Metro Bank StarUp / Switcher Bank Account terms changing on 1 August 2022
Received a letter from Metro Bank this morning about changes to their bank account, these accounts were often introduced by accountants. You may or may not be affected by this. I've already an account with Starling but haven't use it much but looking to switch to them.
Having business savings in another Metro Bank account does not count towards the balance, I was charged a fee a few years ago when my balance dipped below £2000, even though I had large amount in my Metro Bank business savings account.
Having business savings in another Metro Bank account does not count towards the balance, I was charged a fee a few years ago when my balance dipped below £2000, even though I had large amount in my Metro Bank business savings account.
Dear Sir/Madam,
We're getting in touch about some changes we will be making to our Start Up & Switcher Business Bank Account from 1 August 2022. We have reviewed the terms and fees on this account to make it more consistent with our other business accounts.
We're introducing a balance threshold for free transactions
If your balance falls below £6,000 at the close of business on any day, you'll pay the monthly maintenance fee and all transaction fees for that month. Otherwise, you won't pay these charges.
The monthly maintenance fee is decreasing
The account maintenance fee (for balances below £6,000) is decreasing from £15 to £6 per month.
Free transactions are decreasing
You will now get 30 free transactions per month, as long as your balance is £6,000 or more for that month. Previously you had 200 free transactions.
The transaction charge is increasing
The transaction charge on this account will increase from £0.20 to £0.30 per transaction.
Removal of free cash transactions From 1 August 2022, the monthly free cash limit of £10,000 is being removed and all cash transactions will be now be charged at a rate of 0.70%.
The benefits of banking with us
This account comes with an initial 12-month maintenance fee-free period, a business banking representative in every store - seven days a week, early and late - and we won't charge you for foreign transactions in Europe.
......
We're getting in touch about some changes we will be making to our Start Up & Switcher Business Bank Account from 1 August 2022. We have reviewed the terms and fees on this account to make it more consistent with our other business accounts.
We're introducing a balance threshold for free transactions
If your balance falls below £6,000 at the close of business on any day, you'll pay the monthly maintenance fee and all transaction fees for that month. Otherwise, you won't pay these charges.
The monthly maintenance fee is decreasing
The account maintenance fee (for balances below £6,000) is decreasing from £15 to £6 per month.
Free transactions are decreasing
You will now get 30 free transactions per month, as long as your balance is £6,000 or more for that month. Previously you had 200 free transactions.
The transaction charge is increasing
The transaction charge on this account will increase from £0.20 to £0.30 per transaction.
Removal of free cash transactions From 1 August 2022, the monthly free cash limit of £10,000 is being removed and all cash transactions will be now be charged at a rate of 0.70%.
The benefits of banking with us
This account comes with an initial 12-month maintenance fee-free period, a business banking representative in every store - seven days a week, early and late - and we won't charge you for foreign transactions in Europe.
......
