Cascade Commentary

New bank launches expected in 2021

December 2020

New market entrants typically offer competitive savings rates to attract customers at a time when they are building awareness and brand recognition. Oxbury Bank, Castle Trust and Chase are all expected to open their doors in 2021 to savers providing an attractive opportunity for savers to improve their returns. These providers also offer those wishing to diversify greater opportunity for increasing their overall depositor protection under the Financial Services Compensation Scheme by placing £85,000 per entity per banking licence into each of these new providers.

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