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Metro Bank interest rates

planker

planker Posts: 3 Newbie

Ninth Anniversary

Combo Breaker

2 December 2023 at 11:18AM in Savings & investments

Just opened an account @ 5.22% but noticed online it was showing 5.10%. Phoned Metro who advise 5.22 was the annual interest rate whereas MSE shows it as monthly in the table

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Comments

auser99 Posts: 271 Forumite

2 December 2023 at 11:34AM

This is a fault as its 5.22% AER but that's the compounding rate, so you get 5.1% monthly.
There's been a few threads pointing out the metro app incorrectly shows 5.1% as the AER which it isn't.

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ajo Posts: 138 Forumite

4 December 2023 at 4:10PM

How long after the first deposit does it change from 1.64?

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Bigwheels1111 Posts: 2,960 Forumite

4 December 2023 at 4:44PM

This gets posted here every day.
Come on everyone do a search first.

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boingy Posts: 1,820 Forumite

4 December 2023 at 4:46PM

ajo said:

How long after the first deposit does it change from 1.64?

I think it was next working day but certainly within a day or two.

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