Savings Interest Rates, Switch Offers and Guides for Metro Bank

Who they are

Metro Bank is a UK retail and commercial bank founded in 2010 - the first new high street bank to launch in the country in over 150 years. Its early proposition put extended branch hours, customer service, and rapid account opening front and centre, a refreshing contrast to the established giants at the time.

After a turbulent period following the 2019 departure of co-founder Vernon Hill - which saw regulatory penalties and capital shortfalls - Metro Bank returned to profitability in the latter half of 2024. Its ownership is now dominated by Colombian billionaire Jaime Gilinski Bacal, who holds a 52.87% stake through his investment vehicle Spaldy Investments, following his lead role in a 2023 capital raise. The bank operates its own banking licence, so your savings sit with Metro Bank PLC directly - there is no licence sharing with another brand to worry about.

Savings accounts

Metro Bank offers a broad spread of savings options, from flexible easy access accounts to fixed-rate bonds across several terms. The instant access and Cash ISA accounts can be opened from just £1, while the fixed-term range requires a minimum of £500.

The easy access Instant Access Savings and Instant Access Cash ISA both currently pay 0.90% - useful if you need your money at short notice, but not competitive with the best rates on the market. The Young Savers account pays a higher 1.65%, which is a decent option if you are saving on behalf of a child.

Fixed-rate bonds are where Metro Bank's range becomes more interesting. The 1-year and 18-month fixes sit at 3.70%, the 3-year bond nudges up to 3.75%, and the 3-month and 6-month options pay 2.02% and 2.01% respectively. On the ISA side, the fixed-rate Cash ISAs pay 3.60% at 1 and 2 years, rising to 3.65% at 3 and 5 years - all accessible from £1. Bear in mind that with fixed-rate accounts, you cannot access your money until maturity, so be sure you can lock it away for the full term.

All accounts listed here carry FSCS protection up to £120,000 per person - higher than the standard £85,000 limit that applies at most banks, because Metro Bank holds a separate banking licence that attracts the elevated limit under current FSCS rules.

Experience and service

Metro Bank's stores are open seven days a week, and you can walk in without an appointment and leave with a working account and debit card. That convenience was a genuine selling point when the bank launched. In practice, recent customer feedback suggests Metro has scaled back much of what once made it different and fresh, with mixed reviews on app functionality and phone support. Some customers do note positive interactions with helpful, professional staff and appreciate being able to speak to a real person. Your experience may vary depending on your nearest branch.

Is it right for you?

Metro Bank suits savers who want a well-established high street bank with physical branches they can walk into, plus FSCS protection to £120,000. If you are chasing top rates on easy access savings, you will likely find better elsewhere. Where Metro Bank is more competitive is across its fixed-rate bonds and fixed Cash ISAs, particularly at longer terms.

Rates move regularly, so use the live figures on this page to compare exactly where Metro Bank stands today before you decide.