Metro Fixed ISA v Coventry Fixed ISA

DoneWorking

The Metro rate for one year fixed is 5.7%
The new Coventry rate for one year fixed is 5.3%
My current Coventry ISA matures tomorrow 

Who can be bothered to jump ship for the extra 0.4%

It works out at just under £240

Which would be nice to have
But I've been with Coventry for years

Does anyone else stay loyal and lose effectively a pint of lager per week

Or do you always go for the highest rate 

wmb194

DoneWorking said:

The Metro rate for one year fixed is 5.7%
The new Coventry rate for one year fixed is 5.3%
My current Coventry ISA matures tomorrow 

Who can be bothered to jump ship for the extra 0.4%

It works out at just under £240

Which would be nice to have
But I've been with Coventry for years

Does anyone else stay loyal and lose effectively a pint of lager per week

Or do you always go for the highest rate 

So open an instant access account with the Coventry to maintain your relationship and then move your money to Metro. It really boils down to how much you like to earn easy money but the Metro Isa does require a branch visit.

Bridlington1

I'd keep an EA account with Coventry with £1 so you can remain eligible for their loyalty products and move your money to wherever it will earn the most interest, in this case Metro.

Personally I just go for the highest rate and have used over 60 different savings providers in the last year alone, actively saving in around half of these at the moment. I'm only loyal to providers whenever they offer me the best rates, if they fall behind I move my money elsewhere, my money has moved for 0.04% or less on numerous occasions so I would be very quick to shift my savings to get an extra 0.4% if it was available. The nearest I ever get to what most people consider to be loyalty to a bank/building society is leaving an account open with a minimal balance (usually £1 or less) so that I become eligible for loyalty products later on.

DoneWorking

wmb194 said:

DoneWorking said:

The Metro rate for one year fixed is 5.7%
The new Coventry rate for one year fixed is 5.3%
My current Coventry ISA matures tomorrow 

Who can be bothered to jump ship for the extra 0.4%

It works out at just under £240

Which would be nice to have
But I've been with Coventry for years

Does anyone else stay loyal and lose effectively a pint of lager per week

Or do you always go for the highest rate 

So open an instant access account with the Coventry to maintain your relationship and then move your money to Metro. It really boils down to how much you like to earn easy money but the Metro Isa does require a branch visit.

The branch visit was a factor 
Plus the slight possibility of the bank being in trouble

So decided to forgo the extra £240

subjecttocontract

DoneWorking said:

wmb194 said:

DoneWorking said:

The Metro rate for one year fixed is 5.7%
The new Coventry rate for one year fixed is 5.3%
My current Coventry ISA matures tomorrow 

Who can be bothered to jump ship for the extra 0.4%

It works out at just under £240

Which would be nice to have
But I've been with Coventry for years

Does anyone else stay loyal and lose effectively a pint of lager per week

Or do you always go for the highest rate 

So open an instant access account with the Coventry to maintain your relationship and then move your money to Metro. It really boils down to how much you like to earn easy money but the Metro Isa does require a branch visit.

The branch visit was a factor 
Plus the slight possibility of the bank being in trouble

So decided to forgo the extra £240

Could turn out to be a bad decision. Marvelous Metro are paying 5.71% not 5.7%......so you're missing out on another £6. 😁😁

Bridlington1

DoneWorking said:

wmb194 said:

DoneWorking said:

The Metro rate for one year fixed is 5.7%
The new Coventry rate for one year fixed is 5.3%
My current Coventry ISA matures tomorrow 

Who can be bothered to jump ship for the extra 0.4%

It works out at just under £240

Which would be nice to have
But I've been with Coventry for years

Does anyone else stay loyal and lose effectively a pint of lager per week

Or do you always go for the highest rate 

So open an instant access account with the Coventry to maintain your relationship and then move your money to Metro. It really boils down to how much you like to earn easy money but the Metro Isa does require a branch visit.

The branch visit was a factor 
Plus the slight possibility of the bank being in trouble

So decided to forgo the extra £240

Virgin have a Cash ISA at 5.65%, which you could get without having to leave the house, though a VM current account is required to open the ISA. Both accounts can also opened online. This would work out to just over £200 for opening 2 accounts if my calculations are correct, which would be more than worth the effort IMHO.

DoneWorking

subjecttocontract said:

DoneWorking said:

wmb194 said:

DoneWorking said:

The Metro rate for one year fixed is 5.7%
The new Coventry rate for one year fixed is 5.3%
My current Coventry ISA matures tomorrow 

Who can be bothered to jump ship for the extra 0.4%

It works out at just under £240

Which would be nice to have
But I've been with Coventry for years

Does anyone else stay loyal and lose effectively a pint of lager per week

Or do you always go for the highest rate 

So open an instant access account with the Coventry to maintain your relationship and then move your money to Metro. It really boils down to how much you like to earn easy money but the Metro Isa does require a branch visit.

The branch visit was a factor 
Plus the slight possibility of the bank being in trouble

So decided to forgo the extra £240

Could turn out to be a bad decision. Marvelous Metro are paying 5.71% not 5.7%......so you're missing out on another £6. 😁

Oh my God
That's an extra pint I will never buy 

DaveCarpetbag

For your branch visit, you would have cost of petrol and possibly parking.  Plus your time queueing as Metro don't do appointments.  Plus Metro's unconvincing business model meaning possible delay and red tape with FSCS if they go bust...I'm out.

DoneWorking

DaveCarpetbag said:

For your branch visit, you would have cost of petrol and possibly parking.  Plus your time queueing as Metro don't do appointments.  Plus Metro's unconvincing business model meaning possible delay and red tape with FSCS if they go bust...I'm out.

Me too
I won't be going with Metro

Albermarle

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

subjecttocontract

DoneWorking said:

DaveCarpetbag said:

For your branch visit, you would have cost of petrol and possibly parking.  Plus your time queueing as Metro don't do appointments.  Plus Metro's unconvincing business model meaning possible delay and red tape with FSCS if they go bust...I'm out.

Me too
I won't be going with Metro

That's good news......it means the queue will be shorter for those that do want to open an account.