Business Fixed Term Deposit Account

Earn more on your business deposits

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 an interest rate of up to 5.52%, 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 3 or 6 months or 1 or 2 years

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

Find a store

Interest Rates, Fees and Charges

Interest rates	Minimum balance	Interest payment frequency
3.51% - 5.52% AER*	£5,000	Monthly or annually (or maturity for 3 and 6 month terms)

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

Gross rate is an annual contractual rate which is calculated daily and paid out at a frequency applicable to the product.

Interest rates

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

	3 months	6 months	1 year	2 years
Interest paid	Gross / AER*	Gross / AER*	Gross / AER*	Gross / AER*
Monthly	3.46% / 3.51%	3.94% / 4.01%	5.39% / 5.52%	4.14% / 4.21%
Annually	3.51% / 3.56%	4.01% / 4.05%	5.52% / 5.52%	4.21% / 4.21%

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

Show suitable documents for Limited Liability Partnerships Hide suitable documents for Limited Liability Partnerships

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

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)

FAQs

How do I pay money into my account?

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.

Can I close my account early?

No – you choose to lock your money away for a term of 3 or 6 months or 1 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.