We recently caught up with Richard Dunn, Partnership Director at Metro Bank; the latest and very welcome addition to our best buy table for SIPP (Self-Invested Personal Pensions) and SSAS (Small-Self Administered Schemes) deposit accounts.
Richard, Metro Bank is relatively new to the UK, perhaps you could start by explaining a little more about the bank and its history.
Richard Dunn (right):
Metro Bank is the newest high street bank in more than 100 years. We’re focused on providing our personal and business customers with the best in service and convenience. At Metro Bank, local bankers serve local customers, and we offer a bespoke business banking service including a full range of lending and cash management solutions for businesses of all sizes. We’re rapidly growing and expanding, and now have more than 200,000 business and personal customer accounts and 19 stores across London and the South East.
Part of our commitment to offer convenient customer focused banking means that we provide the channels for our customers to bank – how and when they want to: our stores are open extended hours 7 days a week, 362 days a year, and our customers can call our London based call centre or use internet banking 24 hours a day.
And in the SIPP and SSAS deposit account market you are doing things differently too?
That’s right. We want to bring the same high levels of service to the pension deposit account sector, as we are to our personal and business banking customers.
We’re committed to the pensions sector and have assembled a hugely experienced team to help realise our growth ambitions.
Put simply we want to amaze our customers by offering the best in service and convenience, whether they are personal customers, business customers, pension investors, SIPP and SSAS providers or Independent Financial Advisers.
And you’ll accept money from both SIPPs and SSASs?
We’ve tried to make things as simple as possible and whether the money is coming from a SIPP or a SSAS, you’ll just need one form.
So, being a relatively new player in the pension deposit account market, what do you believe are the main reasons people are doing business with you?
Well, we are a fresh innovative new bank committed to amazing customer service.
When it comes to pension deposits we of course have our dedicated team dealing with SIPP and SSAS deposit accounts and we’ve invested heavily into technology to help us deliver great service.
We also offer attractive rates for investors, providers and advisers.
Our range of accounts for pensions currently includes an instant access account, plus a three, six and 12 month fixed rate. For those people looking to tie their money up for longer and get an improved return, we also offer an 18 month and three year fixed rate
Anyone wanting to find your most up to date interest rates can do so by clicking here . What would you say to any investor, SIPP provider who IFA who is nervous about using such a new bank?
We recently released our half year results for 2013 and they showed significant strength and growth across our key indicators. We now have more than 200,000 customer accounts, which is an increase in more than 50% since the since the beginning of 2013. From a standing start, deposits have grown to £870 million to 30 June, growth of more than 50% in the first half of 2013. In addition, lending is a primary focus with total loans including commercial loans having grown to £366 million to 30 June, more than doubling since the start of the 2013. As you can imagine, building a major new business from scratch requires substantial investment in people, culture, facilities and premises, and Metro Bank has raised over £250m in capital.
That all sounds very reassuring, so where do you want to get to over the next few years?
As I said we are hugely committed to the pension deposit account market.
We’d love to show investors, SIPP and SSAS providers as well as IFAs how we’re different and we’re confident you’ll like the differences.
Anyone interested in learning more about the deposit accounts for pensions offered by Metro Bank can contact Richard on 0203 402 8435 or by emailing firstname.lastname@example.org
Whilst, Andy Pace can be contacted on 0203 402 8095 or by emailing email@example.com