3 New Savings Banks…and a Game changer?

The UK is in the middle of a flurry of new banks getting ready to launch. In this short article we look at 3 new savings banks that have already launched and what they have to offer for UK savers. We also profile 1 new bank that may help to really change the banking game!

Paragon Bank

Launched in 2014, Paragon Bank is part of the Paragon Group of companies, which is one of the UK’s largest providers of mortgages and personal loans based in Solihull.

And as these Paragon Bank reviews show, despite a lack of branches, their customers are pretty happy with the day-to-day service and rates on offer.

Charter Savings Bank

Based in Wolverhampton, Charter Savings Bank offers a range of traditional savings products, from fixed term deposits to cash ISAs, all covered by the UK’s Financial Services Compensation Scheme.

A word of caution though. With new banks comes a question mark over how good the customer service really is. As these Charter Savings Bank reviews show, not all customers are universally happy with them at the moment!

RCI Bank

The newest of the 3 savings banks profiled, RCI Bank is hardly a household name, although it is in fact part of Renault’s global banking group. All deposits are protected up to €100,000 by the French deposit protection scheme and not by the UK Financial Services Compensation Scheme.

Atom Bank

Due to be launching in 2016, and based in Durham (North East England), this bank is highly anticipated. With a motto of never being more than one atom away, this bank will really shake things up when it comes to customer service. Being mobile-focused, with biometric facial recognition, will help to bring banking into the 21st century.

In summary, there’s lot’s of exciting developments happening in the banking world at the minute.

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I am discussing all kinds of business and finance topics on this blog and I hope that the information I provide will prove to be useful.