The Metro Bank PLC account we set up for each pension is for the purpose of managing all cash payments related to the scheme. As independent trustee, Rowanmoor Trustees Limited is the sole signatory and responsible for all day-to-day management of the account.
The main features of the Metro Bank account are instant access, monthly bank statements and no charges for sterling transactions.
Interest on scheme bank accounts held with Metro Bank is compounded and credited monthly (gross). In the current climate the amount of interest paid to your account is 0.0%. Note that base rate fluctuations may result in interest rate variation.
The terms of our agreement with Metro Bank involve us undertaking aspects of bank account management, for which we may receive a payment.
We do not restrict the number of other bank accounts that can be opened for investment purposes.