UK’s financial regulator has granted a new banking licence to Charter Savings Bank, an online savings bank.
The watchdog last year relaxed rules for launch of new banks, reducing time to apply for a licence and cutting down amount of capital new banks must hold.
The startup lender has been set up by Charter Court Financial Services, and will not have any branches.
The bank, scheduled to launch early this year, will offer instant access and longer term savings accounts and savings bonds.
It will be chaired by non-executive director at Leeds Building Society and ex-chief operating officer at HBOS Philip Jenks and run by CCFS chief executive Ian Lonergan.