Fixed Term Savings
Lock it up, earn more
Choose the right account for you
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. A minimum deposit of £500 is required and the maximum balance that can be held is £2m. Got a question? See our FAQs.
Get all the ins and outs to read at a time that suits you by downloading our Fixed Term Savings account details (PDF)
Existing customer?
If you are looking to apply for an additional account, log in to Online Banking now and we can pre-fill some of the application for you. Alternatively, you can apply for an account via our App.
1 year Fixed Term Savings account
Annual 3.90% gross/AER* fixed
Monthly 3.84% Gross/ 3.90% AER*
18 month Fixed Term Savings account
Annual 3.50% gross/AER* fixed
Monthly 3.45% Gross/ 3.50% AER*
3 years Fixed Term Savings account
Annual 3.00% gross/AER* fixed
Monthly 2.96% Gross/ 3.00% AER*
3 month Fixed Term Savings account
In-store or via Online Banking only
At Maturity 2.00% / 2.02% (AER* / Gross)
Monthly 1.99% / 2.00% (AER* / Gross)
6 month Fixed Term Savings account
In-store or via Online Banking only
At Maturity 2.50% / 2.52% (AER* / Gross)
Monthly 2.48% / 2.50% (AER* / Gross)
Have you started an application and would like to resume?
*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.
AER and gross rate for annual interest is the same as interest is compounded annually. The monthly AER and gross rate is different, as interest is paid away and the gross rate does not take into account compounding. When comparing different savings accounts, use the same rate for each. E.g. compare AER with AER, and gross rate with gross rate.
Lock it away and save
Know what you'll earn
You could earn 3.90% gross/AER*. The rate of interest you earn is fixed, so you'll know exactly how much you're getting.
Interest your way
Choose how the interest you earn gets paid back to you, with options of monthly, yearly, or at the end of the fixed term.
No fees
There are no fees or charges with the Fixed Term Savings account.
See all the ways you can save
See how much you could save with a Fixed Term Savings Account when you try our new Savings Calculator tool.
What you need to know
We’re upfront with our customers about everything. We’ve created this handy summary of our Fixed Term Savings account key features so you can see the important information from the get-go.
| Minimum balance | Interest paid | Fees & charges |
|---|---|---|
| £500 | Monthly, annually or on maturity | None |
Interest rates
The amount of interest you earn depends on how long you put your money away for.
| 1 year | 18 months | 3 years |
|---|---|---|
|
Annual: 3.90% gross/AER* fixed Monthly: 3.84% gross/3.90% AER* |
Annual: 3.50% gross/AER* fixed Monthly: 3.45% gross/3.50% AER* |
Annual: 3.00% gross/AER* fixed Monthly: 2.96% gross/3.00% AER* |
| Log in to Online Banking | Log in to Online Banking | Log in to Online Banking |
| Apply online | Apply online | Apply online |
|
6 months In store or via Online Banking only |
3 months In store or via Online Banking only |
|---|---|
|
Gross** / AER* At Maturity 2.50% / 2.52% Monthly 2.48% / 2.50% |
Gross** / AER* At Maturity 2.00% / 2.02% Monthly 1.99% / 2.00% |
*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.
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.)
- You're 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.
Important: for Power of Attorney applications, please speak to a colleague for guidance on what we will require.
What you need to open an 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.
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.
Closing your account before the term ends
You can close your Fixed Term Savings 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 account before the end of the term.
When you apply online (1 year, 18 month and 3 year terms only)
If you open your account online, a Funding 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 the 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 Funding Account within 30 days of opening it, it will be closed and your Fixed Term Savings account won’t be activated.
When you apply in store (all terms)
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.
Get all the details to read at a time that suits you
Download our PDF to read when you like - it contains all the ins and outs of our Fixed Term Savings account.
Fixed Term Savings Account Details (PDF)(942KB)
Our Service Relationship with Personal Customers (PDF)(1.2MB)
FAQs
I’m an existing Metro Bank customer, how can I open a Fixed Term Savings Account?
Existing customers can log into Online Banking to open a Fixed Term Savings Account.
I’ve applied to open my account & told Metro Bank how much I’d like to deposit. I’d now like to increase this principal amount. Can I do this?
If your Fixed Term Deposit is already open and funded with the initial principal amount, you won’t be able to add any further funds.
In this event, you can apply to open a new Fixed Term Deposit account with any additional funds you’d like to save via online banking or one of our stores.
Any successful applications for a new Fixed Term Deposit account will be based on rates advertised at that time.
When will I receive my interest payment?
When you opened your account, you’ll have usually told us how often you’d like your interest to be paid.
If you selected monthly interest (where available) this is usually paid on the same date each month, based on your original opening date.
If this is a non-working day, it’ll usually be paid on the next working day.
What account will my interest payment be paid to?
If you nominated an account during account opening, the interest will be paid to this account in line with the interest frequency you asked for when you opened your account.
If you did not nominate an account to receive interest, it’ll be paid to the funding account you used to fund the account initially.
How does the Fixed Term Deposit funding account work?
If you’re opening the Fixed Term Deposit account online as a new customer, an Instant Access Savings account will be opened automatically for you so you can transfer money into your Fixed Term Savings account. The Instant Access Account acts as a ‘feeder’ account for your Fixed Term Deposit.
Your money will be transferred to the Fixed Term Deposit when you have done one of the following actions:
- You have paid in at least the agreed deposit amount (based on the figure you told us you wanted to deposit when you opened the Fixed Term Deposit account).
- You have paid less than the agreed deposit amount into the feeder account but 30 calendar days have passed.
If you’re opening your account in store or via online banking, you will need another Metro Bank account (such as our Current Account or Instant Access Savings account) to act as your funding account and your principal deposit amount must be available in this account to open the Fixed Term Deposit.
Can I take out money or close my account before the fixed term ends?
No. When you take out this product, you lock your money away for a set period of time, called a term.
With our Fixed Term Savings account, you can choose between 3, 6 or 18 months, or 1 or 3 years.
If you think you might need to get some money out during the term, you may want to consider a different type of savings product which allows withdrawals.
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 through our website (not via online banking), we automatically open a Funding Account for you.
You can transfer money into your Fixed Term funding account over a few days until you have the full amount you want to save, or, add all of your principal deposit at once.
Can I top up my Fixed Term Deposit account during the fixed term?
No. You can only pay one lump sum into the Fixed Term Savings account. But you can have more than one Fixed Term Savings account at a time.
Can I open a joint Fixed Term Savings Account?
Yes, just pop into one of our stores. You can open a joint account to manage your money together.
Where can I find the rate for a Metro Bank account that’s no longer on sale?
You can find closed rates by heading to Rates for Closed Products.
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