Look after your client deposits
Client Premium Deposit Account
Earn interest on the money you’re holding for your clients with our Client Monies Deposit Account
Easy access
Withdraw money at any time
Simple transactions
Send and receive electronic payments, including CHAPS, Bacs, SWIFT and standing orders
Interest Rates, Fees and Charges
Interest Rates, Fees and Charges
| Interest rate | Minimum balance | Interest payment frequency |
|---|---|---|
| 0.05% AER (variable) | None | Monthly, half-yearly or annually |
AER stands for annual equivalent rate. It shows what the interest rate would be if interest was paid and compounded once each year.
Variable means we may change these rates and charges from time to time, or introduce new charges. If this means you’ll earn less interest, we’ll let you know beforehand.
Fees and charges
There’s no set-up fee or monthly maintenance fee for this account.
We will charge for some transactions and services such as international payments, CHAPS payments and an Auditor's Certificate of Balance. You can find all the details of our transaction and service charges in the downloadable PDF below.
Opening a Client Premium Deposit Account
Opening a Client Premium 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.
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.
As a Sole Trader
As a Partnership
As a Limited Liability Partnership
As a Limited Company
Additional Information
Additional Information
Eligibility
This account is for Metro Bank Business Bank Account or Commercial Current Account customers who need to hold clients’ money in a bank account.
It’s typically used by solicitors and accountants, but certain other regulated businesses may also be able to benefit too.
If you have client funds that you need to deposit for at least 6 months, you may want to consider our Flexible Client Term Deposit Account to earn a higher interest rate.
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.
Setting up your online banking and mobile app
Manage your Client Premium Deposit Account online or on your mobile.
Deposit terms
- You have unlimited access to your client's money.
- You can withdraw funds in any Metro Bank store or by transferring funds instantly to another Metro Bank account.
- You can also set up a beneficiary account to transfer funds outside of Metro Bank.
- You can withdraw up to any amount from your Client Premium Deposit account. For cash withdrawals over £1,000 you must give us one banking weekday’s notice.
Interest and funds on maturity will be paid into your nominated Metro Bank account.
Your account and tax
Since 06 April 2016, interest on deposits 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 Client Monies Deposit Account
Download our PDF to read when you like - it contains all the ins and outs of our Client Monies Deposit Account.
Client Premium Deposit Account Details (PDF) (340KB)
Our Service Relationship with Business Customers (PDF) (1.1MB)
FAQs
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How do I make international payments?
You can make international payments from your local store. Find your nearest store
You can also call our Business Customer Service Team on 0345 08 08 508, or +44 203 402 8312 if you’re outside the UK, and a member of the team will help you make the payment.
You’ll need to know and provide the recipient’s IBAN number (International Bank Account Number), Swift/BIC Code (Bank Identifier Code) and the payee’s bank and personal details in order to make the payment.
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What is the difference between CHAPS, SWIFT and Bacs payments?
With Bacs payments you can move money from one bank account to another. They’re mainly used for direct debits payments. Payments can take 3 working days to clear. There is no charge to make or receive Bacs payments.
You can use SWIFT payments to transfer money between different countries. There is a £25 charge to use this service.
You can use CHAPS to make payments in the UK, in sterling, on the same day. There is a £25 charge to use this service.
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How long does it take for a cheque to clear?
Usually, the cheque will clear on the fourth working day after you pay it in. If you pay a cheque in on Monday, you can use the money on Friday. Pay it in on Tuesday and you can use the money the following Monday – and so on.
If the bank the cheque is from is using extra security measures, it will take a little longer. International cheques can take 6-8 weeks to clear.
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Can I use internet banking with my Client Premium Deposit Account?
Yes, you can go on line and check your balance, make payments, move money between your accounts, and more, 24/7.
Find out more about internet banking.
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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
Metro Bank 24/7. Check balances, make payments, see transactions and open new accounts any time - all with internet banking
Mobile
Control your money on the move with our mobile banking app. Check balances, move money, make payments and more wherever you are.
In-store
A friendly face and a quick answer. And all the usual payment services too. We're open 362 days a year
Telephone
If you need help you can talk to a real person in our UK contact centre 24 hours a day, 7 days a week, 365 days a year
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Fixed-term holding account
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Sector services
Talk expert to expert
Find solutions tailored to your industry. Talk to our experts who understand the challenges in your sector, from healthcare to property to financial services.
Business banking
Opening an account
Opening a business account with us is straightforward and hassle-free especially when you're prepared.