Business Instant Access Deposit Account
Earn interest while still having full control over your money
Your business savings always in reach
Whether you’re wanting to expand your business and need to save capital or are putting money aside for a rainy day, our Business Instant Access Deposit account can have you saving without taking your money out of reach.
Boost your savings
Earn 0.95% AER* (variable). The more you put in, the more interest you could earn
In response to the Bank of England Base Rate decrease on 7 November 2024. This rate will change to 0.85% AER* on 5 December 2024
Easy access to your cash
You have full control over your money and can access it when you need it
No hidden fees
You won’t pay a monthly fee, there are no set-up costs and no minimum deposits
Interest Rates, Fees and Charges
Interest Rates, Fees and Charges
| Interest rate | Minimum balance | Interest paid |
|---|---|---|
Standard Variable Rate of 0.95% AER* / Gross (variable) |
£1 |
Monthly or annually |
In response to the Bank of England Base rate change on 7 November 2024, this rate will change to 0.85% gross interest / 0.85% AER* on 5 December 2024. Variable rates can go up and down.
*AER stands for annual equivalent rate. It shows what the interest rate would be if interest was paid and compounded once each year.
Variable means we may change these rates and charges from time to time, or introduce new charges. If this means you’ll earn less interest, we’ll let you know beforehand.
For more information regarding your FSCS protection, please see the FSCS Information Sheet and Exclusion List.
Charges for banking services
There are no fees for this account, but we do charge for some of our banking services.
| Service | Charge |
|---|---|
| Issuing a banker’s cheque | £15 per item |
| Stopping a banker’s cheque | £10 per item |
| Copy or duplicate statements | £5 per statement |
Opening an Instant Access Deposit Account
Opening an Instant Access Deposit Account
What we need to open your account
Bringing in the right documents can smooth out the account opening process.
Everyone involved in opening the business account will need to provide proof of identity and proof of address, including:
- Account operators (authorised signatories or nominated persons)
- Responsible individuals (anyone who directly or indirectly controls 25% or more shares)
- Company officials
Proof of identity
A valid passport, EU national ID card or UK driving licence is ideal, and may be all we need.
Show suitable ID for UK, EEA or Swiss Nationals Hide suitable ID for UK, EEA or Swiss Nationals
Photographic ID
- Valid UK/EEA/Switzerland passport
- Valid UK full photocard driving licence
- Valid UK provisional photocard driving licence
- Valid EU member state national ID photocard
- Valid firearms certificate or shotgun licence.
We can only accept original documents, not photocopies.
Valid Passport/EU national ID Card means in date, undamaged and machine readable. Unfortunately, we can’t accept handwritten passports or ID cards.
Non-photographic ID
If you’re providing non-photographic ID, you’ll need to bring 2 proofs of address. We can only accept original documents, not photocopies.
- Valid old-style UK driving licence (no photo)
- HMRC documentation (PAYE Coding Notice/Tax Notification/Self-Assessment/Statement of Account/NI contributions bill) issued in the last 3 months or valid for the current tax year. We can’t accept P45 or P60 forms
- Notification letter from Benefits Agency/Local Authority confirming your right to benefits (Department for Works and Pensions (including Jobcentre Plus), Benefits Agency or Veterans Agency), dated within the last 12 months
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Valid passport with your current visa (with at least 6 months left on it) or a Biometric Residence Permit.
Proof of address
Must have your name and current address on it. We only accept originals. It’s handy to have 2 of these with you, just in case.
Show suitable proofs of address Hide suitable proofs of address
- Current UK full photocard driving licence
- Current UK provisional photocard driving licence
- Current old-style UK driving licence (no photo)
- Council Tax bill (valid for the current financial year)
- HMRC documentation (PAYE Coding Notice/Tax Notification/Self-Assessment/Statement of Account/NI contributions bill valid for the current tax year issued by Job Centre Plus) dated within the last 3 months. We can’t accept P45 or P60 forms.
- Notification letter from Benefits Agency/Local Authority confirming your right to benefits (Department for Works and Pensions, Jobcentre Plus, Benefits Agency or Veterans Agency), dated within the last 12 months
- Current Tenancy Agreement, from a local council or a recognised letting agency
- Bank, Building Society, Credit Union statement, dated within the last 3 months
- Credit card statement, dated within the last 3 months
- Mortgage statement from a recognised lender, dated within the last 12 months
- Life assurance/life insurance policy, dated within the last 3 months but outside of cancellation period
- Motor insurance certificate, valid for the current year but outside of cancellation period – we can’t accept cover notes
- Utility bill - gas, electricity or water, dated within the last 3 months
- Telephone bill, dated within the last 3 months. We can’t accept mobile phone bills
Sky or cable TV bills, dated within the last 3 months
As a Sole Trader
Show suitable documents for Sole Traders Hide suitable documents for Sole Traders
If you are a sole trader you will need to provide one of the following documents:
- An existing business bank statement (dated within the last 3 months)
- A utility bill (dated within the last 3 months)
- An invoice from a supplier (dated within the last 3 months)
- A letter addressed to Metro Bank from an accountant acting on behalf of your business
- HMRC correspondence (dated within the last 12 months)
- Business premises rates bill (dated within the last 12 months)
The document provided must have the name of the business owner on it, the business address and the trading name (if applicable).
