Business Instant Access Deposit Account
4.00% AER* Limited Edition Rate
Whether you’re wanting to expand your business and need to save capital or are putting money aside for a rainy day, our Business Instant Access Deposit account can have you saving without taking your money out of reach. Earn interest while still having full control over your money
Limited Edition Rate 4.00% AER*/4.00% Gross (variable)
Open an account and deposit at least £1000 within 28 days to earn a Limited Edition Rate (variable) for 12 months. If you don't do this, you’ll receive our Standard Variable Rate of 1.20% AER* Gross (variable).
Easy access to your cash
You have full control over your money and can access it when you need it
No hidden fees
You won’t pay a monthly fee, there are no set-up costs and no minimum deposits
Interest Rates, Fees and Charges
Interest Rates, Fees and Charges
| Interest rate | Minimum balance | Interest paid |
|---|---|---|
Limited Edition rate of 4.00% AER*/ Gross (variable) |
Minimum balance of £1000 within 28 days |
Monthly or annually |
Standard Variable Rate of 1.20% AER* / Gross (variable) |
£1 |
Monthly or annually |
From 10 November 2023 you can earn a Limited Edition rate of 4.00% AER* /Gross (variable) for 12 months if a minimum account balance of £1000 is reached within 28 calendar days of account opening.*
Limited Edition rates are promotional rates which are subject to availability and can be withdrawn from sale at any time. The interest on these rates is higher than our Standard Variable rate.
During the 12-month period the rate can vary meaning it can go up or down, but it will not go below the Standard Variable rate that is available at that time.
Your account will earn Standard Variable rate interest until you meet the Limited Edition rate criteria.
For more information about Limited Edition rates please see the Important Information Sheet and the Frequently Asked Questions below.
*AER stands for annual equivalent rate. It shows what the interest rate would be if interest was paid and compounded once each year.
Variable means we may change these rates and charges from time to time, or introduce new charges. If this means you’ll earn less interest, we’ll let you know beforehand.
For more information regarding your FSCS protection, please see the FSCS Information Sheet and Exclusion List.
Charges for banking services
There are no fees for this account, but we do charge for some of our banking services.
| Service | Charge |
|---|---|
| Issuing a banker’s cheque | £15 per item |
| Stopping a banker’s cheque | £10 per item |
| Copy or duplicate statements | £5 per statement |
Opening an Instant Access Deposit Account
Opening an Instant Access Deposit Account
What we need to open your account
Bringing in the right documents can smooth out the account opening process.
Everyone involved in opening the business account will need to provide proof of identity and proof of address, including:
- Account operators (authorised signatories or nominated persons)
- Responsible individuals (anyone who directly or indirectly controls 25% or more shares)
- Company officials
Proof of identity
A valid passport, EU national ID card or UK driving licence is ideal, and may be all we need.
Show suitable ID for UK, EEA or Swiss Nationals Hide suitable ID for UK, EEA or Swiss Nationals
Photographic ID
- Valid UK/EEA/Switzerland passport
- Valid UK full photocard driving licence
- Valid UK provisional photocard driving licence
- Valid EU member state national ID photocard
- Valid firearms certificate or shotgun licence.
We can only accept original documents, not photocopies.
Valid Passport/EU national ID Card means in date, undamaged and machine readable. Unfortunately, we can’t accept handwritten passports or ID cards.
Non-photographic ID
If you’re providing non-photographic ID, you’ll need to bring 2 proofs of address. We can only accept original documents, not photocopies.
- Valid old-style UK driving licence (no photo)
- HMRC documentation (PAYE Coding Notice/Tax Notification/Self-Assessment/Statement of Account/NI contributions bill) issued in the last 3 months or valid for the current tax year. We can’t accept P45 or P60 forms
- Notification letter from Benefits Agency/Local Authority confirming your right to benefits (Department for Works and Pensions (including Jobcentre Plus), Benefits Agency or Veterans Agency), dated within the last 12 months
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Valid passport with your current visa (with at least 6 months left on it) or a Biometric Residence Permit.
Proof of address
Must have your name and current address on it. We only accept originals. It’s handy to have 2 of these with you, just in case.
Show suitable proofs of address Hide suitable proofs of address
- Current UK full photocard driving licence
- Current UK provisional photocard driving licence
- Current old-style UK driving licence (no photo)
- Council Tax bill (valid for the current financial year)
- HMRC documentation (PAYE Coding Notice/Tax Notification/Self-Assessment/Statement of Account/NI contributions bill valid for the current tax year issued by Job Centre Plus) dated within the last 3 months. We can’t accept P45 or P60 forms.
- Notification letter from Benefits Agency/Local Authority confirming your right to benefits (Department for Works and Pensions, Jobcentre Plus, Benefits Agency or Veterans Agency), dated within the last 12 months
- Current Tenancy Agreement, from a local council or a recognised letting agency
- Bank, Building Society, Credit Union statement, dated within the last 3 months
- Credit card statement, dated within the last 3 months
- Mortgage statement from a recognised lender, dated within the last 12 months
- Life assurance/life insurance policy, dated within the last 3 months but outside of cancellation period
- Motor insurance certificate, valid for the current year but outside of cancellation period – we can’t accept cover notes
- Utility bill - gas, electricity or water, dated within the last 3 months
- Telephone bill, dated within the last 3 months. We can’t accept mobile phone bills
Sky or cable TV bills, dated within the last 3 months
As a Sole Trader
Show suitable documents for Sole Traders Hide suitable documents for Sole Traders
If you are a sole trader you will need to provide one of the following documents:
- An existing business bank statement (dated within the last 3 months)
- A utility bill (dated within the last 3 months)
- An invoice from a supplier (dated within the last 3 months)
- A letter addressed to Metro Bank from an accountant acting on behalf of your business
- HMRC correspondence (dated within the last 12 months)
- Business premises rates bill (dated within the last 12 months)
The document provided must have the name of the business owner on it, the business address and the trading name (if applicable).
