Metro Bank?

joe134

Hi Guys, I am interested in the Metro 18 month fixed bond at 2.4%.
My Close Brothers expires in a few weeks time, and their best 2 yr is 2.2%, to roll over. However, Metro insist a linked A/c (theirs) is opened to comply.?

Anyone had any dealings with them?
Any feedback appreciated.
It will have £75k in eventually, so extra 0.2% is not to be sniffed at.
ps;already maxed with most 3% currents, so this is extra monies not required in the short term.

alanq

Thanks for drawing the current Metrobank rates to my attention. Its rates have not been competitive when I checked from time to time.

I've had 3 x 18-month bonds. In two cases I opted for annual interest. In both of these interest failed to be paid on the anniversary and I had to chase up. The first time I received an apology, a "good will gesture" and an assurance that the problem was fixed. Over a year later and the same thing happened with a second account and I received an apology and an assurance but no "good will gesture". No problems when I opted for monthly interest with the third account.

A linked account (Instant or Current) is required to receive interest annually / monthly. It also receives the balance from the fixed rate account at maturity. Interest cannot be compounded. If applying online an Instant account is opened as part of the process.

It used to be the case that ones first account had to be opened in branch. I don't know whether that is still the case.

Instant Access Savings used to have no means of transferring money free of charge other than to other Metro accounts or withdrawing in cash up to a limit. I see that transfers from Instant Access to external accounts have just been announced. Note that there is still a fee of £15 to make a withdrawal by banker's draft from Instant Access.

My experience is that Metro is an OK bank with rates that are occasionally competitive but not a bank that I would move to for better service than other established banks. Dog biscuits, lollipops, 7-day opening and chatty staff did not entice me. Quite the contrary.

grumbler

AFAIK an account can be opened in a branch only. Currently branches are mainly in London area only.

caveman38

I opened an account this morning on-line. This only resulted in me having set up an instant access account and an instruction to furnish this account with electronic transfer from own bank.
After phoning up I was given the alternatives of going to high street MetroBank and paying in a cheque or cash. I have neither as money was coming from FD and so opted for the electronic transfer which will arrive at Metro tomorrow afternoon.
On line passwords etc. will arrive by post.
No problems with the procedure providing I get the interest rate advertised as I'm led to believe that it will be withdrawn when fully subscribed.

joe134

Thanks for replies guys.
My bond,s not up for two weeks, so the bond may not be available then!
close bros have been good over the years, but, looking at others for best rate at the time.
Don,t want to move it, only to find rates changed during the move, it,s happened to me before.
Will keep my eye on the bond.
Good rate for 18 months,as rates go!
:beer:

jimjames

If it's money you don't need access to then have you considered investments for at least part of it? You'd be looking at 4% or so income which is probably higher than you'll get on cash. Capital value can fluctuate but if you need income and don't need access to the capital then it might be worth considering.

joe134

jimjames wrote: »

If it's money you don't need access to then have you considered investments for at least part of it? You'd be looking at 4% or so income which is probably higher than you'll get on cash. Capital value can fluctuate but if you need income and don't need access to the capital then it might be worth considering.

hi Jim, already got enough investments thanks.
I liquidated quite a bit, as over 70, decided to convert to cash!
I see a market correction coming, and Don,t fancy being in it again!
I was in the 87 one!
Cash is king for me at my age.
got them many a/c,s , hard to predict rates?
:beer:

DragonQ

I've had two experiences with Metro Bank. First, I opened a basic bank account to get the free cash withdrawals within the EU. My application was set as "pending", annoyingly, but they called me later that day to say it had eventually gone through and I returned to complete the application.

Secondly, I cashed a cheque there on a Sunday. Can't do that at any other bank in my high street.

alanq

joe134 wrote: »

My bond,s not up for two weeks, so the bond may not be available then!

Looking at the web site I see that if applying online one has up to 30 days to to fully fund the account. However, I can find no statement whether the rate that will be paid will be that at the time of application or at the time the full amount is deposited and transferred into the fixed term account. It may be worth asking Metro. If it is the former then you could apply and deposit a nominal sum and then top up later with the funds from Close Bros.

https://www.metrobankonline.co.uk/Global/Metro%20Bank%20Online%20-%20January%202013/Savings%20Pages/Fixed%20Term%20Savings/Fixed%20Term%20Savings%20-%20Important%20Information%20Summary.pdf

joe134

alanq wrote: »

Looking at the web site I see that if applying online one has up to 30 days to to fully fund the account. However, I can find no statement whether the rate that will be paid will be that at the time of application or at the time the full amount is deposited and transferred into the fixed term account. It may be worth asking Metro. If it is the former then you could apply and deposit a nominal sum and then top up later with the funds from Close Bros.

https://www.metrobankonline.co.uk/Global/Metro%20Bank%20Online%20-%20January%202013/Savings%20Pages/Fixed%20Term%20Savings/Fixed%20Term%20Savings%20-%20Important%20Information%20Summary.pdf

Thanks Alanq.
I can actually raid my other A/cs to get the money sooner, got 3 x 123 A/cs etc, so funds could soon be obtained, then replaced when Close pays out.Got others with Close, up March 16.
It's the reliability of Metro, especially after you having to chase your interest. Not a good sign?
I remember CEO saying he was offering true, online, no hassle banking, when they first opened.
Always good to hear from those that experience it.
Are these 18 month bods a regular thing with Metro, as you have 3.?
Just long enough with rates as they are to commit £75k.?
To think I had that in Icelandic banks @ 7% when they went bust. Good old Fscs.
Will take another look at it.
With 46 A/cs,between me and OH I'm fed up with it all over the place, and more all the time.
Like playing Chess;):beer:

joe134

caveman38 wrote: »

I opened an account this morning on-line. This only resulted in me having set up an instant access account and an instruction to furnish this account with electronic transfer from own bank.
After phoning up I was given the alternatives of going to high street MetroBank and paying in a cheque or cash. I have neither as money was coming from FD and so opted for the electronic transfer which will arrive at Metro tomorrow afternoon.
On line passwords etc. will arrive by post.
No problems with the procedure providing I get the interest rate advertised as I'm led to believe that it will be withdrawn when fully subscribed.

Hi, if you get passwords by post, and monies have been taken from your bank electronically, you cannot see if they have gone into the bond within the 24 hrs, they state?
If they do go in , then, surely they are obliged to pay the 2.4%, that's what you are applying for, or, not take the money from your new A/c with Metro.?
you won't know until you can login?