't too bad. Table topping once you ignore the sharia compliant, middle eastern and Nigerian banks

However I was in a store once and saw a chap come in and fill up a duffel bag with the free 3 inch pens they have and nobody batted an eyelid