The Top Easy Access Savings Discussion Area

refluxer

Rawrzy said:

I wonder if that £1000 withdraw limit is just for each individual withdrawal or cumulative for the day.

If you're talking about the Paragon Double Access account, the £1,000 minimum is the minimum balance for the account - it's not a restriction on the withdrawal amount.

You also need to pay in a minimum opening deposit of £1,000 to open the account - any smaller/test amounts get returned.

BreakingGlass

poppystar said:

Beehive Easy Access back at 5.15%

@soulsaver

I just logged into my Beehive Easy Access (I opened the earlier version at end of Sep at 5.2%) and noticed that they have paid me interest on 31 Oct.  I was expecting the annual interest to be on the anniversary of opening, but checked with them and it is actually a set date of 31 October each year*.  It's probably in the Ts&Cs but others may wish to be aware for tax-year planning purposes.

*EDIT:  I just checked and the Issue 2 EA (at 5.15%) pays interest on 30 Nov each year. 

Links:

Issue 1: https://www.beehivemoney.co.uk/~/media/1b19005bf9fc476fbc5aadcd3da5d8cb.ashx

Issue 2: https://www.beehivemoney.co.uk/~/media/0aee65be0c59454da041c623e2e92b75.ashx

dealyboy

@Bridlington1 said:

flaneurs_lobster said:

Bridlington1 said:

pokemaster said:

Metro Bank Instant Access Savings Account

5.22% (yearly compounded) 5.10% (Monthly)

From 10 November 2023, open a new account and deposit at least £500 within 28 days to earn a Limited Edition Rate (variable). If you don’t do this, you’ll receive our Standard Variable Rate of 1.65% AER*/1.64% Gross (variable)...... for 12 months

https://www.metrobankonline.co.uk/savings/products/instant-access-savings/

EDIT: Can't find it on the app/logging into account online and when trying to get it through the website seems like you have to sign up to them all over again, even though I have a current account?

Well it's nice to know my knack for timing is still alive and well. Metro have launched their 5.22% EA account about a week after closing my Metro current account and giving me a lifetime ban in the process.  

How did you upset them? I've had two current accounts within three months of each other, both swapped elsewhere for bonuses. Still let me have the 5.22%.

I don't really know what I've done to annoy them to be honest. I've only ever had the one current account with them, which I opened in January 2023. I ordered a chequebook, switched a Halifax account to them when LBG gave me a lifetime ban and have used this account as one of my nominated accounts for my various savings accounts.

The only thing I can possibly think of is that the fact that as I'm a student, my income is very low, but have a large amount of savings and am very much a rate tart has led to my nominated accounts regularly seeing a large volume of money flowing through them relative to my income so that difference could have possibly spooked them? 

However if this is the reason for the lifetime ban then it's very concerning for me indeed since my Nationwide, Ulster, Santander, TSB and First Direct current accounts all now see similar numbers/volumes of transactions as Metro did and have most of them done so for a number of months. Unless I'm about to see the closure of most of my other current accounts, which to be honest the way my luck's going at the moment probably wouldn't surprise me, then there will probably be some other factor at play, the question is what?

Very sorry to hear the news ... if only we knew what the problem was, your fan club (you know ... us) could petition them. If it's a lifetime ban then it would suggest they believe it was misuse/misconduct rather than a commercial decision, if the latter were the case well people's circumstances do change.

You could ask for an SAR if you think you might have been faraged.

Edit: please refer to the 'banter' thread ... https://forums.moneysavingexpert.com/discussion/comment/80394575/#Comment_80394575

Bridlington1

pecunianonolet said:

Bridlington1 said:

flaneurs_lobster said:

Bridlington1 said:

pokemaster said:

Metro Bank Instant Access Savings Account

5.22% (yearly compounded) 5.10% (Monthly)

From 10 November 2023, open a new account and deposit at least £500 within 28 days to earn a Limited Edition Rate (variable). If you don’t do this, you’ll receive our Standard Variable Rate of 1.65% AER*/1.64% Gross (variable)...... for 12 months

https://www.metrobankonline.co.uk/savings/products/instant-access-savings/

EDIT: Can't find it on the app/logging into account online and when trying to get it through the website seems like you have to sign up to them all over again, even though I have a current account?

Well it's nice to know my knack for timing is still alive and well. Metro have launched their 5.22% EA account about a week after closing my Metro current account and giving me a lifetime ban in the process.  

How did you upset them? I've had two current accounts within three months of each other, both swapped elsewhere for bonuses. Still let me have the 5.22%.

I don't really know what I've done to annoy them to be honest. I've only ever had the one current account with them, which I opened in January 2023. I ordered a chequebook, switched a Halifax account to them when LBG gave me a lifetime ban and have used this account as one of my nominated accounts for my various savings accounts.

