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First new bank in 100 years opens in UK

Metro Bank launched its first branch in the Holborn area of London today (July 29th).

The bank is the first new service to open in the UK for 100 years, but critics have warned that it might not be a success.

Metro aims to offer an improved level of customer service to rival other high street establishments.

However, Andrew Hagger from Moneynet.co.uk has suggested that its low interest rates will not keep it in customers' favour for long.

"With uncompetitive savings and mortgage rates, only time will tell if consumers will be prepared to sacrifice better rates available elsewhere in return for the promise of a more positive experience," he said.

The bank will offer extended opening hours seven days a week and even has the gimmick of welcoming consumers' dogs to the premises with dog biscuits.

Metro's instant access savings account offers a rate of five per cent.
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