★★★★★
Finder expert rating
★★★★★
Customer satisfaction


Updated
Revolutionising high-street banking isn’t the easiest goal a company could set for itself, but Metro Bank is well-equipped to give it a try.
This review looks at Metro Bank’s current account and cash account. But if you are looking for something else, no worries – Finder also knows all about Metro Bank credit cards, personal loans, mortgages and banking for business.
Metro Bank is a challenger bank, but not a digital-only one. It does have branches and they’re open 7 days a week, up to 12 hours a day.
It’s all about better customer service and transparency. You don’t need an appointment to open a bank account.
It was founded in 2010 and by October 2018 it had more than 1.5 million customers, making it one of the most widely used challengers around.
You can open a Metro Bank current account both online (with a selfie) and in person. You’re eligible if you’re a UK resident and 18 or over. You’re going to need a proof of identity and a proof of address.
If you aren’t a UK or EU national, you’re also going to need a valid visa, and you won’t be able to open the account online.
Once you’re registered, you get:
Alternatively, you can also open a Metro Bank cash account, which is a more basic account that doesn’t allow direct debits and overdrafts, and whose card can’t be used outside the UK. You still need to be resident in the UK, but minors as young as 11 can open one.
Metro Bank’s current account is free, and so are card payments and ATM withdrawals in the UK and in Europe – all the countries that belong to the Single European Payments Area (SEPA). However, you will pay for:
ATM withdrawals have a limit of £300 a day.
Metro Bank offers both planned and unplanned overdrafts, and they both have a typical interest rate of 15% EAR (Equivalent Annual Rate). This is basically the interest rate you’d pay if you were overdrawn for a year; it can vary and it doesn’t include unplanned overdraft fees.
There’s a £60 cap over unplanned overdraft fees, which means that they can’t charge you more than that in a month.
You can apply for a Metro Bank overdraft and you may or may not be accepted depending on your credit score, which will also determine your overdraft limit.
Metro Bank has a UK banking licence and your deposits are protected up to £85,000 thanks to the Financial Services Compensation Scheme (FSCS). Your money is as safe and sound as with any high-street bank.
The card is protected by a PIN and you can block it instantly from the app if it gets lost or stolen. In order to log in to the app, you’ll always need your fingerprint or a passcode.
Pros
Cons
Metro Bank’s long opening hours are what sets it apart from the competition of both mainstream and digital banks. That’s especially appealing for customers who like a personalised customer experience that includes going to a branch and talking to an employee, but who also work long hours and come home too late to visit most high-street banks.
When it comes to products, Metro Bank is still competitive – the basic features come for free, the product range is wide, the app is smart and can compete with those of most digital-only banks.
Metro Bank’s current account has two main weak spots: the application process, as most challengers allow you to apply without a proof of address, which is often considered a typical mainstream bank hassle; and the fees when travelling outside of Europe, which you’ll avoid with many digital challengers such as Monzo or N26.
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