I have just tried to open an Instant Access Savings account with Metro Bank (for their market leading 5.22% rate) but after going through the application, uploading my ID, and submitting all my details was very surprised to get: “Unfortunately we can’t offer you an Instant Access Savings account this time. Sadly we’re unable to share any specific details about our decision”.
I have quite a few savings accounts with many other banks, and never had an issue opening new ones, so very surprised to get a rejection for a savings account - it’s not a credit product!!
Could it be because I already have accounts with too many other banks? is that a thing? Should I close some other accounts?
Banks don’t do credit checks for savings accounts, and they aren’t reported to credit reference agencies, so I don’t know how Metro would be able to tell that you already have loads of other accounts.
There’s plenty going on with Metro Bank as you’ve likely noticed. I suspect all is not as it might appear there. I say that, as the refusal may well be nothing to do with your personal circumstances.
Anyway…… my advice is, if you’re happy with your other accounts - leave well alone. No one will penalise you for having savings elsewhere (and it’s common for savers to spread their funds around).
Some banks run soft checks on savings applications but that’s more about ID verification.
Unless you can think of something in your financial history which might cause concern, you’ll probably never know.
Thanks Graham, I’m not so much irritated at the rejection, but the lack of transparency as to why.
Will keep other accounts open if that’s unlikely to be the issue. Also worth keeping existing accounts open if the ability to open new ones isn’t as guaranteed as I thought!
FWIW nothing concerning in my financial history, so I guess it will remain a mystery as to why they wouldn’t want my money!
Chancers. I’ve held off on having any involvement in Metro, not on ethical grounds but simply because I felt the incentives weren’t good enough (same reason I’ve not jumped in with Virgin Money or Chase yet). That said, I’ve monitored this situation because I’d have quite liked the ISA.
It’s brazen how obvious it is that they didn’t want people to actually have it - utter bait and switch. Shameful behaviour IMHO.
It would rid them of most of their loss leading clientele who only use them for their free SEPA card /ATM usage. It would also be interesting to see how much their costs have gone up since the B word with being outside the EU/EEA zone.
I found their customer service excellent; I was considering moving my main banking to them before moving out of their branch area - but with no Post Office access to fall back on, decided against it.
UK card issuers should be receiving more money from interchange revenue on EU transactions, as they are no longer subject to the interchange cap. This is one reason why so many issuers are dropping FX charges, as it’s discouraging spend which (without the fee) earns them far more.
New Customers
We’re no longer accepting new applications for this product. Existing Customers
In line with our Terms and Conditions, from the 10 September 2024, you won’t be able to make purchases or withdraw cash using your Metro Bank Personal Credit Card. Before this date all the information below still applies for our existing Personal Credit Cardholders. You can find our Personal Credit Card Terms and Conditions at the bottom of this page.
