Fixed Term Savings
Lock it up, earn more
Are you an existing Metro Bank customer?
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.
Get all the ins and outs to read at a time that suits you by downloading our Fixed Term Savings account details (PDF)
1 year Fixed Term Savings account
0.15% AER*
18 months Fixed Term Savings account
0.20% AER*
3 years Fixed Term Savings account
0.25% 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.
Have you started an application and would like to resume? Yes, resume application.
Lock it away and save
Know what you'll earn
You could earn between 0.15% and 0.25% 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 or annually | 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 |
|---|---|---|
| 0.15% AER* | 0.20% AER* | 0.25% AER* |
| Apply for 1 year | Apply for 18 months | Apply for 3 years |
*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.
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.
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
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 a Funding 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 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 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.
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