Goldman Sachs and Morgan Stanley conversion

Commenting on the conversion of Goldman Sachs and Morgan Stanley from investment banks into retail banks, Kevin Mountford, head of banking at moneysupermarket.com, said: "This move by Goldman Sachs and Morgan Stanley reinforces the fact that retail savings are now king.

"Regardless of possible future reductions in the bank base rate, the UK savings market is likely to remain strong with increased competition from overseas brands and more financial services institutions moving into this space for the first time.

"More choice can only be a good thing, enabling people to reduce their risk and ensure they get good returns on their savings."