Metro Bank Review 2022 part 2 – Part one is here.
Explore Metro Bank’s day-to-day banking features alongside the RL360 Quantum Savings Plan.
Metro Bank: Private banking
The bank believes that you deserve the same from your daily banking operations – fast service, simple transactions, support from people you know and trust.
At Metro Bank Private Bank, they have one goal: to make your day-to-day banking easy at all times. A dedicated Private Banking Director will take care of you. A team of specialists who understand you will support you. And their award-winning technology makes it quick and easy to get any banking service you need.
You will immediately receive everything you need, including cards, access to online and mobile banking. They will also regularly invite you to events designed to help you expand your social and business circles. And they will partner with your other professional advisors to keep your finances working hard for you.
Products and services
The bank’s products and services are designed to help you get the job done quickly, easily, and without fuss. Here are the main ones you can get with the bank:
Private bank account
Every service you would expect from a premium bank and more. Black Metro Bank debit card. Free card transactions in Europe. Round-the-clock service. Personal support from the Director of Private Banking and a team of experts. Flexible overdrafts at competitive rates (depending on your financial situation).
Savings accounts
Make the most of your finances with our range of instant access, ISA, and fixed-term deposits. And as a Private Banking client, you can count on higher rates.
Foreign currency accounts
Manage your currency risk with one of our foreign currency accounts. You can select a EUR or USD account and view your transactions and balance through online banking and mobile banking.
Money management account
With our unique money management account, you can access short-term liquidity while protecting your long-term goals. This allows you to borrow against your investment without interrupting your strategy to increase your wealth. For example, you might want to use it to buy real estate, pay taxes, or pay for school and university tuition.
Mortgage and purchase for the purpose of renting
Choose from our wide range of flexible mortgages. Even if your income schemes are complex or unusual, we will do our best to provide you with a mortgage loan that suits you.
Credit card
When you use our credit card, you automatically get great rates, contactless payments, and free European transactions in countries that are part of the Single European Payments Area (SEPA).
Partner loans
Our flexible range of partner loans helps simplify the process of acquiring a partnership, allowing you to focus on taking your career to the next level.
Metro Bank: Business banking
The bank is in business to help you make it happen. That’s why their experienced local business managers are ready to give you one-on-one support to help you from launch to launch.
Products and services
Current accounts
Current accounts are available for both new startups and large corporate businesses. If your balance remains above £6,000, there is no monthly account fee, including 30 free UK transactions. Otherwise, it’s £6 per month plus £0.30 for UK transactions. You can open and manage your account online, by phone, or at a branch (open 7 days a week).
Main benefits of a business account
- Personal service – Your local business manager can help support your business. Visit them in person, send them an email or give them a call.
- No monthly fee – Keep a balance of £6,000 or more for the entire month and they will waive your monthly fee.
- Apply online – Open an account in minutes. Applying is easy and works great on your mobile phone.
- Smart accounting software – They give you the tools to run your business like clockwork. They’re talking digital receipt capture, direct banking channels with Xero, and more.
- Expert advice from Enterprise Nation – They’ve partnered with Enterprise Nation to give you one year of free access to their trusted business support network.
Savings account
Instant Access, Fixed Term Accounts, and Notification Accounts are available for Metro Bank business customers – you can open your account with a minimum balance of £5,000, although there are no minimum requirements for instant access. Interest rates range from 0.01% to 0.30% AER, depending on how much you save and for how long. Term accounts are available with a term of 1 or 2 years. They offer a choice of accounts with 35, 60, or 95 days’ notice.
Overdraft
Clients pay only for the part of the overdraft they use. Organized overdrafts up to £25,000 have a variable interest rate of 10% EAR and an arranging fee of 1.75% or £50, whichever is higher. Overdrafts of over £25,000 are also available, rates to be negotiated upon application.
Business finance and loans
Borrow from £2,000 to £25,000 and repay within 1-5 years. For loans under £25,000, the interest rate is 9.6% per annum. For loans over £25,000, interest rates vary by loan, as well as set-up fees and other administrative costs.
Metro Bank: Personal banking
The bank offers products that typically include savings and transactional instruments such as a bank transaction account, debit cards/electronic transfers, a floating interest account (savings account), and a fixed interest rate deposit account for a specified agreed period (certificates of deposit/certificates of term deposits), which may vary depending on the bank. In addition, it also includes credit facilities such as loans, mortgages, and credit cards.
They believe that people are above everything and that everyone deserves a great experience every step of the way – whether it’s face to face, on the phone, online, or on the official app.
Current Account
The bank’s Current Account covers all your banking needs with no monthly fee to pay. There is no minimum balance to maintain, zero fees, with the overdraft rate of 34%.
You can apply for our Checking Account if:
- You are 18 or older
- You are a resident of the UK
- You have proof of your identity and address. If you are not a UK, EU, EEA or Swiss citizen, you will need a valid visa/residence permit.
They do not charge for debit card payments and foreign currency cash withdrawals in most European countries, moreover, they offer outstanding prices in the rest of the world.
If you are making a debit card payment or withdrawing foreign currency cash from outside the UK, any foreign currency transaction will be converted into pounds sterling on the day it is paid out of your account. The exchange rate is set by MasterCard®.
Cash Account
The bank’s cash account is the personal banking main bank account. You get the flexibility to use your card for payments, and it’s a great option for those who love simplicity.
Main benefits of cash account
- Instant account opening – Just drop by the store – no booking required. They will even print your bank card right now.
- Go contactless – All Metro Bank cards support contactless payments.
- Stay in control – There are no direct debits for this account and no cash withdrawal limits.
You can apply to open a cash account if:
- You are 11 years old or older
- You reside in the UK. You will also need to provide proof of your identity and address. If you are not a UK, EU, EEA or Swiss citizen, you will need a valid visa/residence permit.
You can withdraw a maximum of £300 per day from ATMs with a bank card. You can also withdraw money in the store – a maximum of £300 per day if you are between 11 and 15 and up to £1,000 if you are 16 or older. If you would like to withdraw more than £1,000, you must notify us one business day in advance.
You can make quick payments in-store, by phone, via internet banking, or with the latest version of our Mobile Banking app.
For simplicity, there are some restrictions on the use of this account:
- Limited Overseas Use – You cannot use your bank card outside the United Kingdom, except where the Link logo is displayed on an ATM (for example, France, Gibraltar, Channel Islands and Isle of Man).
- Limited transactions – you can pay to your cash account however you want, but you cannot set up direct debit. You can only pay for purchases online in pounds sterling.
Fixed rate cash ISA
This is the savings account for investors offered by the Metro Bank. You can create a safe home for your savings and watch them grow – with tax-free interest, every penny you earn stays with you. Choose a deposit period and with our fixed rate you will get a higher interest rate the longer you save.
Main benefits of the fixed-rate cash ISA account
- Save without taxes – You can earn between 0.15% and 0.30% AER tax-free. And with fixed rates, you’ll know how much you’re getting.
- Start big or small – Save between £1 and £20,000 on your fixed rate ISA. In addition, you can transfer money from past ISAs.
- Home for your savings – Lock your money securely for 1, 2, 3 or 5 years and watch it grow.
- Find out all the ways to save – See how much you can save with a fixed rate ISA account by trying our new Savings Calculator tool.
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