However, none of its mortgage or savings products are priced competitively enough to make it on to the best-buy tables.

Metro Bank products include a two-year variable rate mortgage for someone with a 40% deposit of 3.5%, while a two-year fixed rate deal for the same borrower is 4%, compared with best-buy rates of 2.29% and 2.99% respectively. It also raises its mortgage rates by 1% for people looking to borrow up to 80% of their home’s value.

The group’s savings offering is equally uncompetitive, with an instant-access savings account offering a return of just 0.5%, compared with a best-buy rate of 2.8%, as well as a three-year fixed rate bond paying only 3%, significantly below the market leading rate of 4.3%.

David Black, of financial information group Defaqto, 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.”

Metro Bank promises customers it will take just 15 minutes to open an account in one of its branches, including obtaining a credit or debit card, which will be printed in store.

The group did win praise for its longer opening hours, with branches open from 8am to 8pm Monday to Friday, 8am to 6pm on Saturday, and 11am to 4pm on Sunday.

The bank will be closed on only four days of the year; Christmas Day, New Year’s Day, Good Friday and Easter Sunday.

The branches will have toilets in them and, in what is thought to be a nod to its dog-owning financial backer Mr Hill, will allow dogs and provide them with a bowl of water and a bone.

Andrew Hagger, spokesperson for Moneynet.co.uk, said:

“While a new player in the banking arena has been eagerly awaited, the big question is – does Metro bank have a suite of products that will attract a high volume of new business?

“The longer opening hours, dog biscuits and bright shiny premises are certainly big differentiators for Metro Bank, and will initially seem like a breath of fresh air when compared to the established competition.

“There’s no doubting that customer service will play a big part in the drive to win new business, but with uncompetitive savings and mortgage rates, only time will tell if consumers will be prepared to sacrifice better rates available elsewhere in return for the promise of a more positive experience.”