Metro Bank interest rates

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

Comments

  • auser99
    auser99 Posts: 206
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    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.
  • ajo
    ajo Posts: 132
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    How long after the first deposit does it change from 1.64?
  • This gets posted here every day.
    Come on everyone do a search first.
  • boingy
    boingy Posts: 1,166
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    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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