Instant Access Savings
Access your savings, any time
For a flexible savings option choose our Instant Access Savings account. Save what you want, when you want and get instant access to your cash if you need to.
Make your money grow with 1.65% AER* / 1.64% Gross interest
Get all the ins and outs to read at a time that suits you by downloading our
Instant Access Savings details (PDF)
Existing customer?
Usually, the quickest way to apply for an Instant Access Savings account is in our App:
New customer?
Apply online Resume your application
*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.
Gross rate is an annual contractual rate which is calculated daily and paid out at a frequency applicable to the product.
Interest rate of 1.65% AER* / 1.64% Gross interest
Open an account with as little as £1 to start earning interest.
Easy access to your money
Need to dip into your savings? No problem. You’ll have instant access to your money.
Save the way you want
Grow your savings your way. Put away a lump sum or save regularly – it’s up to you.
See all the ways you can save
See how much you could save with an Instant Access Savings account when you try our Savings Calculator tool.
What you need to know
We’re upfront with our customers about everything. We’ve created this handy summary of our Instant Access Savings account features so you can see the important information from the get-go.
| Interest rate | Minimum balance | Interest paid |
|---|---|---|
Standard Variable Rate of 1.65% AER* / 1.64% Gross (variable) |
£1 |
Monthly |
Gross rate is an annual contractual rate which is calculated daily and paid out at a frequency applicable to the product.
Eligibility
To open an account you need to be:
- 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 your account
Your savings and tax
Since 6 April 2016, 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. The interest from ISAs doesn’t count towards your Personal Savings Allowance.
Charges for banking services
If you ever need us to issue you a banker's cheque, we will charge a small fee. Each cheque costs £15.
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 Instant Access Savings account.
Instant Access Savings Account Details (PDF)(747KB)
Our Service Relationship with Personal Customers (PDF)(1.2MB)
For more information regarding your FSCS protection, please see the FSCS Information Sheet and Exclusion List.
Ready to apply?
Existing customer? Usually, the quickest way to apply for an Instant Access Savings account is in our App.
Frequently asked questions
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.
How do I transfer money from another account into my Instant Access Savings account
You can transfer money from existing Metro Bank accounts online, in store or by calling us on 0345 08 08 500. If you’re transferring money from another bank or building society, you’ll need to give them your new Metro Bank details.
Can I open a joint Instant Access 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 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.
When will I receive my interest payment?
Instant Access Savings Account interest is paid on the first working day of the month.
What is the difference between AER and Gross Interest?
The Annual Equivalent Rate (AER) shows the rate of interest earned over the course of a year. You can use the AER to compare financial products. The Gross rate is the contractual rate paid & it's calculated daily. How often it's paid out depends on your account type and term.
I’m an existing Metro Bank customer, how can I open an Instant Access Savings Account?
Existing Metro Bank customers can apply to open a new Instant Access Savings Account through our Mobile App or via one of our stores. Customers new to Metro Bank can apply to open an Instant Access Savings Account online, via our website.
When applying via our app, log in and select Products & Services to see products available to open.
Can I make payments from my Instant Access Savings Account?
You can create new payees through our Mobile App or Online Banking.
You can nominate a payee for your Instant Access Savings Account through Online Banking or you can call us on 03450808500.
If you only hold an Instant Access Savings Account with us and would like to create a new payee or nominate a payee – please call us on 03450808500.
See through the fraudsters
If someone contacts you claiming to be from Metro Bank – or another bank or organisation – and asks you for your account details, it’s a scam. If this happens, please call us straight away on 03450808500.
I currently receive a Limited Edition interest rate. Can this rate change?
Our Limited Edition rates are variable throughout the term and we review these regularly in line with changes in the savings market. We’ll let you know if we decide to change the rates on any savings accounts, including Limited Edition rates, in line with our Terms and Conditions.
Limited Edition rates will not drop below the Standard Variable Rate for each product.
I’ve received an email or letter from Metro Bank about my Limited Edition rate. Why is this?
Our Limited Edition rates are variable throughout the term and we review these regularly in line with changes in the savings market. In line with our Terms and Conditions, if we decide to make any changes to interest rates, we’ll let you know by email or letter.
How can I withdraw money from my Instant Access Account?
You can withdraw funds via online banking to another of your Metro Bank accounts or externally to one nominated beneficiary. You can create and nominate a beneficiary for your instant access savings account through online banking or by calling Amaze Direct on 0345 0808 500.
You can withdraw funds to your nominated beneficiary via the mobile app. The beneficiary will need to be created/nominated prior and this can be done be done via online banking or by calling Amaze Direct on 0345 0808 500.
If you are not registered for online banking and you need to make a withdrawal, then you can visit your nearest store or call Amaze Direct on 0345 0808 500.
Call charges might apply – please check with your service provider.
How can I close my account?
You can close your account anytime by visiting your local store or by calling Amaze Direct on 0345 0808 500. Call charges might apply – please check with your service provider.
If there is a balance in the account then the funds will need to transferred out before the account can be closed.
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