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Metro Bank fans open one million accounts

3rd May 2017

Metro Bank, the revolution in British banking, has today revealed that it has surpassed one million customer accounts, less than seven years since launch. The milestone was hit on Early May bank holiday, a day traditionally other banks are closed. What’s more, over 91%1 of retail and business customers said they would recommend Metro Bank to a friend.

The bank, which is renowned for its superior levels of service and convenience, is focussed on revolutionising customers’ banking experience, and since unveiling its first store has:

  • Been open 75% longer than other banks2 through its retail opening hours, from early in the morning to late at night, weekends and bank holidays; transforming customers’ access to their bank
  • Saved customers over 4 million days3, by printing over 1 million cards in store instantly, meaning every customer can pay, tap and trade from the moment they step back onto the high street
  • Counted almost £100 million in coins through its free Magic Money Machines, saving customers an estimated £10 million4 in avoidable commission
  • Stopped over 20,000 cards being cancelled unnecessarily through its banking app’s temporary block feature; Metro Bank was the first provider to offer this service

Craig Donaldson, Chief Executive Officer at Metro Bank said: “Today is a real milestone for all of us at Metro Bank and I’d like to thank our customers, colleagues and shareholders for being part of the Banking Revolution. Less than seven years in, we’re proving that UK banking is ripe for disruption and showing just what can be done with the right model and culture.  

“Our success is testament to the fact that people want choice, and we’re seeing more customers than ever vote with their feet and join the Revolution, demonstrating that the integration of stores and digital is a winning combination. Bring on the next million.”

The FTSE 250 bank listed on the London Stock Exchange in March 2016, achieved profitability in the second half of 2016 and expects to see its first full year of profitability in 2017. It has created over 2,800 jobs, as well as opened 48 stores, with up to 10 new stores planned over the course of the year. 

Notes to editors

1 – Calculated using NPS methodology for March 2017 with 2,179 promoters, 37 detractors and 184 passives. 

2 – Based on the average bank branch being open 7.5hours per day Monday to Fridays, 6 hours on Saturdays and closed Sundays and bank holidays

3 – Based on it taking on average 4 working days to receive a card in the post

BANK/BUILDING SOCIETYAVERAGE NO. OF DAYS TO WAIT FOR A NEW CARD
Santander 5-7
HSBC 5-6
NatWest 4-6
Lloyds 3-5
Nationwide 3-5
Co-op Bank 2-5
Barclays 2
AVERAGE 4

 

Source: secondary research based on contacting all banks and building societies referenced in table, for expected card wait times

4 – Based on Coinstar charging 9.9% in fees to count change