If you are a sole trader and you can’t provide any of these documents, a site visit can be arranged if your business address is different to your residential address.
As a Partnership
Show suitable documents for Partnerships Hide suitable documents for Partnerships
Partnerships, including limited partnerships, will need to provide one of the following documents:
- An existing business bank statement (dated within the last 3 months)
- A utility bill (dated within the last 3 months)
- An invoice from a supplier (dated within the last 3 months)
- A letter addressed to Metro Bank from an accountant acting on behalf of your business
- HMRC correspondence (dated within the last 12 months)
- Business premises rates bill (dated within the last 12 months)
The document provided must have the partner's names on it, the business address and the trading name (if applicable)
If you are a partnership and you can’t provide any of these documents, a site visit can be arranged if your business address is different to your residential address.
As a Limited Liability Partnership
Show suitable documents for Limited Liability Partnerships Hide suitable documents for Limited Liability Partnerships
If you’re a limited liability partnership we will, with your permission, carry out a credit reference agency search. If the results are satisfactory, you won’t need to provide any further documents. Otherwise you will need:
- A Certificate of Incorporation, and
- A registered members list to clarify the details of the members and their individual shareholding within the company
As a Limited Company
Show suitable documents for Limited Companies Hide suitable documents for Limited Companies
If you’re a Limited Company we will, with your agreement, carry out a credit reference agency search. If the results are satisfactory you won’t need to provide any further documents. Otherwise you will need:
- A Certificate of Incorporation, and
- If the Limited Company is using a “trading as” name, a copy of the Company Board Resolution (signed by 2 Directors or 1 Director and the appointed Company Secretary, or by the sole Director, if there is no appointed Company Secretary) authorising the use of the “trading as” name
Additional information
Additional information
Eligibility
To open a Business Instant Access Deposit account, you need:
- To be 18 or over
- At least 50% of the business’s directors or beneficial owners (people who own more than 25% of the shares) are residents in the UK
- At least 50% of shares owned by UK residents
Bank the way you want
We believe in letting you decide how you want to bank with us – whether that’s online, in store, over the phone, through your Relationship Manager or on the move with our app.
Setting up your online banking and mobile app
Manage your Business Instant Access Deposit Account online or on your mobile.
Your account and tax
Since 06 April 2016, interest on savings has been paid without tax being deducted. For more information, please contact the Business team on 0345 08 08 508.
Get all the details on our Business Instant Access Deposit Account
Download our PDF to read when you like - it contains all the ins and outs of our Business Instant Access Deposit Account
Business Instant Access Deposit Account Details (PDF) (43KB)
Our Service Relationship with Business Customers (PDF) (1.1MB)
FAQs
Can I use the switching service to open this account?
No – unfortunately the switching service is only for Current Accounts. You would need to make a payment to transfer a balance to your new Business Instant Access Deposit Account.
Can I use internet banking with my Business Instant Access Deposit Account?
Yes – you can go online and check your balance, move money between your personal and business accounts, and more, 24/7.
Where can I find the rate for my Metro Bank account that’s now closed to new Business Customers?
You can find the rates for any account that is not listed on the current rates page set out in Rates for Closed Business Products.
Is the Limited Edition rate available for new and existing customers?
Yes! Our Limited Edition rates can be opened by new customers or existing customers. All our existing customers have to do is open a new account and deposit the minimum balance within 28 days.
Is the Limited Edition rate variable?
The Limited Edition rate will be applicable to your account for 12 months, but is variable, meaning that within the 12-month period the Limited Edition rate can go up or down, but it will not go below the Standard Variable rate that is available at that time.
How will I know if the Limited Edition rate is being paid on my account?
Customers can see the interest rate being paid on their account at any time on their Mobile App or via Online Banking.
How does the eligibility for the Limited Edition rate work?
If you meet the criteria for the Limited Edition rate, this interest rate will be applied to your account from the next working day. Until that point your account will earn the Standard Variable rate. You can see your current interest rate at any point on mobile or online banking.
During the eligibility time period we’ll assess whether you have met the Limited Edition rate criteria, and begin paying the Limited Edition rate. When the interest is paid from can be worked out using the following table:
|
Your closing balance on a |
Limited edition rate applies from the following |
|
Monday |
Tuesday |
|
Tuesday |
Wednesday |
|
Wednesday |
Thursday |
|
Thursday |
Friday |
|
Sunday |
Monday |
Please note:
If you meet the Limited Edition rate criteria on a Friday or Saturday we will only consider your closing balance on a Sunday for the purposes of eligibility and applying the Limited Edition rate.
If there is a Bank Holiday (including before or after a weekend), we will only consider your closing balance on the last non-working day for the purposes of eligibility and the Limited Edition rate will apply from the next working day.
You can make withdrawals during the eligibility period, if at the point of assessment for an Limited Edition rate the balance is lower that the minimum required you have the option to top up while the eligibility period is still open.
Your ways to bank
Online
Check balances, make payments, see transactions and open new accounts any time - all with Business Online Banking.
Mobile
Control your money on the move. Check balances, move money, make payments and more with our handy mobile app.
In-store
A friendly face and a quick answer - and all the usual payment services too.
By phone
Talk to a real person in our UK contact centre. Click the button below to check when we're available.
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