Money News

Metro Bank opens its doors

By Dominic Welling dominic.welling@consumerchoices.co.uk

The UK’s first new high street bank for more than 100 years has opened its doors to the public.

Metro Bank promises to have extended opening hours and to be open seven days a week.

The new bank also pledges to open accounts and issue credit and debit cards within 15 minutes.

Craig Donaldson, chief executive officer at Metro Bank, said: “Metro Bank will stand out from other high street banks by providing unparalleled service, convenience, and value for money.

“We know that UK customers are looking for a new, convenient way of banking with easy-to-understand products.

The first Metro Bank opened at 8am this morning (29 July) in Holborn, London.

The second branch is due to open in Earls Court, south-west London, next month, with a further 10 stores planned in London over the next two years as part of a 200-plus store expansion plan.

Its product range will include current accounts, cash accounts, savings accounts, credit cards, loans and mortgages.

The bank will also offer business banking including credit and cash management with local managers making local loans.

It is offering fixed and variable rate mortgages available up to 80% loan-to-value (LTV), including a two-year variable rate mortgage with an initial rate of 3.5%, and a two-year fixed product at 4%.

For people with a 40% deposit, there is also a three-year fixed rate product at 4.5%

For these Metro mortgages there will also be an arrangement fee of £500.