Metro Bank Fixed Term Interest Payments

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alanq
alanq Posts: 4,216 Forumite
Combo Breaker First Post
edited 22 April 2016 at 12:48AM in Savings & investments
Over a period of a month I applied online for 3x18-month fixed term bonds. During the application process it said that interest would be paid monthly unless I contacted the bank to request something else.

On two previous occasions in earlier years I applied for annual interest and had to complain when it was not paid on time so I was happy to accept monthly interest in order, I thought, to avoid complications. See
http://forums.moneysavingexpert.com/showthread.php?t=4772321

One month elapsed and no interest was paid.

I sent secure message complaining. Target response time is 48 hours. 96 hours+ later no response so I sent another message giving a nudge.

Two weeks and another nudge later and I have finally got a response that the complaint will be passed to the appropriate team for action.

If my experience is anything to go by anyone planning to move to this challenger bank for a better service will be very disappointed.

I was prepared to forgive some teething problems with this new bank but things do not seem to be improving.

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  • Ifts
    Ifts Posts: 1,952 Forumite
    First Anniversary First Post Combo Breaker Name Dropper
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    Its unfortunate that you are having problems with Metro Bank.

    My experience of using Metro Bank has been positive. I also opened a Fixed Rate Bond with MB and selected the monthly interest option - all was set up ok for me.

    Only slight gripe I have is that the Fixed Rate Bond monthly interest payment can only be paid out to my Metro Bank Saving Account.
    Unlike other providers MB did not give me the option to nominate an account I held elsewhere to receive the FRB monthly interest payment.
    Never let the perfume of the premium overpower the odour of the risk
  • alanq
    alanq Posts: 4,216 Forumite
    Combo Breaker First Post
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    alanq wrote: »
    Two weeks and another nudge later and I have finally got a response that the complaint will be passed to the appropriate team for action.

    Another month elapsed and there was no further response despite another nudge.

    It took a letter of complaint to head office to get this sorted out. Handled well at that level but I hold a very low opinion of whoever writes the account application software and whoever is supposed to be responding to the secure messages.

    Note that it seems that interest is paid to the Metro Bank account from which the funds came. (It would have been nice to be given a choice when applying.) So if you want monthly interest to go to an Instant Account don't fund your fixed rate account from your Current Account or vice versa..
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