Instant Access Cash ISA

There are a few different ways you can pay money into your Metro Bank account, the fastest being a payment from one bank to another. You can also deposit a cheque or pay cash* into your account at your nearest store.

*Please note that you may be asked additional questions about the source of funds to help keep your money safe.

We’ve introduced limits on the amount of cash customers can pay into their Metro Bank account each day.

• Personal accounts – new daily limit £5,000*
• Business accounts (including community accounts) – new daily limit £10,000*

  *If you are depositing foreign currency into a ‘regular’ GBP or a Foreign Currency Account, this will be the GBP equivalent of the above limits using the exchange rate on the day of the deposit

The new cash deposit limit for Commercial Current Accounts won’t be introduced until early 2023. If you have this type of account, your Relationship Manager will be in touch nearer the time to discuss the new limit with you.

Changes to who can pay in cash

To pay cash into a Metro Bank account you must either:

• be named on the account, or
• have authority to manage the account – e.g. power of attorney, or
• be paying less than £250 into a Young Savers account if you are not named on the account (the account holder or a named person on the account can pay in larger amounts), or
• an employee paying into a business or commercial account for your employer, using a pre-printed paying-in slip issued to the account holder.

Exchanging cash

You can only exchange cash over the counter if you’re a Metro Bank customer.

We give you interest on the money you put away in your cash ISA. You don’t have to pay UK income tax or capital gains tax on this interest. It doesn’t count towards your Personal Savings Allowance and you don’t need to put it on your tax return.

The interest from ISAs doesn’t count towards your Personal Savings Allowance.

Yes. You can take money out whenever you like. If you can afford to put some money away for longer, you might be interested in our Fixed Rate Cash ISA

Yes. You just need to fill in a stocks and shares ISA transfer form in store.

Yes – however you must make sure that any money you pay into your ISA does not go over the ISA allowance for that tax year. Any payments out need to be replaced before the 5th April of that year. The allowance for 2023/2024 is £20,000.

You can find the rates for any account that is not listed on the current rates page set out in Rates for Closed Products.

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.

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.

Customers can see the interest rate being paid on their account at any time on their Mobile App or via Online Banking.

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:

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.

Yes, customers that have already subscribed to a Cash ISA with Metro, can do a Metro to Metro Cash ISA transfer by filling in a Metro to Metro transfer form when they open their new Instant Access Cash ISA account and transferring all of their subscriptions to their new Cash ISA.

Customers that have subscribed to a Cash ISA with another provider can also do a cash ISA transfer by filling in the same form.

Customers that have subscribed already in this tax year must transfer their current year subscription in full.

If you wish to transfer in previous years ISA subscription, please visit your local store.