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Metro Bank launches new online applications for Cash ISAs

7th February 2012

Metro Bank has added to its range of services today by introducing online applications for two of its transparent and competitive products. For the first time customers outside of Greater London are now able to experience the benefits of being a Metro Bank customer by being able to apply for 3.25% online 1 Year Fixed Rate Cash ISA and a 2.35% Instant Access Cash ISA, without the need to visit one of its stores.

All products are in keeping with Metro Bank’s values and are fair and transparent for all new and existing customers. Metro Bank’s 1 Year Fixed Rate ISA launched last year, but as other banks have dropped their savings rates, Metro Bank has kept their promise not to.

Paul Marriott-Clarke, Managing Director - Direct Development & Support at Metro Bank commented: “We’re excited that our ISA products will appeal to people all over the country, now that we are expanding our services to online applications. People that haven’t been able to experience being a Metro Bank customer before will now be able to join the Revolution regardless of where they are based. Metro Bank is about creating a better banking experience for customers, whether it’s face to face in one of our stores, on the telephone with one of our Customer Service Representatives or through our online service.”

The 1 Year Fixed Rate Cash ISA, which can be opened online, offers customers the following:

  • Earn interest of 3.25% AER / Gross** p.a.
  • Great rate fixed for 1 year
  • One lump sum deposit up to £5,340 in 2011/12 tax year plus transfers
  • Online and telephone banking
  • Monthly Statements

The Instant Access Cash ISA offers savers the following:

  • Earn interest of 2.35% AER / Gross** p.a.
  • Guaranteed to match Base Rate increases until 2/1/13
  • Save with lump sums and regular payments to build up your savings
  • Easy access to your money
  • Online and telephone banking
  • Monthly Statements

Paul Marriott-Clarke added: “We pride ourselves on the fantastic service our staff give in our stores and our call centre and we want to provide that same quality of service to people outside of London by giving wider access to our products. Our ISA products are exactly what Metro Bank is all about. They do what they say on the tin – simple, great value products for customers who want to be able to rely on and trust their bank. The fact that people can now apply for them online, and therefore access them anywhere in the country is an added bonus.”

The launch of Metro Bank’s online applications service for its Instant Access and Fixed Rate ISAs come at a time of great expansion for Metro Bank, following an incredibly successful first 18 months. The bank plans to double their number of stores to 20 in 2012 by opening 10 new stores across Greater London and the South East of England including:

  • High Wycombe
  • Hemel Hempstead
  • Reading
  • Watford
  • Ealing
  • Brighton
  • Chiswick
  • Staines
  • Romford
  • The City

*AER (Annual Equivalent Rate). This is a notional rate used for interest paying accounts which illustrates what the interest would be if paid and compounded each year. It helps you to compare the effective rates of credit interest on different accounts.
**Gross pa. The amount of interest paid on an account before the deduction of income tax.