Why do Metro Bank make applying for their top rated fixed ISA so difficult?

VXman

https://www.metrobankonline.co.uk/savings/products/fixed-rate-cash-isa/

Sadly you can only open this in store. However I went in store and there was a queue. You cannot book an appointment and the 'advisor' on the door said it takes a long to time to complete the application in store.

He suggested I apply online!!! 

So why have it only available in store. To put people off?

Albermarle

Has anyone managed to open the 5.22% Metro Bank easy access? "..something is not quite right' — MoneySavingExpert Forum

It seems to be coming more obvious why Metro are not doing so well, if they make it difficult for customers.

VXman

Well - it got worse today. Popped in on the off chance we could open the ISA - "Sorry - no more appointments today, all taken." But you said you didn't do appointments!  "We do on the day. If you come in in the morning you can book an appointment for later in the day." But I can't come in the morning I'm working. Can I ring to make an appointment ?    "No, you need to come in"

Mad!!!!

DaveCarpetbag

After watching Martin's show this week, my wife and I decided to both open current tax year cash ISAs with Metro Bank 5.71% 1 year fix.

When I clicked through to apply, I was very surprised and disappointed to see that branch visit is needed to open the account.  An archaic and unsustainable business model.  That knocks it out for my wife at the first hurdle.

I phoned for an appointment..."no appointments, just turn up".  Reading this thread gives me another reason to pass.

If Metro Bank goes bust, and FSCS kicks in, is interest covered as well as capital?  If not it is pointless for me to waste petrol and time opening an account.  

boingy

DaveCarpetbag said:

After watching Martin's show this week, my wife and I decide to both open current tax year cash ISAs with Metro Bank 5.71% 1 year fix.

When I clicked through to apply, I was very surprised and disappointed to see that branch visit is needed to open the account.  An archaic and unsustainable business model.  That knocks it out for my wife at the first hurdle.

I phoned for an appointment..."no appointments, just turn up".  Reading this thread gives me another reason to pass.

If Metro Bank goes bust, and FSCS kicks in, is interest covered as well as capital?  If not it is pointless for me to waste petrol and time opening an account.  

Interest is covered providing the total is below the 85K. 
I agree that insisting on a branch visit to open an account is archaic. In the news today it says that Metro are going to shorten the branch hours and maybe stop opening 7 days per week so that will make it even harder to open one of those accounts!

Metro Bank to review seven-day opening and cut jobs - BBC News

VXman

We gave it one last try yesterday. Went in at about 1.30pm but all appointment slots of the day had been filled. so, sorry Metro, Virgin will get my money instead.

What I would like to know, just out of interest, why do they insist on a in person visit?. They have other accounts that you can open online and they have an app. This particularly account, whilst it must be opened in store, it is still operated via the app. So why only open in store? Just doesn't make any sense.

VXman

DaveCarpetbag said:

If Metro Bank goes bust, and FSCS kicks in, is interest covered as well as capital?  If not it is pointless for me to waste petrol and time opening an account. 

Virgin have a 1 year fix ISA at 5.65% so definitely not worth the petrol. You do need to have a current account though. Not to difficult to open one if you don't already have one.

AmityNeon

The irony of needing to cut staff and reduce branch hours to invest in automation for service whilst simultaneously releasing a competitive fixed-rate ISA that specifically requires in-branch applications.

Albermarle

VXman said:

We gave it one last try yesterday. Went in at about 1.30pm but all appointment slots of the day had been filled. so, sorry Metro, Virgin will get my money instead.

What I would like to know, just out of interest, why do they insist on a in person visit?. They have other accounts that you can open online and they have an app. This particularly account, whilst it must be opened in store, it is still operated via the app. So why only open in store? Just doesn't make any sense.

In the past banks often said you had to visit a branch for various things, like activating a credit card. It was so they could try and sell you other products. Maybe that is what metro are doing.

ZeroSum

Albermarle said:

VXman said:

We gave it one last try yesterday. Went in at about 1.30pm but all appointment slots of the day had been filled. so, sorry Metro, Virgin will get my money instead.

What I would like to know, just out of interest, why do they insist on a in person visit?. They have other accounts that you can open online and they have an app. This particularly account, whilst it must be opened in store, it is still operated via the app. So why only open in store? Just doesn't make any sense.

In the past banks often said you had to visit a branch for various things, like activating a credit card. It was so they could try and sell you other products. Maybe that is what metro are doing.

No good for people like me who's nearest branch is over 100 miles away. I'm effectively blocked from having this account.

subjecttocontract

ZeroSum said:

Albermarle said:

VXman said:

We gave it one last try yesterday. Went in at about 1.30pm but all appointment slots of the day had been filled. so, sorry Metro, Virgin will get my money instead.

What I would like to know, just out of interest, why do they insist on a in person visit?. They have other accounts that you can open online and they have an app. This particularly account, whilst it must be opened in store, it is still operated via the app. So why only open in store? Just doesn't make any sense.

In the past banks often said you had to visit a branch for various things, like activating a credit card. It was so they could try and sell you other products. Maybe that is what metro are doing.

No good for people like me who's nearest branch is over 100 miles away. I'm effectively blocked from having this account.

Surely that's no worse than some building societies who require you to live in specific postcode areas in order to open an account ?