The emergence of Metro Bank, which promises a new kind of banking, falls in line with one of the Future of Banking Commission’s key recommendations. The Commission endorsed the idea of new banks as a way to increase competition within the sector.
The Which?-backed Future of Banking Commission (FOBC) supported the concept of new banks appearing on high streets. The FOBC report, which was submitted to Chancellor of the Exchequer George Osborne earlier this month, states: ‘the lack of effective competition means consumers have not been sufficiently protected from the market failures that so frequently arise in banking and financial markets.’
Metro Bank rates
Metro Bank, the first high street bank to open in more than a century, opens its doors to customers seven days a week. It maintains that customer service is its top priority, promising ‘satisfaction guaranteed’ and ‘no stupid bank rules’.
The London-based bank does not pay interest on credit balances, but its overdraft rate is 15%. This compared favourably with the big high street banks, which charge 19% or more.
To see how Metro Bank products rate, visit go.which.co.uk/metro_bank.
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