Metro Bank savings accounts review

Metro Bank offers a broad range of savings accounts with interest rates up to 3.9%.

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Metro Bank

Founded in 2010, Metro Bank offers a wide range of financial products, including a number of different savings accounts and ISAs.

Metro Bank's top savings rate of 3.9% is available on one of its cash ISA accounts.

Easy access savings accounts

Table: sorted by interest rate
Metro Bank's best easy access rate of 1.65% is significantly lower than today's market-best rate of 7.49%.
1 - 2 of 2
Name Product Account type Withdrawals Min. opening balance Interest rate Deposit protection Open via Incentive Apply link
Metro Bank – Instant Access Cash ISA
Cash ISA
Instant access
£0
1.65% AER variable
FSCS logo
protected
Open via: branch, website
Go to site
View details
Metro Bank – Instant Access Savings Account
Variable
Instant access
£0
1.65% AER variable
FSCS logo
protected
Open via: branch, website
Go to site
View details
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Compare more instant and easy access accounts up to 7.49%

Cash ISAs

Table: sorted by interest rate
Metro Bank's best cash ISA rate of 3.9% is lower than today's market-best rate of 5.1%.
1 - 5 of 5
Name Product Interest rate Minimum investment Interest paid Withdrawals Deposit protection Open via Incentive Table product description Apply link
Metro Bank – 1 Year Fixed Rate Cash ISA
3.9% AER fixed for 1 year
£1
Yearly
Withdrawals not permitted
FSCS logo
protected
Open via: branch
Go to site
View details
Metro Bank – 2 Year Fixed Rate Cash ISA
3.5% AER fixed for 2 years
£1
Yearly
Withdrawals not permitted
FSCS logo
protected
Open via: branch
Go to site
View details
Metro Bank – 3 Year Fixed Rate Cash ISA
3% AER fixed for 3 years
£1
Yearly
Withdrawals not permitted
FSCS logo
protected
Open via: branch
Go to site
View details
Metro Bank – 5 Year Fixed Rate Cash ISA
3% AER fixed for 5 years
£1
Yearly
Withdrawals not permitted
FSCS logo
protected
Open via: branch
Go to site
View details
Metro Bank – Instant Access Cash ISA
1.65% AER variable
£1
Yearly
Instant access
FSCS logo
protected
Open via: branch, website
Go to site
View details
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Fixed-rate bonds

Table: sorted by interest rate
Metro Bank's best fixed-rate bond rate of 3.9% is lower than today's market-best rate of 5.5%.
1 - 5 of 10
Name Product Interest rate Invest Interest paid Withdrawals Open via Deposit protection Open via Incentive Table product description Apply link
Metro Bank – Fixed Term Savings Account
3.9% AER fixed for 1 year
£500 - £2,000,000
Monthly
Withdrawals not permitted
Branch, website
FSCS logo
protected
Open via: branch, website
Go to site
View details
Metro Bank – Fixed Term Savings Account
3.9% AER fixed for 1 year
£500 - £2,000,000
Anniversary of account opening
Withdrawals not permitted
Branch, website
FSCS logo
protected
Open via: branch, website
Go to site
View details
Metro Bank – Fixed Term Savings Account
3.5% AER fixed for 1.5 years
£500 - £2,000,000
Monthly
Withdrawals not permitted
Branch, website
FSCS logo
protected
Open via: branch, website
Go to site
View details
Metro Bank – Fixed Term Savings Account
3.5% AER fixed for 1.5 years
£500 - £2,000,000
Anniversary of account opening
Withdrawals not permitted
Branch, website
FSCS logo
protected
Open via: branch, website
Go to site
View details
Metro Bank – Fixed Term Savings Account
3% AER fixed for 3 years
£500 - £2,000,000
Monthly
Withdrawals not permitted
Branch, website
FSCS logo
protected
Open via: branch, website
Go to site
View details
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Business savings accounts

Table: sorted by interest rate
Metro Bank's best business savings account rate of 3.7% is lower than today's market-best rate of 5.25%.
Name Product Interest rate and type Interest paid Invest Term Open via Incentive Table product description Apply link
Metro Bank – Community Fixed Term Deposit Account
3.7% AER fixed
On maturity
£5,000 - £10,000,000
1 year
Open via: branch
Go to site
View details
Metro Bank – Business Fixed Term Deposit Account
3.7% AER fixed
On maturity
From £5,000
1 year
Open via: branch
Go to site
View details
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What is Metro Bank's best savings account with the highest interest rate?

The best savings account depends on what you want from your savings. If you're after fast access to your money, then an easy-access account should suit you. However, if you're happy to lock your money away for a time to access a higher rate, then a fixed-rate bond is a good option.

Finally, if you're looking to maximise your returns and shield them from income tax, consider an ISA. Below, we've listed the different types of accounts Metro Bank offers, plus the highest interest rate currently available.

Savings account types include Easy access, cash ISAs, fixed-rate bonds, business
Best easy access rate 1.65%
Best cash ISA rate 3.9%
Best fixed-rate bond rate 3.9%
Best business savings account rate 3.7%
Fixed bond terms 3 months - 3 years
Opening options Branch, website
FSCS protection

Didn’t find the account type you were looking for? Check our other guides:

How to open an account

You can open a Metro Bank savings account online by filling in a form. The process should take around 10 minutes and you’ll need:

  • An email address
  • UK mobile number
  • Photo ID
  • A device with a camera to take a selfie

You’ll need to provide some details about yourself and your finances and you’ll need to set up online banking.

Alternatively, you can apply for an account in branch.

Documents needed to open an account

To open an account you’ll need to provide a few documents. If you’re a UK, EEA or Swiss national, these include:

  • Proof of identity. A valid passport, EU national ID card or UK driving licence.
  • Proof of address (1 or 2 types depending on circumstances). For example, a UK photocard driving licence, council tax bill, tenancy agreement, bank statement, HMRC document or utility bill.

If you’re not a UK, EEA or Swiss national:

  • You can open an account in branch with a valid passport containing your current visa or biometric residence permit.
  • You’ll also need 1 or 2 proofs of address.

If you’re aged 11–15 you’ll need to go into a store with your parent or guardian. Parents or guardians must provide the documents above, plus one of the following for the child opening the account:

  • Valid passport
  • Birth certificate
  • NHS medical card
  • Child Tax Credit or Child Benefit documentation

Is Metro Bank safe?

Yes, Metro Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and PRA. All eligible deposits are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS). This rises to £170,000 for joint accounts.

Pros and cons

Pros

  • Multiple ways to bank. Manage your account online, over the phone, in branch or via the app.
  • Flexibility. Metro Bank offers a range of accounts, whether you’re looking for easy access or long-term gains.
  • Open to all. You can still open an account if you’re not a UK, EEA or Swiss national.
  • FSCS protection. Money in accounts will be protected up to £85,000 per person.

Cons

  • Better rates elsewhere? Metro Bank doesn’t have the most competitive interest rates so shop around to see if you can get higher rates elsewhere.

Customer service information for Metro Bank

Email support
Telephone support
In-app or live chat
Contact form
Branch support

Our verdict: Is a savings account from Metro Bank worth it?

Metro Bank offers a variety of savings accounts to suit different purposes. This means there’s likely to be at least one account for you, whether you want to be able to access your money when required or you’re happy to lock away some funds for a set time. Account holders also benefit from being able to open accounts online or in branch, and being able to manage their money in multiple ways. Plus, these accounts are not restricted to UK, EEA or Swiss nationals only.

That said, it’s worth checking out our other reviews first to see how Metro Bank savings accounts compare to others on the market.

Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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Written by

Rachel Wait

Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers, including The Observer, The Mail on Sunday, The Sun and the Evening Standard. Rachel is a keen baker in her spare time. See full profile

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