Metro Bank

Metro Bank is a UK high street bank best known for its stores, which stay open later than most bank branches and print your debit card on the spot when you open an account. It offers personal current accounts, savings accounts and Cash ISAs, mortgages, arranged overdrafts and a credit card, the Metro Bank Personal Card, alongside business banking. Its personal phone line is 0345 08 08 500¹, and its stores are open Monday to Friday, with some also open on Saturdays².

Money you hold with Metro Bank is protected up to a total of £120,000 by the Financial Services Compensation Scheme (FSCS), the UK's deposit guarantee, across all your eligible accounts with the bank³. Metro Bank PLC is authorised by the Financial Conduct Authority, reference number 488982, and appears on the Bank of England's list of UK banks authorised to accept deposits⁴.

What Metro Bank offers: current accounts, savings and borrowing

Metro Bank's core personal product is its current account, which can be opened online or in a store and, if the relevant checks pass, on the same day³. The account comes with a debit card, access to arranged overdrafts, and the full range of ways to bank: stores, the mobile app, Online Banking and telephone banking³. Switching to it is handled through the Current Account Switch Service³.

Alongside the current account sits a simpler product called the Cash Account. It works differently from a current account: Metro Bank explains that it is designed for basic banking, and it cannot be switched to using the Current Account Switch Service⁹. It suits someone who wants a place to receive money and make payments without the full features of a current account.

On the savings side, Metro Bank offers Instant Access Savings Accounts, an Instant Access Cash ISA, a Young Savers Account, Fixed Term Savings Accounts and a Fixed Rate Cash ISA¹¹. In lending, it provides arranged overdrafts on its current account and mortgages, and it is the firm behind the RateSetter brand, which appears as a trading name on the FCA Register⁴. Its credit card, the Metro Bank Personal Card, is covered on its own page. General guides to each product type are at current accounts, savings accounts, ISAs, mortgages and credit cards.

Savings accounts and Cash ISAs: how Limited Edition rates work

Metro Bank splits its savings range into instant access and fixed term accounts. Instant Access Savings Accounts pay interest monthly and give you access to your cash whenever you need it, with no notice period¹². Fixed Term Savings Accounts and the Fixed Rate Cash ISA lock a lump sum away for a set period in return for a fixed rate; the Fixed Rate Cash ISA runs for 1, 2, 3 or 5 years and pays interest annually¹¹.

The Cash ISA is the only ISA type Metro Bank offers at the moment¹⁴. Interest in a Cash ISA is tax-free within your annual ISA allowance, and Metro Bank accepts transfers in from ISAs held elsewhere¹⁵. One rule to note: you can subscribe to only one Metro Bank ISA in a tax year¹³.

Fixed accounts are sometimes offered as "Limited Edition" products, which means they are available for a limited period rather than as a permanent part of the range. When a Fixed Rate Cash ISA reaches the end of its term, the money does not stay at the fixed rate. Metro Bank transfers the funds automatically to an Instant Access Cash ISA, which has a different interest rate, with no penalties for the transfer and no change to your account number¹⁶. The rate that applies after maturity is therefore not the fixed rate paid during the term.

Overdrafts, mortgages and other ways to borrow

An arranged overdraft is a way to borrow through your current account, and Metro Bank describes it as best used to cover short-term or unexpected payments rather than ongoing costs¹⁷. You can apply for one on your Current Account, and the decision is based on your financial status: Metro Bank says it looks at things like affordability, credit scoring, credit reference agency information and your history with the bank¹⁸. Existing customers registered for online banking can apply by speaking to the Live Chat team in the mobile app, calling 0345 08 08 500, or visiting a store¹⁹. If you do not yet have a Metro Bank current account, you need to open one first, online or in store, before applying¹⁹.

The cost of an overdraft depends on how much you borrow and for how long, and Metro Bank provides an overdraft calculator on its website so you can see the cost of a given amount over a given number of days before you apply¹⁹. Current charges are on Metro Bank's own site, and the calculator is the place to check them, since overdraft pricing is personal to your account and circumstances.

Metro Bank also lends through mortgages. Its mortgage team gives personalised advice, taking the time to ask about your individual circumstances and give advice tailored to you, and existing mortgage customers can service their loan by checking their balance, updating personal details, changing their payment date, making an overpayment or requesting a redemption statement²⁰. General background is in the mortgages and buying a home guides, and borrowing basics, including how credit assessments work, are covered in types of borrowing and credit scores.

One point if you are switching to Metro Bank while overdrawn: you can switch, but you must agree any overdraft facility you require with Metro Bank, or make separate arrangements to repay the existing overdraft before switching²¹.