The only thing I can possibly think of is that the fact that as I'm a student, my income is very low, but have a large amount of savings and am very much a rate tart has led to my nominated accounts regularly seeing a large volume of money flowing through them relative to my income so that difference could have possibly spooked them? 

However if this is the reason for the lifetime ban then it's very concerning for me indeed since my Nationwide, Ulster, Santander, TSB and First Direct current accounts all now see similar numbers/volumes of transactions as Metro did and have most of them done so for a number of months. Unless I'm about to see the closure of most of my other current accounts, which to be honest the way my luck's going at the moment probably wouldn't surprise me, then there will probably be some other factor at play, the question is what?

Sad to hear you got another ban. Perhaps, in the interest of mitigating risk, it might make sense to slow down activities a bit for a while. Getting banned from other institutions might outweigh the benefit of a few pennies/pounds more interest? Or indeed, call them before you move larger sums to make them aware, offer source of funds info, etc. so you at least show them willingness of cooperation?

dealyboy said:

@Bridlington1 said:

flaneurs_lobster said:

Bridlington1 said:

pokemaster said:

Metro Bank Instant Access Savings Account

5.22% (yearly compounded) 5.10% (Monthly)

From 10 November 2023, open a new account and deposit at least £500 within 28 days to earn a Limited Edition Rate (variable). If you don’t do this, you’ll receive our Standard Variable Rate of 1.65% AER*/1.64% Gross (variable)...... for 12 months

https://www.metrobankonline.co.uk/savings/products/instant-access-savings/

EDIT: Can't find it on the app/logging into account online and when trying to get it through the website seems like you have to sign up to them all over again, even though I have a current account?

Well it's nice to know my knack for timing is still alive and well. Metro have launched their 5.22% EA account about a week after closing my Metro current account and giving me a lifetime ban in the process.  

How did you upset them? I've had two current accounts within three months of each other, both swapped elsewhere for bonuses. Still let me have the 5.22%.

I don't really know what I've done to annoy them to be honest. I've only ever had the one current account with them, which I opened in January 2023. I ordered a chequebook, switched a Halifax account to them when LBG gave me a lifetime ban and have used this account as one of my nominated accounts for my various savings accounts.

The only thing I can possibly think of is that the fact that as I'm a student, my income is very low, but have a large amount of savings and am very much a rate tart has led to my nominated accounts regularly seeing a large volume of money flowing through them relative to my income so that difference could have possibly spooked them? 

However if this is the reason for the lifetime ban then it's very concerning for me indeed since my Nationwide, Ulster, Santander, TSB and First Direct current accounts all now see similar numbers/volumes of transactions as Metro did and have most of them done so for a number of months. Unless I'm about to see the closure of most of my other current accounts, which to be honest the way my luck's going at the moment probably wouldn't surprise me, then there will probably be some other factor at play, the question is what?

Very sorry to hear the news ... if only we knew what the problem was, your fan club (you know ... us) could petition them. If it's a lifetime ban then it would suggest they believe it was misuse/misconduct rather than a commercial decision, if the latter were the case well people's circumstances do change.

You could ask for an SAR if you think you might have been faraged.

In the interests of keeping this thread on topic I've replied to your posts in the General Discussion and Whimsical Banter thread.

friolento

Metro Bank Saver - use of the Metro app

:tldr; to make withdrawals from the savings account, you must first have set up a single nominated account. This can only be done in online banking, not in the app.



Even though I am an existing Metro customer, I had to apply like a new customer. Not really userfriendly. The application process was buggy - I had to try taking photos of my DL and myself several times before the application would proceed (I did it on an iPhone as my laptop is not set up to take photos). At least I got my sort code and account number immediately at the end of the application process, and somehow they linked my new application to my existing customer number. But the new account was not visible in my Metro app, which was on their latest available version. So I guessed that I should delete and re-install the app, and that worked. I can now see the account, and it is also recognised by the Confirmation of Payee check in my Santander account.

So far, so good. I still wanted to do a test payment before committing a larger amount of money - and just as well! The payment from Santander arrived instantly in Metro, but I was unable to make a payment to an existing payee from my new savings account. There is a message that I have to turn on notifications first. But all notifications are turned on. I called their CS and got to speak to a real person quite quickly. They couldn't see what the problem would be and have passed the issue to their IT dept.

I then had a little brainwave and tried the withdrawal in Online banking. This didn't work either - but this time the error message said I can only withdraw to a beneficiary (nominated) account, and gave me a link to set up the nominated account. Did that, withdrawal worked, money arrived instantly in the nominated account. You can only have one nominated account and you can change this account up to 3 times a month.

You can also set up SOs from the Metro Saver but this is of limited use due to the nominated account restriction.

