Key facts
What is the interest rate?
The interest rate is 4.00%
Gross / AER (Variable). Interest is calculated daily and paid monthly. If you withdraw
mid-month you will lose any interest that has not already been paid.
Can Metro Bank change the interest rate?
Metro Bank has the right to change the interest rate at their
sole discretion. Cushon does not have the right to change the interest
rate.
If the interest rate is increased then this will normally happen immediately and you
will be notified within 30 days. If the interest rate is to be reduced then you will be
notified by email at least 30 days beforehand.
The current rate of interest is always visible within your Cushon account.
What would the estimated balance be after 12 months based on a £1,000 deposit?
The estimated balance would be £1,040 based
on the interest rate of 4.00%.
FSCS Protection
Your money is protected by the Financial Services Compensation scheme (FSCS) up to total
deposits with Metro Bank of £85,000. This limit applies based on
the total deposits you have with Metro Bank and any other banks
which share the same banking license.
Additional information
The tax treatment of your deposits will depend on your personal circumstances.
Interest will be paid gross without tax deducted. You are responsible for paying any
taxes due and for reporting any information related to the deposits in accordance
with legal and tax requirements.