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Kate Hughes: Once the novelty fades there's little to entice savers

Free dog biscuits and while-u-wait bank cards are all very well and will feel like a welcome change for many, but the truth is that Metro Bank's products don't quite cut the mustard.

The instant and young savings accounts are not nearly competitive enough to attract savers purely interested in getting the best deal, and while its mortgages have a competitive arrangement fee of just £500, they are only really an attractive option for the few who have large deposits. Anyone with more than a 60 per cent loan will find an extra 1 per cent on the APR.

Metro Bank didn't ever claim they would offer the best deal, but they are missing a trick as poor interest rates are one of the biggest gripes among consumers – and there isn't even a whiff of an introductory deal. You have to wonder about the draw of Metro Bank's offering once the novelty value fades.