Frequently asked questions

The Meteor Savings and Investments Platform (or Meteor Platform) is a solution designed to simplify how individuals and financial advisers manage savings and investment products. Built by Meteor Asset Management Limited, the platform offers a secure, intuitive, and fee-free way to access a wide range of financial products, all in one place.

For an up-to-date list of banks on the Meteor Platform, go to Savings banks. To see the latest savings accounts from these banks, go to the Savings accounts marketplace.

The Meteor Platform offers Fixed Term Deposits, Easy Access, and Notice savings accounts. 

The Meteor Platform offers structured products and structured deposit investments.

Meteor Asset Management Limited is authorised and regulated by the Financial Conduct Authority, Financial Services Register Number 459325

Meteor's registered office is in The Shard, London.

Meteor Asset Management Limited and Meteor Investment Management Limited are covered by the FSCS. Therefore, you may be entitled to compensation from the FSCS if we are declared to be ‘in default’ and you have suffered a loss as a result of Meteor’s actions or negligence. In this event, the compensation limit is currently £85,000 per person. If the level of a claim against us is greater than £85,000 you would not be covered for the excess.

We currently use a range of banks to hold customer money. You may be eligible to make a claim if any of the banks we use, or may use in the future, becomes insolvent whilst holding your money, prior to the purchase of the financial contracts or pending payment to you of the amounts due when the plan ends. In this event, the compensation limit is currently £85,000 per person and this applies to all deposits held with the insolvent bank and any other member of its group. You would not be covered for any excess amount over the compensation limit. Many banking groups use several brands, which means the total investments you hold within a group will count towards one compensation limit. Details of banking and savings groups can be found on the Bank of England website at www.bankofengland.co.uk. Any queries can be directed to the FSCS at: Financial Services Compensation Scheme, P.O. Box 300, Mitcheldean GL17 1DY, Telephone: 0800 678 1100, Website: www.fscs.org.uk

A Fixed Term Deposit, also known as a term deposit or fixed rate bond, is a type of savings account where you deposit a sum of money for a set period (the "term") and receive a fixed interest rate (or expected profit rate in the case of Shariah savings) for that duration.

Notice account is a type of variable rate savings account that requires you to give advance notice before you can withdraw your money and allows you to top up freely. In exchange for this restriction, notice accounts typically offer higher interest rates than Easy Access accounts, but lower rates than Fixed Term Deposits.

An Easy Access account, also known as an instant access or no-notice account, is a variable rate type of savings account that allows you to deposit and withdraw money whenever you need to, with no penalties. These accounts offer flexibility and convenience for savers.

Yes. Top-ups, partial withdrawals, and full withdrawals can be made from these accounts. There is a minimum top-up and withdrawal amount and withdrawals cannot leave the account balance lower than the minimum threshold stated, while top-ups cannot take the account balance over the maximum threshold per bank as stated within the Product Terms & Conditions.

When a fixed term deposit reaches maturity, the proceeds will be returned to your Meteor account within two business days, awaiting further instruction.

Once you've deposited into a fixed term deposit, your interest rate will not change for the remainder of the term.

However, the rates on Notice and Easy Access accounts are variable. You'll be given a minimum of 14 days' notice if your Easy Access account rate is reducing.

If the rate on your Notice account is being reduced, you'll usually receive at least the full notice period as advance warning. If you're given less notice than this, then you'll be given the option to terminate the account with no notice period. You may be given less notice if the rate is to increase.

In most cases, no. However, in certain circumstances, this is possible. Check the Product Terms & Conditions for more details. 

You can open as many savings accounts as you want.

Yes, the minimum to open a Meteor account is £500. Different banks impose different minimums for their savings accounts.

We’ll always clearly illustrate minimum and maximum deposits for each savings account available through the Meteor Platform.

Yes, while there is no maximum deposit limit for opening a Meteor account many of our bank partners impose their own limits.

We’ll always clearly illustrate minimum and maximum deposits for each savings account available through the Meteor Platform.

The gross interest rate, or Gross Rate, shows the actual rate of interest on a savings account used in the calculation of interest payable. The Gross Rate reflects the contractual rate, meaning that it takes into account any contractual terms and conditions that could affect the rate of interest you could earn in a year.

The AER (Annual Equivalent Rate) is the effective rate (rounded to 2 decimal places) assuming that the contractual interest payable was based on annual compounding and allows a fairer comparison between products with different terms and features.

For example, where interest is compounded monthly (Notice and Easy Access accounts) or Fixed Term Deposits where the term is less than one year the AER will be slightly higher than the Gross Rate. A Fixed Term Deposit where interest is compounded annually will have an AER equal to the Gross Rate if the term is for a whole number of years, but the AER will be slightly higher than the Gross Rate if the term is not a whole number of years.

You may also see the terms 'simple gross rate' or 'gross simple'. These terms mean that there is no compounding – the interest you receive will be the same for each year of the term calculated as the Gross Rate times the amount invested. In this case when the term is for more than one year the AER will be lower than the Gross Rate, and the longer the term the greater the difference.

This depends on which savings account you have. For instance, with a Fixed Term Deposit, interest will be paid into your General account or Cash ISA on maturity, whereas with a variable account interest will typically be credited to your savings account monthly. This varies by account. For more details see the relevant Product Terms and Conditions.

Funds start earning interest as soon as your savings account has opened. For more details see the relevant Product Terms and Conditions.

Interest will be earned on uninvested funds that have not been earmarked for investment or explicitly returned to your nominated account from one business day after receipt.
The rate currently paid for uninvested funds is shown on our website. The rate is reviewed by Meteor each month and will generally be in line with standard savings products offered by high street banks and therefore be considerably lower than savings products available on the Meteor Platform. Holding funds outside of a savings or investments product is not intended to be used as an alternative to a savings product. Interest will be credited monthly to the Meteor account holding the uninvested funds.

You can transfer funds via instant bank transfer, BACS, Faster Payment, or cheque. Please log into your Meteor Platform profile to get payment instructions.

The Meteor Platform can only be funded using transfer in Pounds Sterling (GBP).

Yes, however you will only be able to apply for a savings account using cleared funds. 

No, this is not a service that we offer.