Metro Bank

masonic

subjecttocontract said:

I view Metro as far less risk than Virgin. Metro are covered by the FSCS guarantee so any problems mean all depositors will get their money within days of closure. With Virgin I have no idea when I will get my ISA transferred. It might seem a different problem but the issue is the same......it's one of confidence.

I'm not going to keep banging on about this, but would suggest you acquaint yourself with a real-world example by skimming page 25 to page 100 of this thread regarding the bit in bold: https://forums.moneysavingexpert.com/discussion/4938603/dot-comunity-credit-union-isa/p25
It's unlikely anything will happen, but I think people need to go in with their eyes open, given future enforcement action is a distinct possibility and our regulators are not the best.

boingy

Shareholder vote today:

Metro Bank shareholders to vote on rescue deal - BBC News

eskbanker

masonic said:

subjecttocontract said:

I view Metro as far less risk than Virgin. Metro are covered by the FSCS guarantee so any problems mean all depositors will get their money within days of closure. With Virgin I have no idea when I will get my ISA transferred. It might seem a different problem but the issue is the same......it's one of confidence.

I'm not going to keep banging on about this, but would suggest you acquaint yourself with a real-world example by skimming page 25 to page 100 of this thread regarding the bit in bold: https://forums.moneysavingexpert.com/discussion/4938603/dot-comunity-credit-union-isa/p25
It's unlikely anything will happen, but I think people need to go in with their eyes open, given future enforcement action is a distinct possibility and our regulators are not the best.

Regulator intervention is an interesting point in the scenario where institutions are getting into difficulties, as arguably the regulator should be in a position to proactively determine that corners are being cut and to take pre-emptive action to minimise the risk of collapse, i.e. the better the regulator, the less relevant the FSCS seven day target becomes, and the more likely it is that savers are inconvenienced, in the short term at least!

inspectorperez

https://www.bbc.co.uk/news/business-67535723

This news might relax one or two (like me) who have been contemplating a full FCCS limit investment.

Update 28 November 2023 pm. App and online banking out of action!! Must have collapsed under the strain of perhaps a positive response after yesterday's good news.

VXman

subjecttocontract said:

My local Metro branch is full of customers with a queue waiting to be seen. It's so busy in there at the moment, I wouldn't go in to open an account without an appointment because I'd have a very long wait. They are top of the pops on ISAs & savings accounts so it's no surprise that they are popular. I think they are struggling to cope with demand in my home town.

I view Metro as far less risk than Virgin. Metro are covered by the FSCS guarantee so any problems mean all depositors will get their money within days of closure. With Virgin I have no idea when I will get my ISA transferred. It might seem a different problem but the issue is the same......it's one of confidence.

Well as I commented in another thread. I cannot get an appointment to open the 1 year fixed ISA @ 5.71%. They only give out appointments on the day and you have to go in. If you cannot get in in the morning all the appointments for the day will be gone. Looks like I'll have to settle for Virgin at 5.65%

Zopa_Trooper

Anybody know when metro pay the monthly interest? 1st day of the month or anniversary of opening? Thanks.

ColdIron

1st of the month

boingy

I think deposits at Metro will be fine. If they get into trouble a rival will snap them up.
I've just moved the bulk of my "instant" savings into their 5.22% savings, thus breaking my own rule of only moving when the gain is at least 0.25%...

I also accidentally opened a second identical savings account, because their app did not confirm that I had opened the first one and it took over 5 minutes to appear in the app, by which time I had opened another one (which took 15 minutes to turn up in the app). That's when I learned that opening accounts is super quick in the app but to close them you have to phone them or visit a branch. You can't even talk to a human on the chat. So that second account will stay unfunded.

amarcusj69

Surprised to see Metro offering such a high rate on a 1-yr fix, but more concerned that they'll allow you to hold up to £2m ... when only £85k is FSCS protected. Feels like they're incentivising 'high investments as a way to get extra cash nd not have to borrow as much at high long-term rates from someone else'???

wmb194

amarcusj69 said:

Surprised to see Metro offering such a high rate on a 1-yr fix, but more concerned that they'll allow you to hold up to £2m ... when only £85k is FSCS protected. Feels like they're incentivising 'high investments as a way to get extra cash nd not have to borrow as much at high long-term rates from someone else'???

Plenty of providers will allow you to deposit far in excess of the FSCS, this isn't unusual. Financial institutions also operate in a market and set their rates to attract or repel those deposits...