Savings accounts and ISAs with Metro Bank
There are a number of different savings account to choose from should you choose to run your banking through Metro Bank. These include Instant Access Savings, Fixed Term Savings, Instant Access Cash ISAs, Fixed Rate Cash ISAs and Young Savers account.
Each account suits different needs, with a number of rules and regulations that govern the transfer of payments made into each account.
This short post will detail the difference between Instant Access, Fixed Term, ISAs and Young Savers accounts, in an attempt to make the complicated world of banking your savings a little simpler. For further information about applying for a savings account with Metro Bank, call the Prove I Called Metro Bank Contact Number.
Instant Access Metro Bank accounts
Instant Access Savings
An Instant Access Savings account gives you access to your money should you need to transfer or withdraw it. The interest for this account is 0.75% AER. Interest is paid after the basic rate of income tax is applied to your account, the rate is currently 20%.
Instant Access Cash ISA
Like the above savings account, you are able to withdraw money from this account. You are only able to subscribe to one cash ISA during a tax year and there is a limit on the amount you can pay into your ISA. This limit is not affected by withdrawals. The current limit is £15,240. ISA interest is free from income and capital gains tax. The current Metro Bank rate of interest is 1.25% AER.
Fixed Rate Metro Bank accounts
Fixed Term Savings
A fixed term account ties up your deposit for an agreed amount of time, either 3 months, 6 months, 12 months, 18 months or 3 years. During this time, you will receive a fixed amount of interest, the rate will not change during your term.
The rate of interest you receive is based on the length of the term you choose, with higher rates available to customers that tie their funds up for a longer period of time.
Fixed Rate Cash ISA
A fixed rate ISA works as a savings account does, though you will not pay any income tax on your savings. The maximum amount you can place in a cash ISA is £15,240. The deposit you place in the ISA is made as one lump sum.
Young Savers Metro Bank accounts
This is a savers account for your children, with different options based on the age of your children, the differences are between 10 and under and 11-21. There are a number of different regulations that affect payments made to children’s bank accounts, you can find out more by calling Metro Bank.