Metro Bank - Cute or Tardy Housekeeping ?

inspectorperez

Interest on my fixed term bond is normally made available on or around the last working day of the month.

In March there was no interest entitlement appearing in the app when I checked several times between 28 and 31 March. The entitlement eventually did appear on the app this morning (2 April), dated 28 March 2024

Now I know we have had Easter bank holidays etc and I haven't lost out in terms of the interest calculations, but just wondering when other banks were able to credit interest timeously why Metro bank should be so tardy in updating their app?

Nasqueron

inspectorperez said:

Interest on my fixed term bond is normally made available on or around the last working day of the month.

In March there was no interest entitlement appearing in the app when I checked several times between 28 and 31 March. The entitlement eventually did appear on the app this morning (2 April), dated 28 March 2024

Now I know we have had Easter bank holidays etc and I haven't lost out in terms of the interest calculations, but just wondering when other banks were able to credit interest timeously why Metro bank should be so tardy in updating their app?

My Kroo account monthly current account interest was paid yesterday per normal

My NatWest saver hasn't been yet (per normal with them when it's due on a weekend or bank holiday!) - I expect it to be paid tomorrow but backdated to the 1st on the app

SiliconChip

I also had Metro interest applied today. It looks like the interest date is the last business day of the month, which was 28th March, but is only visible on the account on the next business day, which is today. It's unlikely that this is anything to do with a tardy update to the app, but is just the way their processing takes place so the same result would be seen online as in the app (I didn't test it for March, but the same should take place at the end of May - date 31 May, applied 3rd June).

As an aside, the Marcus app says that interest paid on 29th, 30th, 31st or 1st will only be shown on 3rd April, so they are even slower! Mine is the 17th so not a problem for me.

boingy

Yep, nothing sinister with the Metro interest. Mine showed up in the app today but is dated 28th March. You haven't lost any interest, they just made you wait a few days to see it. I guess it's possible that Mr Metro is sitting in his comfy chair stroking a white cat and going "Muahahahahaha!" but it's fairly unlikely.

Rob5342

This seems to be common with banks for some reason, I don't know why a completely automatic process is paused on non working days.