Metro Bank - worth considering for Savings & ISAs?

howryoo

I note that Metro Bank has become quite competitive with their rates recently - I wondered why, but just as I was going to create a post, it occurred to me that they were recently in the news about their stability.

Are there any concerns?

I may consider them for future savings (fixed and easy access) and maybe ISAs.

Is their application process pretty straight-forward?  Or are they likely to have you faff around with going in branch (or in store as they put it), or having to prove your ID over email / portal?

I'm especially interested from those who are normal electronically approved.  And any forms to sign and send back?

 

refluxer

I don't have any accounts with them myself, but it's worth noting that their cash ISAs can only be opened in a branch and some posters have struggled to get appointments or have been turned away due to how busy the branches are - check further down this forum for other Metro threads.

boingy

I have their instant access saving and it is all online and fuss-free. 

I can't imagine what possessed them to make the ISA require a branch visit. They are proud of having a branch network but it's increasingly irrelevant these days. 

Noneforit999

Also considering it for an 18 month Savings at 5.8%. I know you have the £85k protection but I wonder how much of a drama this is to get money back should they go bust. 

subjecttocontract

Noneforit999 said:

Also considering it for an 18 month Savings at 5.8%. I know you have the £85k protection but I wonder how much of a drama this is to get money back should they go bust. 

The FSCS document says they aim to pay out in 7 days.

Cisco001

Nothing to worrying if your saving under £85k.
However, I personally don't put all eggs in one basket. I have 2 instant access saving accounts with different banks.

I opened instant assess saving with Metro yesterday. it run smoothly. (Use your smartphone for application, it needs taking picture for photo ID and selfie)
With 1 year or 18 months fixed saving, FirstSave is doing 6%.

refluxer

Cisco001 said:

With 1 year or 18 months fixed saving, FirstSave is doing 6%.

Those accounts actually haven't been available for quite a while now. Annoyingly, First Save haven't removed them from the site so you'll only find this out if you try to apply.

Cisco001

refluxer said:

Cisco001 said:

With 1 year or 18 months fixed saving, FirstSave is doing 6%.

Those accounts actually haven't been available for quite a while now. Annoyingly, First Save haven't removed them from the site so you'll only find this out if you try to apply.

I didn't notice that 

howryoo

Thanks for the replies everyone.

I didn't realise their ISA required a branch visit - can't see it mentioned on their website, unless I've missed it?

Looks like their fixed or easy access savings application process is similar to the likes of Atom?  Do you need to apply from a phone / app, or can you apply via website then follow up with uploading the required ID requirements?  I assume even if you're normally electronically approved, Metro will always require you to upload ID docs etc for all their accounts from new customers?

 

refluxer

howryoo said:

I didn't realise their ISA required a branch visit - can't see it mentioned on their website, unless I've missed it?

If you check again, it says 'Open an account - come and see us in store' near the top of their ISA page and there are no options to apply online.

Albermarle

Noneforit999 said:

Also considering it for an 18 month Savings at 5.8%. I know you have the £85k protection but I wonder how much of a drama this is to get money back should they go bust. 

In fact the by far most likely scenario, is that the Bank of England will twist some arms and Metro will be bought/taken over by a bigger player. The Bof E and the Govt will not want to see a reasonable size bank going under on their watch.