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Earn more on your business deposits

Business Fixed Term Deposit Account

Choose how long you want to put your money away for and know exactly how much interest you'll earn with our Business Fixed Term Deposit Account

Plan ahead

With interest rates between 0.15% and 0.25% AER (depending how long you put your money away for), you’ll know exactly what you’ll earn.

Build on your deposit

Start saving from £5,000 with confidence in how much you'll have when your term finishes

Your money, your choice

Choose how long you want to put your money away for – from 1 to 2 years – with interest rates going up the longer it’s in

Talk to us about our business fixed term deposit account now

Come see us in store – we’re open 7 days a week, no appointments needed.

If you’re a commercial customer, speak to your Relationship Manager or Local Director. Their details will be listed alongside your local store

Interest Rates, Fees and Charges

Interest Rates, Fees and Charges

Interest rates Minimum balance Interest payment frequency
0.15% - 0.25% AER £5,000  Monthly, annually or on maturity 
depending on term

AER stands for annual equivalent rate. It shows what the interest rate would be if interest was paid and compounded once each year.


Interest rates

The amount of interest you earn depends on how long you put your money away for.

Term Rate (AER) Interest paid
1 year 0.15% Monthly or annually
2 years 0.25% Monthly or annually

 

Opening a Fixed Term Deposit Account

Opening a Fixed Term 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
Show suitable ID for other nationalities Hide suitable ID for other nationalities

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 documents 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

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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

You can open this account if you’re a UK-based business or commercial customer.


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.

Ways to bank


Setting up your online banking and mobile app

View your Fixed Term Deposit Account online or on your mobile.

Business online banking

Business mobile banking app


Deposit terms

You choose how long you want to lock your money away for and get a fixed rate of interest depending on the term. You can’t access your money during the term, but you get a better rate of interest than you would with our Business Instant Access Deposit Account.

If you think you’ll need access to your money, you might want to consider our Business Instant Access Deposit Account.

You can only make one deposit during the term, but you can have more than one Business Fixed Term Deposit Account.


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 Fixed Term Deposit Account

Download our PDF to read when you like - it contains all the ins and outs of our Business Fixed Term Deposit Account.

Business Fixed Term Deposit Account Details (PDF) (458KB)

Our Service Relationship with Business Customers (PDF)(1.1MB)

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FAQs

Can I close my account early?

No – you choose to lock your money away for a term of 1 year or 2 years. If you think you might need access to it during this period, you might want to consider our Business Instant Access Deposit Account.

Why do I need another Metro Bank account if I have a Business Fixed Term Deposit Account?

When your account matures, your money will be paid into a Metro Bank Business Account that you nominate. This can be a Metro Bank Business Bank Account or our Business Instant Access Deposit Account

Can I use internet banking with my Business Fixed Term Deposit Account?

Yes - You can use internet banking to see your account details but you can’t make any transactions online from this type of account.

Find out more about internet banking 

Do you offer any other terms?

We offer a variety of Money Market accounts of different terms. Please contact us on 0345 80 80 500, or get in touch with your Relationship Manager for more information.

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.

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 our UK contact centre. We’ve temporarily changed our opening hours – click the button below to check when we're available.

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