Metro Bank Interest Rate

nedwilsher

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.

Bigwheels1111

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

Bigwheels1111 said:

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.

nedwilsher

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

nedwilsher 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?

boingy

eskbanker said:

nedwilsher 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". 

Hoenir

boingy said:

eskbanker said:

nedwilsher 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". 

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. 

Zopa_Trooper

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.

nedwilsher

I suppose I am too late to claim my £40!

Thanks for the clarification.