It might also be possible to set up a Direct Debit against the Metro Saver. It's not something I am planning to test but could be useful for someone else.

 

Rawrzy

refluxer said:

Rawrzy said:

I wonder if that £1000 withdraw limit is just for each individual withdrawal or cumulative for the day.

If you're talking about the Paragon Double Access account, the £1,000 minimum is the minimum balance for the account - it's not a restriction on the withdrawal amount.

You also need to pay in a minimum opening deposit of £1,000 to open the account - any smaller/test amounts get returned.

Ah, thanks, but no. I was referring to this new Metro saver. This got posted earlier:

pecunianonolet said:

pokemaster said:

Metro Bank Instant Access Savings Account

5.22% (yearly compounded) 5.10% (Monthly)

From 10 November 2023, open a new account and deposit at least £500 within 28 days to earn a Limited Edition Rate (variable). If you don’t do this, you’ll receive our Standard Variable Rate of 1.65% AER*/1.64% Gross (variable)...... for 12 months

Looks like the new Columbian majority shareholder who pumped many millions into the bank wants to see some returns now and liquidity is needed to keep the lending business going.

https://www.theguardian.com/business/2023/oct/10/who-is-the-colombian-billionaire-taking-a-high-stakes-punt-on-metro-bank


T&C's to be read carefully: 
https://www.metrobankonline.co.uk/globalassets/documents/customer_documents/personal/instant-access_savings-account_important-information-summary.pdf

• Instant access only up to £1000 cash withdrawals, otherwise 1 day notice
  

• Only specifies £500 to reach headline rate, doesn't say minimum balance has to remain £500. You can pay in £500 and take out £499 if you just want the account

• If you pay £500 in, the headline rate will apply from the following day, so first day the insulting rate of 1.65% AER only

New interesting ISA rates also available.

Where apparently it was £1000 for instant withdrawals but 1 day notice for more? Which seemed to be a bit odd.

AmityNeon

I was able to apply for the Metro Bank Instant Access Account in-app via:
Products & Services tab (bottom right) > Savings > Instant Access Accounts > Find out more & apply in-app.
It took a minute and the account showed up immediately after a pulldown refresh of the screen.

The rate is incorrectly advertised as "1.64% AER" and it's only through selecting "Find out more" that the Important Information Summary document loads and reveals the Limited Edition details (and the correct standard variable rate of 1.64% Gross / 1.65% AER).

Rawrzy said:

Where apparently it was £1000 for instant withdrawals but 1 day notice for more? Which seemed to be a bit odd.

The £1000 limit is specific to cash withdrawals (i.e. physical cash withdrawn at a branch); Faster Payments in branch or online are not subject to this limit.

Rawrzy

AmityNeon said:

I was able to apply for the Metro Bank Instant Access Account in-app via:
Products & Services tab (bottom right) > Savings > Instant Access Accounts > Find out more & apply in-app.
It took a minute and the account showed up immediately after a pulldown refresh of the screen.

The rate is incorrectly advertised as "1.64% AER" and it's only through selecting "Find out more" that the Important Information Summary document loads and reveals the Limited Edition details (and the correct standard variable rate of 1.64% Gross / 1.65% AER).

Rawrzy said:

Where apparently it was £1000 for instant withdrawals but 1 day notice for more? Which seemed to be a bit odd.

The £1000 limit is specific to cash withdrawals (i.e. physical cash withdrawn at a branch); Faster Payments in branch or online are not subject to this limit.

Ah ah. That makes more sense!

Good to know the app application does work. I did see you could apply there too but I didn't risk it just because it had the incorrect rate on it.

Zaul22

I knew Metro were in trouble but I hadn't heard about the Columbian billionaire. Last I heard Shawbrook were trying to buy them (as well as Co-op). I thought they are offering this good a rate as a hail Mary and that there is a decent chance of customers having to make an FSCS claim against Metro at some point. 

pokemaster

AmityNeon said:

I was able to apply for the Metro Bank Instant Access Account in-app via:
Products & Services tab (bottom right) > Savings > Instant Access Accounts > Find out more & apply in-app.
It took a minute and the account showed up immediately after a pulldown refresh of the screen.

The rate is incorrectly advertised as "1.64% AER" and it's only through selecting "Find out more" that the Important Information Summary document loads and reveals the Limited Edition details (and the correct standard variable rate of 1.64% Gross / 1.65% AER).

Rawrzy said:

Where apparently it was £1000 for instant withdrawals but 1 day notice for more? Which seemed to be a bit odd.

The £1000 limit is specific to cash withdrawals (i.e. physical cash withdrawn at a branch); Faster Payments in branch or online are not subject to this limit.

Thanks for this, have set it up and see what it says on Tuesday