The Top Easy Access Savings Discussion Area

friolento

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.

I did check in the app, it wasn't there at lunchtime today but is now. It also wasn't there in online banking, and on the website, there is still no "apply here if you are an existing customer".

This should make it much easier for people to apply.

tg99

Anyone know if metro bank savings instant deposits and withdrawals are 24/7 over weekend too and if any limits per day / per transaction (could not see any on website or product terms)?

And at what time closing balance is calculated? (Midnight?)

Zopa_Trooper

Does anybody know when the interest is paid into the metro account? 1st of the month or maybe on the anniversary of opening the account? I can't find it in the terms.

auser99

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The £1000 limit is specific to cash withdrawals (i.e. physical cash withdrawn at a branch); Faster Payments in branch or online are not subject to this limit.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, spent ages trying to apply through the site with Id which failed then had to wipe devices (had a max of 3 apparently despite only ever using 1).

How do they get away with quoting this as 5.22% when you can only get the 5.10% monthly option?

I get it when there's the choice but in this case its only monthly?
Still way better than their woeful 1.65% but not the table topper claimed.

ForumUser7

auser99 said:

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, spent ages trying to apply through the site with Id which failed then had to wipe devices (had a max of 3 apparently despite only ever using 1).

How do they get away with quoting this as 5.22% when you can only get the 5.10% monthly option?

I get it when there's the choice but in this case its only monthly?
Still way better than their woeful 1.65% but not the table topper claimed.

Because it’s still ~5.22% AER once it has compounded throughout the year

surreysaver

I've tried opening the Metro account.  Seems like the website is stuck.  It says they can offer me an account, but the website then gets stuck when I tell it to open one

Zopa_Trooper

Is anybody worried about opening the Metro account? I know your money is guaranteed by the government but if you had a lot in there and they went bust and you had to claim it back from the government scheme, I'm guessing that could take months and I'm pretty sure they wouldn't pay you any interest over that period. I like to have the highest paying account but I am a bit unsure over this one.

wiseonesomeofthetime

I've passed, but then I have three accounts at 5.20, 5.20, and 5.23%, so don't really need a fourth tbh.

SaveTheEuro

Zopa_Trooper said:

Is anybody worried about opening the Metro account? I know your money is guaranteed by the government but if you had a lot in there and they went bust and you had to claim it back from the government scheme, I'm guessing that could take months and I'm pretty sure they wouldn't pay you any interest over that period. I like to have the highest paying account but I am a bit unsure over this one.

The Financial Services Compensation Scheme says it ‘aims to pay compensation within 7 days  of a bank or building society failing’ although I don’t think that was the case when Icesave collapsed in 2008.  

https://www.fscs.org.uk/what-we-cover/banks-building-societies/

nightowl888

Yes Zopa - I'm concerned about the metro account. Got excitied when I first see it posted but remembered from the other week that they were having some issues. I read a couple of news stories yesterday about what is happening & it made me feel quite uneasy about putting my money in their new account. From what I read the 27th November is going to be a key meeting with shareholders etc...