Metro Bank (UK) is a relatively new retail bank which has been operating in the UK since 2010. It’s the first UK high street bank to come into existence for over 150 years. It currently has almost 40 branches (or stores as it calls them) in and around the Greater London area. It predicts that it will have up to 200 stores (branches) by 2020.
One of the personal current accounts they offer is their basic Cash Account which comes with an instant in store (branch) produced Mastercard debit card. The account is available to individuals over just 11 years old and who are residents of the UK.
On the downside, it is not possible to have any outward electronic payments from this account (which means it can never go overdrawn). There’s always a possibility of going overdrawn if outward Direct Debits or standing orders are refused because of insufficient funds which is probably why they don’t offer these particular facilities with this account in the first place. Consequently it is aimed at those who want a very simple and easy to obtain account for whatever reason.
Unlike virtually all other UK basic bank accounts, it is not possible to operate any aspect of this one through a UK Post Office.
What Metro Bank (UK) offers:
- A very easy to obtain instant basic personal current account for UK residents aged 11 and over.
- Adverse credit accepted.
- Mastercard Debit cash card (produced instantly in store (branch)). The card is also ‘contactless’ which means it can be used to pay for items up to the value of £20 by tapping the card on the reader of a contactless / Mastercard® PayPass™ till at a UK retailer.
- No minimum balance.
- Online, telephone and branch (store) banking. Automated telephone banking is also available.
- Text message alerts available.
- Withdraw cash using the cash card at any Metro Bank UK ATM free of charge or any other ATM that displays the Mastercard and/or LINK logo. Some ATM owners may charge for withdrawals (this will be indicated at the time of withdrawal). Metro Bank UK will set a limit on the maximum amount of cash that can be withdrawn each day using the Mastercard Debit cash card at ATMs.
- Withdraw cash over the counter in branch. Those aged between 11 and 15 can withdraw up to a maximum of £300 per day. Those aged 16 or over can withdraw up to any amount as long as at least one banking weekday notice is given if the amount is more than £1,000.
- Make payments online, by phone or in store using the Mastercard Debit cash card.
- Deposit cash and cheques in branch over the counter.
- Monthly paper statements (paperless statements also available).
- Joint accounts allowed.
- The account has no charges or monthly fees.
- No overdrafts are available and there is no cheque book.
- No outward Direct Debits, outward standing orders or outward electronic payments.
- It is not possible to use the Mastercard Debit cash card outside the UK to make payments (at a shop, for example) or withdraw cash unless an ATM where the LINK network logo is displayed is being used (currently limited to Gibraltar, Channel Islands, Isle of Man and France). Also, payments made over the Internet can only be made in Sterling.
- Limited branch network with stores only in the London/South East region.
- No credit interest paid.
- No access to the account at UK Post Offices.
- No CIFAS fraud flags are allowed.
Proof of ID and address is required. Available to individuals only.
Some of the fees for this Metro Bank (UK) basic account include:
Issuing a banker’s cheque £15 each.
Stopping a banker’s cheque £10 each.
Click on button below to go to Metro Bank Cash Account page.