Compare savings accounts, urges Britain's first new bank for 100 years

Britain has witnessed the opening of its first new high street bank for more than 100 years.

Metro Bank opened its first bank in central London yesterday with the PR-friendly gesture of offering dog biscuits to canines accompanying their owners who came in to sign up for new accounts.

The bank is aiming to tap into dissatisfaction with existing lenders following the global financial crisis by encouraging consumers to compare savings accounts and other financial products.

Metro Bank chairman Anthony Thomson told the AFP: "Everything you hate about your existing bank is what we are going to change.

"Since the banking crisis, everybody’s come to realise (that) the kind of banking we’re doing, which is taking in deposits, making a proportion of those available as loans to customers, is the way forward."

However, as the news agency observed, experts have questioned the competitiveness of the bank’s offerings, with Metro’s instant-access savings account providing a return of 0.5 per cent compared to the UK industry’s best rate of 2.8 per cent.

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