Fees for overseas spending and international payments

Using a Metro Bank debit card outside the UK works differently from using it at home. Fees apply on debit card transactions and cash withdrawals made in a foreign currency in all countries outside the UK²². On purchases, Metro Bank does not charge a non-sterling purchase fee on its debit card, but cash transactions in a foreign currency are treated differently: non-sterling cash fees are charged on withdrawals from cash machines and over the counter, on electronic transfers such as money orders and wire transfers, and on buying foreign currency in exchange bureaus²³. Metro Bank's card-abroad page sets out a worked example of what a purchase costs in total, and it is the place to check today's figures¹.

You do not need to tell Metro Bank before you travel. The bank states plainly:

Metro Bank, using my card abroad¹

For international payments, charges depend on how the money is sent. SEPA payments in euros within the EEA, SWIFT payments, and receiving payments from overseas each carry their own charging structure, and a margin is added to the exchange rate on transactions that involve a currency conversion²⁵. There is no Metro Bank charge to receive a payment from overseas that is sent in GBP to your GBP account²⁵. International payments can be made from a Current Account, Foreign Currency Account or Trust Account, but not from savings accounts (except Trust Accounts), cash accounts or credit cards²⁵. A refund of charges is only made where there has been an error on the part of Metro Bank²⁵. The full current fee schedule is on Metro Bank's international payments page²⁵, and general background is in the money abroad and money transfers guides.

Metro Bank also sells travel money in 26 currencies. Unused currency can be sold back to the bank, with the exchange rate confirmed on the day you visit a store, or checked beforehand by calling 0345 08 08 500²⁴. On the Cash Account, Metro Bank does not charge a fee for LINK-logo overseas ATM withdrawals in GBP, though the ATM provider may charge⁹.

Banking with Metro Bank: stores, app, online and phone

Metro Bank's distinguishing feature is its store network. Stores are open Monday to Friday, some are also open on Saturdays, and all are closed on Sundays and Bank Holidays². When you open an account in store, your card is printed on the spot, so you leave with a working debit card rather than waiting for the post⁷.

The mobile app is free to register and is available from the Apple App Store or Google Play Store². For existing customers it lets you create or delete future payments and make payments, authorise online transactions, create beneficiaries, create, amend and delete standing orders and cancel Direct Debits, request a replacement card, view insights on how you are spending your money, and receive alerts every time you use your card². If your card is lost or stolen you can instantly block, unblock or cancel it in the app², and if you have simply misplaced it you can block it temporarily while you look⁷.

Online Banking is also free to register and set up, with separate services for personal and business customers²⁶. From a desktop you can make payments, manage accounts and cards, view statements and open new accounts, including Fixed Term Savings accounts²⁶. You can see all your transactions as far back as 2015 and download PDFs of all your statements since you opened your account²⁶. Logging in needs your 12-digit customer number or username, three digits from your 8-digit security number, and your password²⁷. Registering in the first place needs your 12-digit customer number and your Magic Word, and once registered you can change the customer number to a memorable username²⁷. The app needs the same details plus an 8-digit verification code sent by text message²⁷.

If you cannot activate the app, Metro Bank's help pages take you through what is needed, starting with your 12-digit customer number or username²⁸. If your device is lost or stolen, the bank advises getting in touch straightaway on 0345 08 08 500, and you can also request a reminder of your 12-digit customer number². When you make a card payment online, Metro Bank uses Strong Customer Authentication: you confirm the transaction with a one-time passcode, either through the app or Online Banking, then return to the retailer's site to complete it³⁰.

How to open a Metro Bank current account or switch to it

You can open a personal current account online or in a store⁸. You will need proof of your identity and up to two documents for proof of address³¹. A mortgage statement from a recognised lender is accepted as proof of address if it is dated within the last 12 months³¹. If all relevant checks pass, the account can be opened on the same day³¹. There is also a legal requirement to confirm your tax status: Metro Bank must obtain tax status details for personal and sole trader customers, confirming whether you are resident for tax in the UK or elsewhere, and customers resident for tax elsewhere should bring their Tax Identification Number or Tax Reference Number³¹.

Switching from another bank uses the Current Account Switch Service: you open your Metro Bank account, fill in the switching form, and the switching team takes care of the rest³. You can fill out the switching form online, or visit a store where colleagues will help you get started²¹. You must already have a Metro Bank current account to switch to it, so if you do not have one you open that first²¹. If you are overdrawn at your old bank, you can still switch, but you need to agree any overdraft facilities you require with Metro Bank, or make separate arrangements to repay the existing overdraft first²¹. The Cash Account cannot be switched using the Current Account Switch Service⁹.

Savings accounts have their own routes: existing customers can open an Instant Access Savings Account through the app or in a store, new customers can apply online, and joint accounts are opened in store¹². If you ever want to close an account, you can do so by visiting your local store or calling 0345 0808 500, and the funds must be withdrawn before the account can be closed³¹.

