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Metro Bank is expanding its product range with the introduction of two new Escrow accounts.
Opening a Metro Bank Escrow account is a simple process that can be completed in as little as one day – a feature that distinguishes the product from others available on the market. Customers are also given access to a dedicated relationship manager to assist with the opening and running of the account.
Having quick and easy access to an Escrow account, which acts as a holding account for transactions between two or more parties, can save customers valuable time following agreement of a deal.
Metro Bank will offer two Escrow products; an instant access Escrow Client Premium Deposit Account and a Flexible Escrow Term Deposit Account.
Paul Riseborough, Chief Commercial Officer at Metro Bank said: “We’re broadening our product range to include Escrow accounts in recognition of the diverse needs of our customers. For many law firms, time is money so we work hard to make our account opening processes as simple and effective as possible – in fact accounts are often opened and fully functioning within the same day.”
Product details
To be eligible for the Escrow Client Premium Deposit Account all parties in the Escrow agreement must be members of the Law Society. There is no set up fee or fixed monthly maintenance fee for an Escrow Client Premium Deposit Account. This account pays interest variable at 0.10% AER monthly, quarterly or annually.
To be eligible for the Flexible Escrow Term Deposit Account customers must open a Metro Bank Escrow Client Premium Deposit Account. Customers can decide the term of the account from a choice of: six months, nine months, one year, two years or three years. A minimum deposit of £500,000 is also required. Interest is paid on maturity of the account unless it is closed early, at the following term-specific rates:
| Term | Gross*% | AER**% |
|---|---|---|
| 3 years | 1.15 | 1.15 |
| 2 years | 0.90 | 0.90 |
| 1 years | 0.75 | 0.75 |
| 9 months | 0.50 | 0.50 |
| 6 months | 0.35 | 0.35 |
*Gross is the amount of interest paid on the account before the deduction of income tax.
**AER (Annual Equivalent Rate) is a notional rate used for interest paying accounts which illustrates what the interest would be if paid and compounded each year.