Metro easy access saving or ?

Robwales

Hi

I am spreading a lump sum across some existing saving accounts & a selection of the current best chart toppers  (Santander, Beehive, Cynergy, Natwest Ulster if they ever actually open my account..aghhhh) but need another one.

Earlier in the process i dismissed Metro (5.22%) due to the "news" and risk, but im wondering given their chart topping % and my need for another account if i should go with them.

I know they have FSCS protection but how much of a rigmarole will it take to get funds back in practice should the worst happen?  And does that include any interest made/owed to date?

Alternatively i would have to drop down the chart list eg 

• Leed BS (5.10%, but payable only on maturity in Feb '25...is that an issue??)
• Charter or Virgin @ 5.07% - never heard of Charter
  
  

OR lock it away eg

• Hampshire 95 days @ 5.51%
• Monument 60 days @ 5.41%
• Shaw @ 45 days @ 5.23....same really as Metro instant access

Your thoughts would be much appreciated - Thanks!

boingy

I was briefly worried about Metro when they were looking to secure funding a few months back but they have done that now so they should be OK and if they are not they will most likely get rescued/bought by a rival so the FSCS thing should not kick in (FSCS is supposed to pay out in a week and does include interest owed). So I'd say go ahead, especially as you are spreading your funds across several institutions.

The only thing I would say is that putting some of it in a fix would get you a better rate but it depends when you need the money and how much non-fixed cover you have for emergencies etc.

Middle_of_the_Road

If you don't need instant access, like the previous accounts you mention, a notice account makes a lot of sense.
I can recommend Hampshire Trust Bank. Communication is good, as is customer service. No app, but on-line admin was enough for me.

allegro120

Robwales said:

Hi

I am spreading a lump sum across some existing saving accounts & a selection of the current best chart toppers  (Santander, Beehive, Cynergy, Natwest Ulster if they ever actually open my account..aghhhh) but need another one.

Earlier in the process i dismissed Metro (5.22%) due to the "news" and risk, but im wondering given their chart topping % and my need for another account if i should go with them.

I know they have FSCS protection but how much of a rigmarole will it take to get funds back in practice should the worst happen?  And does that include any interest made/owed to date?

Alternatively i would have to drop down the chart list eg 

• Leed BS (5.10%, but payable only on maturity in Feb '25...is that an issue??)
• Charter or Virgin @ 5.07% - never heard of Charter
  
  

OR lock it away eg

• Hampshire 95 days @ 5.51%
• Monument 60 days @ 5.41%
• Shaw @ 45 days @ 5.23....same really as Metro instant access

Your thoughts would be much appreciated - Thanks!

Because the rates are variable I opened both, Metro 5.22% and Hampshire 5.51%. 
Metro - I think it is unlikely that it will collapse any time soon and from 18th January when Gatehouse rate goes down it will be the best paying EA. Another advantage of Metro is that the deposits and withdrawals are instant.
Hampshire - I have £1 in that account at the moment because RCI is paying 5.6% for the same 95 days deal, but it can become useful if RCI drops the rate.

Aidanmc

Not easy to open an account with Metro i found out.

Tried yesterday on 3 different devices, kept getting error saying my address did not match id ( but it did match)

In the end it said 'We're really sorry, but we can't offer you a savings account at this time, as your application didn't meet our criteria'

janusdesign

Aidanmc said:

Not easy to open an account with Metro i found out.

you're not kidding - after wasting 30+ mins trying to register, i'm failing at the picture of the passport stage (I think).... tried phone and webcam and nothing is being accepted... if they just had an upload file option, i've got a perfect photo of the passport that others bank have happily accepted.

c'est la vie - I don't need the account; will consider this a lucky escape and never try to use them again.

allegro120

janusdesign said:

Aidanmc said:

Not easy to open an account with Metro i found out.

you're not kidding - after wasting 30+ mins trying to register, i'm failing at the picture of the passport stage (I think).... tried phone and webcam and nothing is being accepted... if they just had an upload file option, i've got a perfect photo of the passport that others bank have happily accepted.

c'est la vie - I don't need the account; will consider this a lucky escape and never try to use them again.

I've tried about 3 weeks ago and I'm sure there was an upload file option. I've uploaded the photo of my passport that has always been accepted by all institutions, but it failed with Metro. I've tried twice and gave up. I don't really need it because I already have a number of 5.2%+ EAs. A few day's ago when Gatehouse announced their rate reduction I've decided that if would be good to have this Metro account, tried again, no more an upload option but I took a picture of my passport with my fingers holding it opened and it went through ok.  Had to phone them to set up nominated account for withdrawal and the rate is displayed wrongly on the app (5.10% AER instead of 5.!0% gross) but apart from that the account seems to be fine.  Deposits and withdrawals are instant.

Officer_Dibble

Metro are useless, wouldn't go near them again. Despite being a challenger bank they seem to have managed to develop a more complicated system of bureaucracy than the old established ones. We recently closed my son's account with them. The interest rate had dropped to peanuts, we never managed to sort online banking (it needs a meeting?!) and they insisted on sending statements by post ever month detailing the few pence of interest. They could only close it by giving us cash, which we carried across town to pay in at a proper bank. A few weeks later, the usual monthly statement arrived - they hadn't managed to close it after all, just reduced the balance to zero. Balance now 38p. At least the monthly interest won't be more than a penny, so the statements will be less regular!

stehouk

I found metro bank application smooth, easy and straight forward, i opened the fixed saver just as easy and depositing the funds is simple and quick, don't be put off using metro bank just because a few people have had a negative experience.