Activating and using your Metro Bank card

A new Metro Bank card can be activated in the banking app, by visiting your nearest store, or by calling 0345 08 08 500³². Contactless does not work from the moment the card arrives: to start using it straight away you need to make one Chip and PIN transaction first³³. The same rule applies when you activate the contactless feature on your card³⁴.

Once the card is live, the app gives you two useful controls: alerts every time the card is used, and the ability to instantly block, unblock or cancel it if it is lost or stolen². A misplaced card can be blocked temporarily while you keep looking, and a card you believe has been stolen can be cancelled in the app or by calling 0345 08 08 500⁷. Metro Bank cards also carry MasterCard SecureCode, software that stops fraudulent transactions on your account⁷.

Paying in cash and cheques: who pays in and how long clearing takes

Cash deposits have rules about who can make them. To pay cash into a Metro Bank account you must either be named on the account, or have authority to manage it, for example under a power of attorney, or be paying less than £250 into a Young Savers account when you are not named on the account¹⁵. Cash exchange over the counter is only available if you are a Metro Bank customer¹⁵.

Cheques normally take 4 working days to process, and the period is extended if a bank holiday falls within it³⁵.

What Metro Bank will never ask you to do

Metro Bank sets out clearly what genuine contact from the bank will never involve. It will never contact you from a mobile number, ask for your complete security number, password or card number, or ask for answers to your security questions⁷. It will never include a link to a log-in page in a message, and it states that only a fraudster would ask you to move your money to another account for safety⁷. If someone contacts you claiming to be from Metro Bank, or another bank or organisation, and asks you to move your money into a safe account, it is a scam¹. Metro Bank will also never ask for your card's PIN code online or over the phone³⁶. When the bank sends a one-time passcode by text, the message states exactly what the code is for, and the code is only for a Metro Bank colleague or for entering into the banking platform being used⁷. Genuine texts from the bank come from 'METROBANK' or 'MetroBank'⁷.

If you are unsure whether a call is genuine, Metro Bank is part of the Stop Scams UK initiative, which provides the 159 safe number: stop, hang up, and call 159⁷. The bank also offers a Scam Checker powered by Ask Silver, an AI scam checker, and Metro Bank is the first British bank to partner with Ask Silver⁷. Metro Bank does not charge for the scam checker service, for the call or for data, though your service provider may³⁷. Its fraud phone lines are open 24/7³⁷. More general help is in the scams and fraud guide.

Extra support for customers who need it

Metro Bank's extra support pages cover several practical arrangements. Colleagues can make a note on your account, with your consent, about any extra support you need, so you will not have to mention it again and the right help is provided in future⁶. You can add someone to your Metro Bank accounts so they can help you manage your finances³⁸. There is support and guidance for people struggling with gambling, to help them have a better relationship with gambling³⁸. A callback request service is available online if phone queues are difficult³⁸.

For customers who have been the victim of fraud, Metro Bank has partnered with Victim Support to provide an independent support service that is free and confidential, offering anything from a one-off call to ongoing caseworker support⁷.

Two further arrangements are worth knowing. Metro Bank provides the Confirmation of Payee service for incoming and outgoing payments, available on all customer accounts, which helps check that the name on a payment matches the account³⁸. And under the Homes for Ukraine scheme, Metro Bank supports mortgage customers who want to be a sponsor by waiving its usual requirements around the letting and subletting of residential properties, though it cannot help in every case, for example where a mortgage is in arrears or the term has expired³⁹. The bank is clear that it will not review your financial situation or advise you on whether joining the scheme is the right thing for you³⁹.

FSCS protection for your Metro Bank savings

Your eligible deposits with Metro Bank are protected by the Financial Services Compensation Scheme up to a total of £120,000³. This applies across the bank's products, including current accounts, savings accounts and Cash ISAs¹¹. The limit is per person per banking licence, so if you hold several Metro Bank accounts, the balances count together towards the same £120,000.

Metro Bank PLC is authorised by the Financial Conduct Authority (FRN 488982, status effective since 5 March 2010) and is on the Bank of England's list of banks incorporated in the UK authorised to accept deposits⁴. The company is active, incorporated on 6 November 2007, company number 06419578⁴⁰. RateSetter is a trading name of the same firm, so deposits held through that brand count towards the same FSCS limit⁴.

If something goes wrong with a payment, for example money sent to the wrong account, Metro Bank's phone line is 0345 08 08 500¹. Complaints can be raised in a store, by phone or through the bank's help channels, and unresolved complaints can be taken to the Financial Ombudsman Service, as set out in the consumer protection guide.