Bank account market set for shake-up

Published on 1 January 1970 by Raffick Marday

Current accounts have come in for criticism by competition experts in recent months, but a new bank and the revival of an old name look set to shake up the market.

The Post Office has announced a major overhaul of its banking and financial services, worth nearly £2 billion.

At the same time, a new high street bank is about to open its doors for the first time in 150 years. Metro Bank is set to launch within weeks, according to the Daily Mirror.

The new bank aims to be more customer-friendly with opening times of 8am-8pm on weekdays and offering to issue credit cards, debit cards and temporary chequebooks on the spot – attempting to get to grips with the challenge to high street outlets posed by internet banking.

With Tesco and Virgin Money also offering new financial services – along with the traditional banks – now is a great time for consumers to compare bank accounts and find one to suit them.

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