THERE has been so much hot air from the However, at long last, we have something of real substance from a so-called challenger bank.
Government hopes of boosting competition in the
RBS thought it had sold its up-for-auction branches, concentrated in north-west
We have had a lot of touchy-feely stuff about culture and policies on remuneration from TSB but the fact of the matter is, after its flotation, Lloyds will for a while own three-quarters of the business.
Similarly, RBS is now looking at floating off its parcel of up- for-sale branches as Williams & Glyn.
So it is good to see Tesco, with its new-found autonomy from the
The supermarket giant has some advantages. Like the big banks, it has a huge customer base, running into many millions. And, at a time when people are probably still worried about where they put their money even with the
On the downside, the Tesco brand does not appear to be quite as appealing to consumers as it was in the past, as shown by the degree to which the supermarket group has struggled in the face of the strong challenge from discounters such as
In the grim years since the financial crisis unfolded, public anger about the behaviour of the big banks has probably dissipated, even if it has only been replaced in many cases by a sense of resignation as the bonus merry-go-round continues at a stomach- churning pace.
And, while much has been done to take the hassle out of switching to another bank for a current account, we should not under-estimate the importance of inertia in this context.
There would not be many people for whom, springing or crawling out of bed in the morning, changing their current account provider would be a top-ten priority for the day.
But it remains to be seen how many people can be bothered switching.
It is easy to identify some situations in which people might look to move to another current account provider.
For example, if you were a
Its move this week is much bigger than fellow retailer
But we should be wary of thinking
And anyone moving bank as a result of a branch closure might want to sign up with another provider with a physical presence nearby, rather than dealing online or by telephone.
THERE has been so much hot air from the
However, at long last, we have something of real substance from a so-called challenger bank.