The first new High Street bank to open its doors in more than 100 years, Metro Bank, was launched this week but has so far failed to make an impact on the British banking industry.

The Metro Bank opened in a whirl of publicity and has promised to revolutionise their banking services, offering superb customer service and competitive products.

Although the customer service front so far looks good, with the bank open every day other than Christmas Day, New Year’s Day, Good Friday and Easter Sunday, their home loans and savings products will not make it onto the best-buy tables, with some offering below the industry average.

The new bank has promised a speedy but personal service, saying that a customer will be able to open a new savings account in branch in 15 minutes, which will include getting debit and credit cards printed in store.

Financial commentators have failed to be impressed by the services on offer so far with an instant savings account only offering a 0.5% return, whereas a best buy rate is currently 2.8%. Their three year fixed bond will only pay out 3% which is much lower than the current market leading rate of 4.3%.

David Black of Defaqto, the financial information group, said: "It's going to be a slow burn to get moving in terms of market share. Its products aren't going to trouble the best-buy tables."

Michelle Slade, of consumer advice site Moneyfacts, added: "Although they are offering all these other benefits, such as longer opening hours, one of the main things for people is a competitive interest rate. If they haven't got at least a reasonable rate of interest people will discount them. They are going to struggle to get market share."