Meteor savings platform review
Looking for a new way to manage your savings? Find out if Meteor could help.
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Making sure your savings are always earning the highest rates of interest can feel like a bit of a chore. After all, it often means regularly checking and comparing which accounts offer the top rates and moving your money whenever a better deal appears – which typically involves making a new application with a new provider.
However, savings platforms like Meteor make moving to a new savings account far less hassle, as this guide explains.
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How we picked theseWhat is Meteor and how does it work?
Established in 2006, Meteor is a savings and investments platform that brings together multiple savings accounts and investment products in one place.
Once you’ve signed up to Meteor, you will need to pay at least £500 into your main account. You can then transfer this to your chosen investment or savings accounts – though be aware these accounts may have their own minimum deposit requirements.
Through the platform, you can view, manage and access a range of different accounts with one login. This makes it easier to monitor how your accounts are performing, as well as switch to a better account when you spot one to maximise the return on your cash.
Instead of filling out a new application form each time you want to move to a new savings account, you can simply switch to a new account on the platform, saving time and hassle.
The downside is that Meteor only works with a select number of partner banks, which means you might not always have access to the most competitive accounts on the market. This makes it essential to consider what’s more important to you – convenience or accessing the very best rates possible.
What type of accounts does Meteor offer?
You can open the following types of savings accounts through the Meteor platform:
- Easy access savings accounts. An easy access savings account allows you to access your funds when needed, although they don’t always pay the most competitive rates and rates are also variable. You can usually top up your funds as required.
- Notice savings accounts. These accounts require you to give a set number of days’ notice before you can withdraw funds – this could be anywhere between 7 and 180 days. Interest rates are usually variable.
- Fixed rate savings accounts. This type of account requires you to lock away your money for a term of between 6 months and 5 years. You can’t usually access or add to your funds during this time, but the rate of interest is typically higher than an easy access account and is fixed for the term.
- Cash ISAs. With a cash ISA, you won’t pay tax on any of the interest you earn. You can invest up to £20,000 into a cash ISA in the 2026/2027 tax year. This will reduce to £12,000 from April 2027 for those under the age of 65 (the overall ISA allowance will remain at £20,000).
- Shariah savings accounts. These accounts use the money from deposits to invest and generate a profit, rather than an interest rate, and comply with Shariah principles.
Meteor also offers stocks and shares ISAs, structured products and structured deposit investments.
Is Meteor safe?
Yes, Meteor Asset Management is authorised and regulated by the Financial Conduct Authority (FCA). Any money deposited into a savings account through Meteor will be covered under the Financial Services Compensation Scheme (FSCS) up to £120,000 per person, per institution.
Note that this limit is provided per banking group, so it’s important to check whether your chosen savings providers are part of the same group, especially if you’re likely to exceed the £120,000 limit.
If you’re investing, keep in mind that the value of your investment can go down as well as up, and you could get back less than you originally invested.
Pros
- Convenient way to manage and switch savings accounts
- You only need one login, rather than multiple applications
- Savings accounts are FSCS protected
- Variety of savings options available, as well as investments
Cons
- You will need to deposit at least £500 to get started
- Meteor only works with selected providers, so you may miss out on the best rates
- You’ll need to be happy managing everything online
- No joint accounts available
Our verdict: Is a savings account with Meteor worth it?
Many of us lead busy lives which means keeping an eye on your savings accounts isn’t always top priority. Using a savings platform like Meteor can make this much easier, helping you stay on top of the best savings rates and switch to a better deal when you find one.
However, remember that Meteor only works with a select number of providers, which means you might not get access to the very best rates out there. Ultimately, you need to decide whether convenience or maximising the returns on your money is more important to you.
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