Metro Bank today announces the launch of two bespoke Community Deposit Accounts as part of its commitment to supporting local communities.
Both accounts offer generous interest rates and are available to small and medium sized charities, voluntary groups, clubs and societies. The accounts have been designed to build on the popularity of Metro Bank’s existing Community Current Account.
From today, local groups will be able to open an Instant Access Community Deposit Account or a One Year Fixed Rate Community Account, depending on their needs.
Metro Bank takes a very hands on approach to supporting its local communities and works very closely with charities and societies to understand what they need from their bank. As a result, the new accounts have been created to give community groups more choice and flexibility when it comes to managing their finances, while giving them the opportunity to earn interest on deposited funds.
Paul Riseborough, managing director for customer propositions at Metro Bank commented: “We work very closely with local groups and charities to understand how we can serve them better. We recognise that, like us, they work very hard to support local communities and we want to help them to continue to do that by giving them more choice about how to manage their finances.”
The Instant Access Community Deposit Account can be opened with as little as £1 and allows unlimited withdrawals, while attracting a very competitive rate of 0.5% gross interest p.a. For groups that don’t need easy access to their money, the One Year Fixed Rate Community Account pays 1.25% gross interest p.a. and can be opened with £5,000.
Groups can open an account at their nearest Metro Bank store. Metro Bank has 36 stores across London and the South East and is open early until late, seven days a week for 362 days of the year.