Fixed Term Savings

Interest rates

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

*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.)
• 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

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. 

Apply online now

When you apply 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.

Find your nearest store

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)