Britain’s first new high-street bank in over a century is set to open its doors this Thursday.
Shoppers and workers in the Holborn area of London can’t have missed the huge banners reading ‘Love your bank at last’ festooned across the front of Metro Bank’s new premises in the capital.
Open seven days a week and offering lollipops for your kids, biscuits for your dog and toilets for everyone, the new bank is seeking to revolutionise the retail banking industry with excellent service, simplified products and extended opening hours.
The bank has yet to release details of its product range, but Which? will be testing them all as soon as they’re launched.
Who is behind the Metro Bank venture?
The new Metro Bank brand has been set up by Anthony Thomson, former chief executive of the Financial Services Forum, together with US banking veteran Vernon Hill.
The new bank is fully authorised by the Financial Services Authority (FSA) and deposits will be covered by .
The Which? Banking Manifesto
Which? wants to see 10 key changes in the way banks work. As well as analysing Metro Bank’s products, we’ll be assessing them against our 10 demands:
- Sales incentives for customer-facing bank staff should be banned
- All banks’ charges must be fair
- Remove all barriers to switching
- Customers should be allowed to opt into unauthorised overdrafts
- Existing customers should be offered the same deals as new customers
- Banks must give clear guidance on whether products are covered by the Financial Services Compensation Scheme (FSCS)
- Banks should offer 100% guaranteed accounts
- Banks should offer branch withdrawals and cheques until alternatives are in place
- Banks should resolve all complaints in a fair and timely manner
- Management need to have longer-term incentives built into remuneration packages
For more details, read the Which? personal finance campaigns page. To find the best current account for you, and discover which banks are best for customer service, read Which? bank account reviews.
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