Metro Bank Interest Rate

I have opened a Metro Online Instant Access Saver at 5.22% AER / 5.10% gross. But in the App it is showing 5.10% AER. Is this just an error by them? Or is there something more sinister?
I have come across this problem before with other banks. Talking to an agent was hopeless as they didn't seem to understand the difference between gross and AER.


Comments

  • Bigwheels1111
    Bigwheels1111 Posts: 2,232
    First Anniversary First Post Name Dropper
    Forumite
    edited 30 November 2023 at 9:01AM
    Please read every other Metro bank thread or and banking thread.
    The above rate is monthly, The rate you quote is if interest is paid into the account every month and compounded for a year.
    AER,APR etc.
    On the application page it gives you the answer in a pdf to keep.
    https://www.metrobankonline.co.uk/globalassets/documents/customer_documents/personal/instant-access_savings-account_important-information-summary.pdf
  • boingy
    boingy Posts: 1,138
    First Post Name Dropper
    Forumite
    edited 30 November 2023 at 10:28AM

    The above rate is monthly, 
    That's true but it is completely incorrect for the app to have "AER" after the 5.10%
    It's an error that is in the app but not in the online portal. They told me they are aware and will fix it and that I am getting the correct rate.
  • Looking at my account online it says 5.10% but does not say whether that is gross or AER. So I agree with boingy. The correct rate is 5.10% gross and 5.22% AER which is what the PDF says. But the App shows it incorrectly at 5.10% AER.

    When did you tell them to fix it? Shall I give them a nudge too?
  • eskbanker
    eskbanker Posts: 29,773
    First Anniversary Name Dropper Photogenic First Post
    Forumite
    Looking at my account online it says 5.10% but does not say whether that is gross or AER. So I agree with boingy. The correct rate is 5.10% gross and 5.22% AER which is what the PDF says. But the App shows it incorrectly at 5.10% AER.

    When did you tell them to fix it? Shall I give them a nudge too?
    I can't see much value in telling them something they already know, so why not wait until your first interest is paid and validate that it's based on the correct rate then?
  • boingy
    boingy Posts: 1,138
    First Post Name Dropper
    Forumite
    edited 30 November 2023 at 3:11PM
    eskbanker said:
    Looking at my account online it says 5.10% but does not say whether that is gross or AER. So I agree with boingy. The correct rate is 5.10% gross and 5.22% AER which is what the PDF says. But the App shows it incorrectly at 5.10% AER.

    When did you tell them to fix it? Shall I give them a nudge too?
    I can't see much value in telling them something they already know, so why not wait until your first interest is paid and validate that it's based on the correct rate then?
    Well, it seems the value in telling them is £40. That's what they have just given me after upholding my "complaint". I put "complaint" in quotes because I didn't make one. I just told them the app was wrong and they agreed.

    I imagine the problem is already fixed in the next release but they will have some detailed testing and verification stuff to do and then it can take a while to get updates into the App store so probably some weeks away. In the meantime they have assured me I am getting the correct rate.

    And rather amusingly the account entry for the £40 says "Satisfaction Guarantee".  :D
  • Hoenir
    Hoenir Posts: 1,106
    First Post Name Dropper
    Forumite
    boingy said:
    eskbanker said:
    Looking at my account online it says 5.10% but does not say whether that is gross or AER. So I agree with boingy. The correct rate is 5.10% gross and 5.22% AER which is what the PDF says. But the App shows it incorrectly at 5.10% AER.

    When did you tell them to fix it? Shall I give them a nudge too?
    I can't see much value in telling them something they already know, so why not wait until your first interest is paid and validate that it's based on the correct rate then?


    And rather amusingly the account entry for the £40 says "Satisfaction Guarantee".  :D
    Sounds like the early days of Microsoft. Rather than spend a fortune on quality control. Let the customer do it for you. As it's cheaper. 
  • Just sent a message got the reply:

    5.22% is the AER, 5.10% is the gross limited edition rate.

    We are aware of this issue but please be assured that this will be corrected and you will receive the correct interest rates from the date you first deposited any money into the account.
  • I suppose I am too late to claim my £40!

    Thanks for the clarification.
Meet your Ambassadors

Categories

  • All Categories
  • 341.4K Banking & Borrowing
  • 249.7K Reduce Debt & Boost Income
  • 449.1K Spending & Discounts
  • 233.7K Work, Benefits & Business
  • 605.8K Mortgages, Homes & Bills
  • 172.3K Life & Family
  • 246.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards