Avoid Metro Bank if you don’t live near a branch

1spiral

dlevene said:

Recently thought I'd give them a go for their ISA. Having gone through a nightmare to open it I'm going to keep it but as soon as it's overtaken I'm gone, and I won't be back!

Ditto, My partner and I spent 1 hr 25 mins opening an isa each and arranging transfers in on 15th dec. Money came out of other providers accounts before Xmas but only credited to account yesterday. Nearly 2 weeks lost interest. 1 transfer is still pending. Seems transfers in are by cheque!

subjecttocontract

1spiral said:

dlevene said:

Recently thought I'd give them a go for their ISA. Having gone through a nightmare to open it I'm going to keep it but as soon as it's overtaken I'm gone, and I won't be back!

Ditto, My partner and I spent 1 hr 25 mins opening an isa each and arranging transfers in on 15th dec. Money came out of other providers accounts before Xmas but only credited to account yesterday. Nearly 2 weeks lost interest. 1 transfer is still pending. Seems transfers in are by cheque!

Normally with Metro they pay the Metro ISA interest rate from the date of application so, it doesn't really matter how long they take to credit the account, you are already earning the interest. It's not something other providers do.

My wife applied for a transfer to Metro on 27th Nov' and the funds were credited on 29th Dec'......but she was earning 5.71% from 27th Nov'.

1spiral

subjecttocontract said:

Normally with Metro they pay the Metro ISA interest rate from the date of application so, it doesn't really matter how long they take to credit the account, you are already earning the interest. It's not something other providers do.

My wife applied for a transfer to Metro on 27th Nov' and the funds were credited on 29th Dec'......but she was earning 5.71% from 27th Nov'.

They stated that in their T&Cs but the money is shown as credited yesterday and until today, 1.65% was the rate stated on the account. I need to investigate this a bit more when all complete because the easy access isa is similar to their non isa account in that you have to trigger the higher rate by achieving a minimum balance, so the correct rate is shown as from today.

It is of no benefit to me if they pay me 1.65% interest for the 2 weeks the money has not been in an account that was paying just below 5% before it left my previous provider.

A quick calculation tells me on 50K I would've lost ~£62 interest which will then take ~215 days to recover with the extra 0.21% interest now being paid by Metro.