Possible launch of Metro Bank in Greater London

Commenting on the possible launch of Metro Bank in Greater London, Kevin Mountford, head of current accounts at moneysupermarket.com, said: "This would be a very interesting move. Some people will say it is foolish time to enter the banking market given the expectation of recession and the lack of consumer confidence. However, the timing may well turn out to be ideal. Metro Bank will be hoping we are about to come out of the current slump, making it well placed to take advantage of a general uplift whilst offering an alternative proposition with extended branch opening hours seven days a week.

"Metro Bank might not be the only new entrant to the UK market in the near future. The industry is also bracing itself for an influx of non-UK banks, all aiming to acquire retail inflow. The likelihood is they will all default to the price game in order to compete and get the edge in a crowded market. This would be great news for savers as they could expect to see even more great rates and excellent current account offers coming into play as more new entrants vie for their custom."