If you are a sole trader and you can’t provide any of these documents, a site visit can be arranged if your business address is different to your residential address.
As a Partnership
Show suitable documents for Partnerships Hide suitable documents for Partnerships
Partnerships, including limited partnerships, will need to provide one of the following documents:
- An existing business bank statement (dated within the last 3 months)
- A utility bill (dated within the last 3 months)
- An invoice from a supplier (dated within the last 3 months)
- A letter addressed to Metro Bank from an accountant acting on behalf of your business
- HMRC correspondence (dated within the last 12 months)
- Business premises rates bill (dated within the last 12 months)
The document provided must have the partner's names on it, the business address and the trading name (if applicable)
If you are a partnership and you can’t provide any of these documents, a site visit can be arranged if your business address is different to your residential address.
As a Limited Liability Partnership
Show suitable documents for Limited Liability Partnerships Hide suitable documents for Limited Liability Partnerships
If you’re a limited liability partnership we will, with your permission, carry out a credit reference agency search. If the results are satisfactory, you won’t need to provide any further documents. Otherwise you will need:
- A Certificate of Incorporation, and
- A registered members list to clarify the details of the members and their individual shareholding within the company
As a Limited Company
Show suitable documents for Limited Companies Hide suitable documents for Limited Companies
If you’re a Limited Company we will, with your agreement, carry out a credit reference agency search. If the results are satisfactory you won’t need to provide any further documents. Otherwise you will need:
- A Certificate of Incorporation, and
- If the Limited Company is using a “trading as” name, a copy of the Company Board Resolution (signed by 2 Directors or 1 Director and the appointed Company Secretary, or by the sole Director, if there is no appointed Company Secretary) authorising the use of the “trading as” name
Additional information
Additional information
Eligibility
To open a Business Instant Access Deposit account, you need:
- To be 18 or over
- At least 50% of the business’s directors or beneficial owners (people who own more than 25% of the shares) are residents in the UK
- At least 50% of shares owned by UK residents
Bank the way you want
We believe in letting you decide how you want to bank with us – whether that’s online, in store, over the phone, through your Relationship Manager or on the move with our app.
Setting up your online banking and mobile app
Manage your Business Instant Access Deposit Account online or on your mobile.
Your account and tax
Since 06 April 2016, interest on savings has been paid without tax being deducted. For more information, please contact the Business team on 0345 08 08 508.
Get all the details on our Business Instant Access Deposit Account
Download our PDF to read when you like - it contains all the ins and outs of our Business Instant Access Deposit Account
Business Instant Access Deposit Account Details (PDF) (43KB)
SME Deposit Interest Rate Summary (PDF) (374KB)
Our Service Relationship with Business Customers (PDF) (1.1MB)
FAQs
I'm an existing customer who holds an account with a variable rate. How will you let me know if my rate is changing in response to a Bank of England Base Rate change?
We'll write to existing customers who are impacted by a change, in line with the timescales outlined in our Terms & Conditions. We'll also update our website with any pending changes.
Can I use the switching service to open this account?
No – unfortunately the switching service is only for Current Accounts. You would need to make a payment to transfer a balance to your new Business Instant Access Deposit Account.
Can I use internet banking with my Business Instant Access Deposit Account?
Yes – you can go online and check your balance, move money between your personal and business accounts, and more, 24/7.
Where can I find the rate for my Metro Bank account that’s now closed to new Business Customers?
You can find the rates for any account that is not listed on the current rates page set out in Rates for Closed Business Products.
I currently receive a Limited Edition interest rate. Can this rate change?
Our Limited Edition rates are variable throughout the term and we review these regularly in line with changes in the savings market. We’ll let you know if we decide to change the rates on any savings accounts, including Limited Edition rates, in line with our Terms and Conditions.
Limited Edition rates will not drop below the Standard Variable Rate for each product.
I’ve received an email or letter from Metro Bank about my Limited Edition rate. Why is this?
Our Limited Edition rates are variable throughout the term and we review these regularly in line with changes in the savings market. In line with our Terms and Conditions, if we decide to make any changes to interest rates, we’ll let you know by email or letter.
What changes are you making to my Limited Edition rate?
We’ve reviewed existing variable Limited Edition rates and have decided to reduce these, and to remove the 12 month Limited Edition rate duration.
Our Limited Edition rates are variable throughout the term and we review these regularly in line with changes in the savings market. This means the rates can go up or down, but your rate will not drop below the Standard Variable Rate for each applicable product.
After the date that these changes become effective, which will be confirmed in your letter or email from us, Limited Edition rates will no longer revert to the Standard Variable Rate for the applicable product after their initial period of 12 months.
We'll always let you know of any changes planned to variable Limited Edition rates, in line with our Terms and Conditions.
How can I withdraw money from my Business Instant Access Account?
You can withdraw funds by visiting your local store or making a transfer using Online Banking.
How can I close my Business Instant Access account?
You can close your account by visiting your local store, or by calling us on 0345 0808 508.
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