Metro Bank today claimed that the rate at which customers are switching to its accounts has doubled since new hassle-free rules were introduced last month.
The first new bank to open on Britain’s High Streets in more than a century said it had seen a 100% uplift in new joiners over the past four weeks, compared with its previous monthly average.
Metro Bank, which is best-known for its dog-friendly branches and coin-counting machines, now has 20 branches in and around London and plans to open its next one in Kingston upon Thames on Friday. Chief executive Craig Donaldson said the bank’s customer numbers had grown by 75% to 238,000 since the start of the year, with total lending now at £565 million. Its deposits stand at just under £1.1 billion, up 24% in the past three months.
Donaldson added: “Quarter three has been record-breaking for us. Deposits and lending have grown substantially, and customers continue to join us in their thousands. We’re providing business and personal customers with a real alternative on the High Street; bringing them traditional banking focused on impeccable customer service.”
So far, 89,000 current account customers across the UK have moved to new banks since the length of time it takes to switch was cut from up to 30 working days to seven on September 16.
