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

VXman

Aretnap 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.

Indeed. It's fairly safe to say that the reason you can only open it in store is not because it hasn't occurred to Metro to put an online option on their website. Most likely the interest rate is a loss-leader and it is being offered to tempt customers into branches, where sales advisors can sell them other, profitable, products.

Unlikely as they seem very uninterested letting you get into the branch to speak to them.

DavidAC

Is this account easy enough to open and transfer into with a branch visit? I have an ISA with Virgin Money maturing soon and their fixed rates (like most) have dropped a lot recently.

eskbanker

DavidAC said:

Is this account easy enough to open and transfer into with a branch visit? I have an ISA with Virgin Money maturing soon and their fixed rates (like most) have dropped a lot recently.

What did you think of all the other posts in the thread?

DavidAC

Most seem to be complaints about having to open in branch and get an appointment. If you can get an appointment in branch is it then a smooth prosess to open and transfer in. I don't think a previous post answers this.

subjecttocontract

The problem with answering your question is that there isn't a one size fits all. It depends on:
* who the existing ISA provider is and
* whether they are signed up for electronic transfers.
* if the postal service is prioritising parcels over letters in the area.
If the current provider is Virgin I wouldn't recommend you have any expectations of a smooth transfer to anywhere.

eskbanker

DavidAC said:

Most seem to be complaints about having to open in branch and get an appointment. If you can get an appointment in branch is it then a smooth prosess to open and transfer in. I don't think a previous post answers this.

Fair enough, I misunderstood what you were asking, but don't have any direct experience to answer the question of how onerous the paperwork itself is....

VXman

subjecttocontract said:

If the current provider is Virgin I wouldn't recommend you have any expectations of a smooth transfer to anywhere.

My Transfer from Virgin to Nat West was as smooth as a babies bottom.

subjecttocontract

VXman said:

subjecttocontract said:

If the current provider is Virgin I wouldn't recommend you have any expectations of a smooth transfer to anywhere.

My Transfer from Virgin to Nat West was as smooth as a babies bottom.

That's because there are always exceptions to every situation, nothing is 100%. I'd call that lucky or if you look at interest rates, maybe unfortunate .

DavidAC

My transfer nearly a year ago from YBS to Virgin Money was a nightmare. In the electronic transfer system there is a box that VM should have ticked, but YBS said it wasn't, so they rejected it. VM insisted it was ticked, YBS insisted it wasn't. They tried multiple times over months. Eventually I managed to get someone from the VM ISA team to speak to someone in the YBS ISA team over the phone while they sent the transfer request. Box ticked at VM end not ticked at YBS end. Eventually they did the transfer by post. Transfer originally requested in January, completed early April. So much for no more than 15 days.

DavidAC

Back to transferring to Metro. This question applies to any ISA provider but given Metro's recent financial difficulties is particularly relevent transferring to them. If the ISA provider goes bust FSCS pays out, does the money keep it's ISA status?