It's never too early to start saving. If you've got a special purchase in mind, or you want to start putting money away for an upcoming holiday or life-changing trip, open a Young Savers account and watch your money grow.
It’s never too early to start saving – and with 1.65% AER* / 1.64% Gross your money will soon grow
Whether you’re saving for something special or need some holiday cash, you can take money out of your account.
Put away a lump sum or save a little, regularly – it’s completely up to you.
See how much you could save with a Young Savers Account when you try our new Savings Calculator tool.
We’re up front with our customers about everything. We’ve created this handy summary of our Young Saver Account's key features so you can see the important information from the get-go.
|Interest rate||Minimum balance||Interest paid|
1.65% AER* / 1.64% Gross
Gross rate is an annual contractual rate which is calculated daily and paid out at a frequency applicable to the product.
To have a Young Savers account, you need:
Parents, guardians or grandparents can open a Young Savers account for children aged 10 or under. The account will be held in their name on the child’s behalf. Once the child is 11, you can ask us to put the account in their name.
You can apply for an account yourself if you’re aged 11 to 21, but if you’re under 16 you’ll need a parent or guardian to help you.
Our Magic Money Machines are back up and running for Metro Bank customers to use.
If you have a Young Savers Account and are under 15, you can earn a £5 bonus with our Magic Money 5 for 5 Club. You just need to add money to your account in five separate months.
Deposits can be made by:
You’ll then need to let us know when the fifth deposit has been made, and we’ll add the bonus to your account.
Unlimited access to your money. 1 day's notice may be required to withdraw money from your account.
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.
Download our PDF to read when you like - it contains all the ins and outs of our Young Savers.
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.
*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:
You can only exchange cash over the counter if you’re a Metro Bank customer.
If you’re 16 years old or older, you can take out any amount, but you’ll need to give us 1 day's notice if you want to withdraw more than £1,000. If you’re under 16 you can take out up to £100 a day.
To open an account, just pop into a store. We’re open all day and at weekends too.
You can find the rates for any closed account set out in Rates for Closed Products.
Metro Bank 24/7. Check balances, make payments, change your details and open new accounts any time - all with Online Banking.
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From savings and current accounts to financial education in schools, there's plenty for the next generation at Metro Bank.
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.
With our same-day account opening, you can apply in store and we'll print your card there and then. Having the right documents will help make the process go smoothly.
Your eligible deposits with Metro Bank are protected by the FSCS.