Metro bank

confederated

Section62 said:

The same could be said of Nationwide's purchase of Virgin Money, and Santander's prospective purchase of TSB.

Indeed. That's why I'm asking - because I don't understand.

Theleak250

confederated said:

Why would anyone buy Metro Bank with its expensive branch network and no worthwhile USP. Customer base? Surely if would be more cost effective to attract customers by offering an attractive incentive?

Well offers have already been considered. 

https://news.sky.com/story/high-street-lender-metro-bank-receives-takeover-approach-13383562

Sky News has learnt that Metro Bank was approached in the last fortnight about an offer to take it private spearheaded by the financial services-focused buyout firm Pollen Street Capital.

Pollen Street is one of the major shareholders in Shawbrook, the mid-sized bank which in the past has approached Metro Bank about a merger of the two companies.

ColdIron

confederated said:

Surely if would be more cost effective to attract customers by offering an attractive incentive?

They did burst into life in November 2023 with a decent 1 year fix (5.91%) and easy access (5.22%). They probably got more new customers than they did for the previous decade but lost interest after a few months

RobM99

It seems 'customer retention' isn't high on their list.

trient

Anyone knows if Metro does a hard check on new current accounts these days?

Theleak250

trient said:

Anyone knows if Metro does a hard check on new current accounts these days?

I applied for an account in March, I don't remember 100%, however there are no hard searches recorded in my Experian alerts for that application. I did bank with them way back when they first opened for a year.

Olenna

RobM99 said:

Oh - and Post Office won't deposit into Metro.

Neither do they with Nationwide if you're thinking of moving there...

Olenna

Rob5342 said:

Switching banks is a trivial task. If the one you are with no longer meets your needs then either move somewhere else or open additional accounts to use in conjunction with your old one. Most banks let you pay in cash via the post office, and some, like Monzo Halifax/Lloyds let you.pay in via paypoint too so there is little or no need for a branch any more. 

Monzo used to charge for cash deposits - has this changed?

Olenna

confederated said:

Why would anyone buy Metro Bank with its expensive branch network and no worthwhile USP. Customer base? Surely if would be more cost effective to attract customers by offering an attractive incentive?

Because they usually want the legacy back book who will include passive customers who haven't actively switched. They can close down/merge branches & back office as contracts/leases expire - just as Nationwide and Santander will do in due course with Virgin Money / TSB. 

Rob5342

Olenna said:

Rob5342 said:

Switching banks is a trivial task. If the one you are with no longer meets your needs then either move somewhere else or open additional accounts to use in conjunction with your old one. Most banks let you pay in cash via the post office, and some, like Monzo Halifax/Lloyds let you.pay in via paypoint too so there is little or no need for a branch any more. 

Monzo used to charge for cash deposits - has this changed?

No, they still charge £1 for them.