Metro bank - new customer review

ifrahimrasool

Nothing different. This bank has same hypocrite policy. I went to the Hounslow branch to open up a bank account for my start up business. A guy Dan helped me complete my application and next day called and said he cannot process because his manager doesnt want this.
To make his boss happy, Riley (the manager) refused my application.
I never asked for a credit, loan, or any other favor but just a bank account. And these morons refused it. Whats the difference between other bank and Metro bank? the Name, rest is all fraud.

colsten

There is probably something on your credit files and/or CIFAS and/or the National Hunter data base that they don't like. Have you checked what all of these hold about you? Or may be they reviewed your application and found something they didn't like. Did you ask them why they turned you down?

Leaving that aside for the moment, you would need evidence if you accuse a bank of fraud. Not that the banks ave a totally clean record, but it is very unlikely that they won't give you a current account because they are fraudsters.

alanq

I am no longer a new customer but I would like to add a good(ish) remark about Metrobank.

Some financial institutions bring out new variable rate accounts that pay better rates than existing accounts and existing customers lose out. I recently read an interview (tried but cannot find a link) in which a Metrobank spokesperson said that no customer had to date had their rate reduced on an existing account. For several months Instant Access rate has been advertised as 0.75%. I was surprised to discover that I was still getting 1.00% on my account. Not a great rate but better than most unrestricted easy access High Street savings accounts. (No need to comment about much better rates being available online and with certain current accounts. I am aware.)

glider3560

alanq wrote: »

I am no longer a new customer but I would like to add a good(ish) remark about Metrobank.

Some financial institutions bring out new variable rate accounts that pay better rates than existing accounts and existing customers lose out. I recently read an interview (tried but cannot find a link) in which a Metrobank spokesperson said that no customer had to date had their rate reduced on an existing account. For several months Instant Access rate has been advertised as 0.75%. I was surprised to discover that I was still getting 1.00% on my account. Not a great rate but better than most unrestricted easy access High Street savings accounts. (No need to comment about much better rates being available online and with certain current accounts. I am aware.)

Same experience here with savings accounts. I am still getting 1.65% on my ISA. Although most of this money has been withdrawn to put into current accounts now...!

alanq

alanq wrote: »

I am no longer a new customer but I would like to add a good(ish) remark about Metrobank.

Some financial institutions bring out new variable rate accounts that pay better rates than existing accounts and existing customers lose out. I recently read an interview (tried but cannot find a link) in which a Metrobank spokesperson said that no customer had to date had their rate reduced on an existing account. For several months Instant Access rate has been advertised as 0.75%. I was surprised to discover that I was still getting 1.00% on my account. Not a great rate but better than most unrestricted easy access High Street savings accounts. (No need to comment about much better rates being available online and with certain current accounts. I am aware.)

It was too good to last. I have been notified that my Instant Access Savings Account interest rate will be reduced to 0.75% on 15th July. Still I notice that the rate for new accounts is currently 0.65% so Metro Bank is still favouring existing customers over new ones which is unusual these days.

glider3560

alanq wrote: »

It was too good to last. I have been notified that my Instant Access Savings Account interest rate will be reduced to 0.75% on 15th July. Still I notice that the rate for new accounts is currently 0.65% so Metro Bank is still favouring existing customers over new ones which is unusual these days.

Same here. My Cash ISA is reducing from 1.65% to 1.40%. Still a market leading rate though.

Jeems

glider3560 wrote: »

Same here. My Cash ISA is reducing from 1.65% to 1.40%. Still a market leading rate though.

Did you get a letter about this or did you just notice this on your statement?

I signed up to their 1 year fixed ISA back in 2012 at 3.25% which went down to 1.65% after the 12 months and has stayed like that since. I called up the ISA team last month as I had 15k to put in, she said the rate would not go down - disappointing if they changed their mind 4 weeks later...

glider3560

Jeems wrote: »

Did you get a letter about this or did you just notice this on your statement?

I signed up to their 1 year fixed ISA back in 2012 at 3.25% which went down to 1.65% after the 12 months and has stayed like that since. I called up the ISA team last month as I had 15k to put in, she said the rate would not go down - disappointing if they changed their mind 4 weeks later...

I received an email giving plenty of notice.

Subject "Your savings rates are changing" received about two weeks ago. Rate is dropping on 1st June.