This comparison simply includes all savings accounts.
Metro Bank Current Account
Why we like it: Earn 1.50% AER (variable) interest on balances up to a maximum of £20,000. Up to 3% CASHBACK on various household bills. Monthly fee of £5. Must pay in £500 pm.
Why we like it: 0.50% AER (variable) payable on your entire balance up to £2,000. Linked to instant access savings account currently paying 1.00% AER, paid quarterly. Zero transaction fees wherever you spend worldwide (arranged and un-arranged lending, other providers & other fees and interest may still apply). Apple Pay & Google Pay enabled contactless debit card. Rated ‘outstanding’ by Moneyfacts. Must be 18 or older and a UK resident. No account fee. No minimum funding required to open account or requirement to pay in regularly
Metro Bank Current Account
This current account is a great all-rounder and particularly good for those who frequently travel around Europe due to the free European transactions. You won’t be charged for taking cash out in European countries or using your card.
Metro Bank also offer excellent competitive rates for the rest of the world (2.50%) allowing you to save as you travel. They also add that if you use your card abroad, then any foreign currency transaction would be converted into sterling on the day it’s paid out of your account.
This account is suitable for busy people who find the normal banking hours difficult to work around. This is due to the fact that Metro Bank are open 7 days a week and work from 8am-8pm. They don’t require appointments so it’s very much a walk-in service. They offer simple and hassle-free switching and will provide you with a bankcard and a cheque book on the day you walk in, so there is no need for seven day waits as is often the case.
Metro Bank deliver a straight forward service that covers everyday banking and has all of the usual expectations of a current account such as:
- Internet Banking
- Excellent Customer Service
- Ability to set-up payments, Direct Debits and make transfers.
Metro Bank do not charge a monthly fee nor is there a minimum pay-in per month which sets it apart from a lot of other banks at the moment.
Overdraft and Fees:
An overdraft is available upon request, depending on your circumstances, and is charged at 15% EAR (variable). This is one of the better rates on the market but it does not come with an amount at 0% like a lot of other banks.
However, if you don’t have enough money in your account to make a payment they will extend an arranged overdraft and make the payment but this will incur a charge of £10. If you decide not to make the payment you will still incur the £10 fee.
They do not make more than six of these charges in one month.
They also state that if a deduction of interest causes your account to become overdrawn or goes over your planned overdraft then they won’t charge the £10 fee but will instead charge interest on the new balance.
As they process all Direct Debits, standing orders and dated payments in the morning they will let you know if you do not have the amount ready to cover the payments via text message. If you pay the money in before 2am then they will reissue the payment and you won’t be charged.
Metro Banks also offer a range of savings accounts, such as a:
Fixed Savings Account
A savings account for money you don’t need too often.They offer a fixed rate of interest between 0.90% and 1.20%. The rate of interest is fixed so you will know what you’re accumulating. With this option you are able to choose how long you want to put your money away for. Options include: 1 year, 18 months or 3 years.
Instant Access Savings
A more flexible savings option allowing you to save what you want, when you want and you will be able to get instant access to your cash if you need to. You will be able to boost your savings with 0.40% AER interest. Start earning interest on as little as £100. You will be able to access your savings anytime online, over the phone or in one of the branches.
Overall, Metro bank offer a convenient option with some perks for people who travel often.