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Fixed Term Savings

If you've got a chunk of money that you won't need for a while, lock it away in a Fixed Term Savings Account and watch your savings grow. With a fixed rate of interest and a choice of terms, you can be sure of what you're getting.

Know what you'll earn

You could earn up to 1.20% AER. The rate of interest you earn is fixed, so you'll know exactly how much you're getting.

A home for your lump sum

Got money you won’t need for a while? Get a better rate of interest than instant access saving.

Your savings, your choice

Choose how long you want to put your money away for – 1 year, 18 months or 3 years.

Open an account online or in store

The Nuts and Bolts

We’re up front with our customers about everything. We’ve created this handy summary of our Fixed Term Saving Account's key features so you can see the important information from the get-go.

Interest rateMinimum balanceInterest paid
0.90% - 1.20% AER £500 Monthly or annually

Interest rates

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

1 year18 months3 years
0.90% AER 1.00% AER 1.20% AER

AER stands for annual equivalent rate. It shows how much the interest rate would be if the interest was worked out once a year. You can use it to compare different financial products.


Eligibility

You can apply to open an account if:

  • You’re aged 16 or over. (You need to be aged 18 or over if you want to apply online).
  • Resident in the UK. You’ll also need to provide proof of your identity and address. If you’re not a UK, EU, EEA or Swiss national you’ll need a valid visa/residence permit. Here’s a list of what you need

When your account matures

At the end of the term, your Fixed Term Savings Account will automatically be closed and your money will be transferred to a Metro Bank Current Account or nominated savings account.

This happens on the day before the date you opened the account - so if you opened a 3-year account on 1 April, it would mature on 31 March 3 years later. We’ll contact you at least 30 days before your account matures to remind you that the date is coming up.

You’ll get your money and any interest on the next working day after your account matures.


Opening an account online

If you open your account online, an Instant Access Savings Account will be opened automatically for you. Money from this account will be transferred into your Fixed Term Savings Account.

This will be done either:

  • once you’ve paid in at least the minimum amount you’ve agreed to deposit in your Fixed Term Savings Account
  • after 30 days of opening the account if you’ve paid in less than the minimum amount you've agreed to deposit

If you don’t pay any money into the Instant Access Savings Account within 30 days of opening it, it will be closed and your Fixed Term Savings Account won’t be activated.


Opening an account in store

If you open an account in store, you’ll need another Metro Bank account for the interest from your Fixed Term Savings Account to be paid into. This can be a Metro Bank Current Account or an Instant Access Savings Account.


Your savings and tax

You can earn up to £1,000 a year on your savings tax-free if you pay the basic rate of tax, and up to £500 a year if you pay the higher rate of tax. This is called your Personal Savings Allowance.

Interest on your savings is now paid without tax being taken off, so if you go over your allowance you’ll need to let HMRC know. Interest from ISAs doesn’t count towards your Personal Savings Allowance.


Closing your account before the term ends

You can close your Fixed Term Account without loss of interest or penalty up to 14 days after you open it. Once you have passed the 14 days you are not permitted to withdraw from or close your accounts before the end of the term. 


Fees and charges

There are no fees and charges with the Fixed Term Savings Account.


Get all the details to read at your leisure

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

Fixed Term Savings Account Details (PDF)(593KB)

Our Service Relationship with Personal Customers (PDF)(1.2MB)

OPEN AN ACCOUNT IN STORE OR ONLINE

1 year Fixed Term Saving Account

0.90% AER

18 month Fixed Term Saving Account

1.00% AER

3 years Fixed Term Saving Account

1.20% AER

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FAQs

  • Can I take out money or close my account before the fixed term ends?

    No. You lock your money away for a set period of time, called a term. With our Fixed Term Savings Account, you can choose between 1 year, 18 months or 3 years. If you think you might need to get some money out during the term, you should consider our Instant Access Savings Account

  • Why do I need another Metro Bank account to open a Fixed Term Savings Account?

    When the fixed term ends, we transfer your money – and the interest you’ve earned – into your nominated Metro Bank account.

    If you open your Fixed Term savings Account online, we automatically open an Instant Access Savings Account for you. This allows you to transfer money into your Fixed Term Savings Account over a few days until you have the full amount you want to save.

  • Can I top up my savings during the fixed term?

    No. You can only pay one lump sum into the Fixed Term Deposit Account. But you can have more than one Fixed Term Deposit Account at a time.

  • Where can I find the rate for my Metro Bank account that’s now closed to new savers?

    You can find the rates for any account that is not listed on the current rates page set out in Rates for Closed 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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YOUNG SAVERS

Get into good habits

It's never too early to start saving. If you've got a special purchase in mind open a Young Savers account and watch your money grow.

SWITCHING TO US

7-day Switch Guarantee

Switching your current account to Metro Bank is simple and hassle-free. And we guarantee to have it all done and dusted for you in 7 days.

BANKING WITH US

Same-day account opening

Apply in store and we'll print your card there and then. Having the right documents will help make the process go smoothly.

HOW WE CAN HELP

A safer spot

Never mind under a mattress or in a sock drawer – your valuables need proper security. We have 5 sizes of Safe Deposit Boxes available.