Metro Bank 2% savings account

CityOwl

I am an existing customer with a joint current account and I managed to open a savings account in less than 5 minutes...I went for the 18 month fix at 2.1%.

HHarry

No_Name wrote: »

Thanks for your replies.


So a completely new customer can potentially apply and open an account all online without the need for branch visit or ID documents sent via post?

Yes (but not everyone)

adindas

No_Name wrote: »

Thanks for your replies.


So a completely new customer can potentially apply and open an account all online without the need for branch visit or ID documents sent via post?

Try that. It should be easy with online banking, but they might need an identification check.

For me it only takes less than five minutes as I already have internet banking access with them as a result of Metro current account that I have with them for years.

buffman

I have had a number of these accounts over the years. The only problem that I have encountered is on maturity. There is a £21,000 withdrawal limit per day online (previously the limit was lower). So for large deposits, it can tale a while to withdrawal all your funds with the balance stuck in an account paying little interest.

I believe that the daily limit is higher for withdrawals made by phone but the process is quite cumbersome.

cottingleybingley

No_Name wrote: »

Thanks for your replies.


So a completely new customer can potentially apply and open an account all online without the need for branch visit or ID documents sent via post?

I did just that yesterday. Was able to open an account in under 5 minutes online. Just waiting to receive online login details in the post before I can access the account.

lindabea

adindas wrote: »

Try that. It should be easy with online banking, but they might need an identification check.

For me it only takes less than five minutes as I already have internet banking access with them as a result of Metro current account that I have with them for years.

As an existing customer with a current account, did they also open an instant access account? Their T&C seems to indicate that when you open a fixed rate savings account(whether new customer or not), they'll automatically open an instant access account. Or were you able to transfer money straight from your current account to the fixed rate account?

ColdIron

If you have a current account they will not open a instant access account, the guidance is misleading, see my post #3. If you have a current account you can transfer it from there

lindabea

ColdIron wrote: »

If you have a current account they will not open a instant access account, the guidance is misleading, see my post #3. If you have a current account you can transfer it from there

Yes - the terminology in their T&C's is not only misleading, but also very unclear. Thank you for your helpful reply

ColdIron

The problem with doing that is you need to transfer some money to open it and then they will lock it. If you have a current account accumulate the money there and transfer it in one go upon opening it. If you don't have an account then try the process they mention, I have not tried this

lindabea

adindas wrote: »

I am not quite sure your intention to open an instant access (saving ?) paying 0.55% with Metro ?? .

It is not my intention to open an instant access account, as I don't need one. I just want to open a 1yr fixed account and transfer from my current account. However, the point I'm making is that their T&C state that when you open a fixed rate account, an instant access account will be opened automatically. You will then use the IAA to accumulate your money before transferring to the fixed account. This would be totally unnecessary if you already have a current account.