RateSetter operates as Metro Bank PLC, a regulated UK firm whose Firm Reference Number could not be confirmed from the records reviewed. This review covers its savings activity, its position under the Financial Services Compensation Scheme, eligibility, and the customers it tends to suit, using verified information only.
What RateSetter is
RateSetter trades as part of Metro Bank PLC (RateSetter is a former brand of Metro Bank PLC; previously Retail Money Market Ltd) and sits in the savings accounts space within the UK market. The brand is best understood through its legal structure rather than its marketing: the entity that holds the regulatory permissions is what determines how customer money is treated and protected.
Specific product names are not itemised in the verified records for this brand, so this page avoids listing rates or accounts that cannot be confirmed. The regulatory and protection facts below are what can be stated with confidence.
How it works
Savings products like these are funded by the customer depositing money, with returns paid as interest or, for Sharia-compliant providers, as an expected profit rate. Access depends on the account type: instant or easy access allows withdrawals on demand, while fixed-term and notice accounts trade flexibility for a higher headline rate.
What deserves a second look
The regulatory record for RateSetter could not be fully confirmed from the sources reviewed, which is why no Firm Reference Number is stated above. This is not an allegation of any problem; it simply means the authorisation detail should be verified directly on the FCA register before relying on it.
Who RateSetter fits
On the verified positioning, RateSetter is aimed at savers (metro). That focus is useful context: a brand built around a specific audience often shapes its terms, service and eligibility around that group rather than the whole market.
As with any savings decision, suitability depends on individual circumstances: the amount involved, the time horizon and how the product sits alongside existing arrangements. The facts above are intended to support that judgement rather than replace it.
Regulation and protection
The authorisation detail for RateSetter should be confirmed directly on the FCA register, as a clean Firm Reference Number could not be verified from the sources reviewed. Checking the register is a quick step that protects against clones and impersonation.
FSCS deposit protection applies to eligible cash held with authorised deposit-takers; it does not extend to borrowing. The current position should be confirmed on the FSCS website for the specific product in question.
Guides for RateSetter |
Compare RateSetter against the market
Important information This article is for general information only and is not financial advice. Kaeltripton is not authorised by the Financial Conduct Authority and does not provide regulated advice or recommendations. Rates, products and eligibility change; always confirm details with the provider and the relevant regulator before acting. Kaeltripton is registered with the Information Commissioner's Office (ICO registration ZC135439). |
Frequently asked questions
Is RateSetter FCA regulated?
A clean Firm Reference Number could not be confirmed from the sources reviewed, so check the FCA register directly for the current authorisation status of Metro Bank PLC (RateSetter is a former brand of Metro Bank PLC; previously Retail Money Market Ltd) before relying on it.
Is my money with RateSetter FSCS protected?
FSCS protection for RateSetter could not be confirmed from the records reviewed. Check the FSCS website and the provider's terms for the specific account before depositing.
Who is RateSetter best for?
It is positioned for savers (metro). Whether it suits you depends on your own amount, time horizon and existing arrangements.
How can I check RateSetter is genuine?
Search the firm on the FCA register at register.fca.org.uk and compare the contact details there with the official website. Never use links or numbers from unsolicited messages.
Does RateSetter have a mobile app?
App availability is set by the provider and may change; the official website lists the current channels. This page focuses on the facts that can be verified independently.
Sources
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