What is the interest rate?
The interest rate is 0.05%
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 £1,001 based
on the interest rate of 0.05%.
How do I open and manage my account?
Your account is fully managed via Cushon. You create your account with us and we will
arrange for your money to be deposited with Metro Bank.
The minimum you can save is a £100 lump sum or a monthly amount of £50 by direct debit, or £10 via payroll. The maximum you can save is £20,000 which is the total ISA allowance for the tax year 2020/21.
You can set up as many separate ISA pots as you like within Cushon and they all
sit in one main ISA account behind the scenes. You can use this to ring-fence
different pots for different savings goals, or to spread your money across different
banks, or to invest with different risk profiles.
Cushon will always set up your account as a Stocks and Shares ISA, even if you
are only holding cash deposits within it. This provides you with additional
flexibility to hold other types of assets without needing to set up a separate
To open this account you must:
- Be aged 18 or over
- Be a UK resident (or otherwise eligible for an ISA)
- Have a National Insurance Number
The maximum you can hold across all deposits with Metro Bank via
Cushon is £500,000.
Can I withdraw money?
This is an easy access deposit account, so you can withdraw your money
whenever you like and it will be with you the following working day.
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.