Metro Fixed Funding

I opened a fixed rate account as a new customer and soon after received the welcome pack. I have online access and can see the funding account. There is no confirmation of what duration or funding amount I entered on the application though. I am quite sure I know, but unfortunately did not print the screen during the application and don't want to fund without confirmation.

I telephoned Metro. After getting past the useless bot to a human, I was told they could not give out that information. I was told I had to go to a branch. I did get them to say they would post the information, but nothing has arrived. I tried asking in an email, same response. So I have just come back from visiting a branch.

They just said I have opened a funding account, not a fixed account and that they could open a new fixed account at the current rate if I wanted. They said Metro has no information of the fixed account I applied for because I have not opened it. They did not appear to know what a funding account is. 

Eventually I gave up and out of frustration said I can see why you are failing. The reply, you should not have opened an account with us then. Well I know that now.

Is there a way to get confirmation of what account the funding account is supposed to fund, not that I am likely to fund it now? My funding window closes in 2 days.


  • Sallyforth
    Sallyforth Posts: 437
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    My take on this? You’ve had a lucky escape - forget them. I’ve had a horrendous time with this outfit.
    Tilly Tidying and
    PADing in 2024 £250.62

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  • cloud_dog
    cloud_dog Posts: 6,003
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    There was a previous thread on here about this, and Metro's practice is that the Fixed Rate account doesn't actually get opened until the money is deposited into the funding account.
    Personal Responsibility - Sad but True :D

    Sometimes.... I am like a dog with a bone
  • DavidAC
    DavidAC Posts: 286
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    cloud_dog said:
    There was a previous thread on here about this, and Metro's practice is that the Fixed Rate account doesn't actually get opened until the money is deposited into the funding account.
    I know the fixed account does not get opened before funding, the problem is I cannot get confirmation of the duration and funding amount. I have tried by email, phone and in branch. My funding window expires today, it is looking unlikely I will fund it. Pity at 5.56% for, from memory 18 month term.
  • refluxer
    refluxer Posts: 2,540
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    edited 19 January at 11:45AM
    It's surprising to hear that you didn't get confirmation of the interest rate or duration of the account you applied for, either by email or post. 

    According to my records, their 18 month fixed rate account was indeed at 5.56% for a while so presumably transferring the required amount of money to the funding account would trigger that fixed rate account to start... if that's what you applied for. FWIW, I would also be wary about doing this without any kind of confirmation.

    I've had fixed rate bonds with many different banks over the years and have never come across this funding-account approach before. I guess it saves them a few pounds in interest for anyone wanting to make multiple payments over a week or two because they'll only need to pay interest from the date of the final payment as that'll be the day the fixed rate account is created.     

    The account you opened will be on their system so the fact they can't access that information when you visited the branch is ludicrous and definitely a warning sign regarding their competence.
  • jaypers
    jaypers Posts: 654
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    I’ve avoided Metro, despite the headline interest rates of late. My reason was based on my worries over service, infrastructure and overall ‘good service’. Seems I made the correct decision as I’ve seen nothing but bad reports on here for all sorts of things. For me, perhaps not everyone, a good name and a proven track record of how to deal with and look after customers is worth a lot more than a slight lift on an interest rate. 
  • DavidAC
    DavidAC Posts: 286
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    I did get a welcome pack with all the rates and terms. It did not say what term or funding amount I agreed to though, and I omitted to print the screen as I applied. In branch I was told the fixed account does not exist, which is true. It only exists when I fund it through the funding account. But they did not have any details of what my funding account would actually fund. They did not even seem to understand what a funding account is. I was told they do not deal with accounts that have been opened online. They were really quite useless. Not much point from my perspective in them paying for what is quite a large branch with all the overheads if they cannot answer what I though would be a simple question.
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