Metro Bank?

alanq

joe134 wrote: »

Are these 18 month bods a regular thing with Metro, as you have 3.?

I don't have any at present. I have HAD 3. (max of 2 concurrently.)

For as long as I can recall Metro has offered 1, 2, 3 year and 18 month accounts. There was a long period when the 18-month accounts were always among the best rates for 1-2 years on offer. The reason I have no 18-month accounts at present is that more recently that has not been the case.

The problem with the 18-month account interest seems to have been that interest is offered monthly or annually (after 12 months and at maturity). It seems that mine were set up to pay out only on maturity which is not an option offered. On the second occasion when I complained I was told that others had also reported the issue. My response to that was that a bank that is supposed to pride itself on its service should have taken action to rectify the recurring/continuing problem (which I had been assured was fixed when it occurred over a year earlier) and not have waited for me to complain - again. It is over a year since the most recent problem occurred so perhaps it has really been fixed by now.

I'll be putting some more in. Like you, I have a Close Bros account about to mature and the rates offered to roll it over were not tempting.

joe134

alanq wrote: »

I don't have any at present. I have HAD 3. (max of 2 concurrently.)

For as long as I can recall Metro has offered 1, 2, 3 year and 18 month accounts. There was a long period when the 18-month accounts were always among the best rates for 1-2 years on offer. The reason I have no 18-month accounts at present is that more recently that has not been the case.

The problem with the 18-month account interest seems to have been that interest is offered monthly or annually (after 12 months and at maturity). It seems that mine were set up to pay out only on maturity which is not an option offered. On the second occasion when I complained I was told that others had also reported the issue. My response to that was that a bank that is supposed to pride itself on its service should have taken action to rectify the recurring/continuing problem (which I had been assured was fixed when it occurred over a year earlier) and not have waited for me to complain - again. It is over a year since the most recent problem occurred so perhaps it has really been fixed by now.

I'll be putting some more in. Like you, I have a Close Bros account about to mature and the rates offered to roll it over were not tempting.

Thanks Alanq, I will try and open the A/c today, and set it up for electronic transfer from my main Hsbc a/c for full amount
. I will then have to raid my 3 x123 A/c's by fastrack, to fund the bond in full, £45k; 3x £15k from each
l.Need to check how much San123 can move via fastrack in one go. Cannot see any restrictions in T/c's
.Hsbc is £10k.?
The downside, is losing 0.6%, on £45k, from 3% > 2.4% for 3 weeks, until I top up the San123 's again.?
Swings and roundabouts.

adindas

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.

3% risk free in saving or current account and guarantee interest then 4% with risk, I now what I will be choosing ...

Depending on the risk I will however consider it if it was at least 8% (say).

joe134

adindas wrote: »

3% risk free in saving or current account and guarantee interest then 4% with risk, I now what I will be choosing ...

Depending on the risk I will however consider it if it was at least 8% (say).

At 8% , your capital is still at risk, that's why I cashed most in when it hit 7000.
1987 taught me a lesson.

Snowbelle

I cant see anywhere to open this online? Anyone help please?

joe134

Snowbelle wrote: »

I cant see anywhere to open this online? Anyone help please?

https://www.metrobankonline.co.uk/
then go to how to open , accounts,(passport pic) then savings

MarkFromCornwall

Snowbelle wrote: »

I cant see anywhere to open this online? Anyone help please?

http://www.moneysavingexpert.com/news/banking/2015/11/metro-bank-closes-market-leading-savings-fix-to-online-applicants?_ga=1.230880218.431942053.1444168323

adindas

Indeed,
It is highly irrational to put your money at risk for just 4% interest or growth if you could easily get 3%+ risk free. If you drip-feed it to Regular Saving Account you even could get it higher interest in average.

joe134 wrote: »

At 8% , your capital is still at risk, that's why I cashed most in when it hit 7000.
1987 taught me a lesson.

Archi_Bald

adindas wrote: »

Indeed,
It is highly irrational to put your money at risk for just 4% interest or growth if you could easily get 3%+ risk free. If you drip-feed it to Regular Saving Account you even could get it higher interest in average.

You seem to be assuming people don't need to find homes for more than £50K, which is around the limit of how much you can get 3%+ on. That's not a very rational assumption. £50K is absolute chicken feed for a pension, as you need diversified investments of at least £1m+ to have a hope for a half decent pension that will last you for as long as you live.

joe134

closed now online;;full.
looks like staying with Close Bros.
They will probably bring a higher one out, after I commit again.
Sods law.
You have to be quick, and have liquid funds to get the best rate today, and it's only 0.05% difference, between offers.:cool: