
Metro Bank savings accounts review
Metro Bank offers a broad range of savings accounts with interest rates up to 4.01%.
Founded in 2010, Metro Bank was the first high-street bank to open its doors in the UK in more than 100 years. The bank offers a wide range of financial products, including a number of different savings accounts and ISAs. See our analysis of them below.
Easy access savings accounts
Cash ISAs
Fixed-rate bonds
Business savings accounts
Overview of Metro Bank savings
Savings account types include | Easy access, cash ISAs, fixed-rate bonds, business |
---|---|
Best easy access rate | 1.4% |
Best cash ISA rate | 3.76% |
Best fixed-rate bond rate | 4.01% |
Best business savings account rate | 3.51% |
Fixed bond terms | 3 months - 3 years |
Opening options | Branch, website |
FSCS protection |
Other popular accounts
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.
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
Savings ratings
Our customer satisfaction scores ("Customers say") are based on a survey of 2,224 customers carried out in December 2022.
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