Client Premium Deposit Account
Look after your client deposits
Earn interest on the money you’re holding for your clients with our Client Premium Deposit Account
Earn interest
Get 0.85% AER (variable) interest on money you’re holding for clients
In response to the Bank of England Base Rate decrease on 7 November 2024. This rate will change to 0.75% AER* on 5 December 2024
Easy access
Withdraw money at any time
Simple transactions
Send and receive electronic payments, including CHAPS, Bacs, SWIFT and standing orders
Interest Rates, Fees and Charges
Interest Rates, Fees and Charges
| Interest rate | Minimum balance | Interest payment frequency |
|---|---|---|
|
0.85% AER* (variable) |
None | Monthly, quarterly, half-yearly or annually |
In response to the Bank of England Base rate change on 7 November 2024, this rate will change to 0.75% gross interest / 0.75% 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.
Fees and charges
There’s no set-up fee or monthly maintenance fee for this account.
We will charge for some transactions and services such as international payments, CHAPS payments and an Auditor's Certificate of Balance. You can find all the details of our transaction and service charges in the downloadable PDF below.
Opening a Client Premium Deposit Account
Opening a Client Premium 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
Show suitable ID for other nationalities Hide suitable ID for other nationalities
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
This account is for Metro Bank Business Bank Account or Commercial Current Account customers who need to hold clients’ money in a bank account.
It’s typically used by solicitors and accountants, but certain other regulated businesses may also be able to benefit too.
If you have client funds that you need to deposit for at least 6 months, you may want to consider our Flexible Client Term Deposit Account to earn a higher interest rate.
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 Client Premium Deposit Account online or on your mobile.
Deposit terms
- You have unlimited access to your client's money.
- You can withdraw funds in any Metro Bank store or by transferring funds instantly to another Metro Bank account.
- You can also set up a beneficiary account to transfer funds outside of Metro Bank.
- You can withdraw up to any amount from your Client Premium Deposit account. For cash withdrawals over £1,000 you must give us one banking weekday’s notice.
Your account and tax
Since 06 April 2016, interest on deposits 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 Client Premium Deposit Account
Download our PDF to read when you like - it contains all the ins and outs of our Client Monies Deposit Account.
Client Premium Deposit Account Details (PDF) (340KB)
Client Depost Interest Rate Summary (PDF) (75KB)
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.
How do I make international payments?
You can make international payments from your local store. Find your nearest store
You can also call our Business Customer Service Team on 0345 08 08 508, or +44 203 402 8312 if you’re outside the UK, and a member of the team will help you make the payment.
You’ll need to know and provide the recipient’s IBAN number (International Bank Account Number), Swift/BIC Code (Bank Identifier Code) and the payee’s bank and personal details in order to make the payment.
What is the difference between CHAPS, SWIFT and Bacs payments?
With Bacs payments you can move money from one bank account to another. They’re mainly used for direct debits payments. Payments can take 3 working days to clear. There is no charge to make or receive Bacs payments.
You can use SWIFT payments to transfer money between different countries. There is a £25 charge to use this service.
You can use CHAPS to make payments in the UK, in sterling, on the same day. There is a £25 charge to use this service.
How long does it take for a cheque to clear?
Usually, the cheque will clear on the fourth working day after you pay it in. If you pay a cheque in on Monday, you can use the money on Friday. Pay it in on Tuesday and you can use the money the following Monday – and so on.
If the bank the cheque is from is using extra security measures, it will take a little longer. International cheques can take 6-8 weeks to clear.
Can I use internet banking with my Client Premium Deposit Account?
Yes, you can go on line and check your balance, make payments, move money between your accounts, and more, 24/7.
Find out more about internet banking.
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.
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