Monmouthshire building society does not boast glitzy offices in London and Las Vegas, it was not founded by a thrusting young entrepreneur and it hasn’t got a trendy debit card to show off about.
Yet the 150-year-old mutual, based in Newport, south Wales, is to launch a digital current account to challenge the likes of Monzo and Revolut. It has previously offered only mortgages, savings and insurance.
Like these start-up banks, it is embracing “open banking” technology. This will let the young customers it hopes to attract keep digital wallets on an app — separate pots for everyday spending, holiday money or bills — with a tool to set spending limits and receive notifications if they go over budget.
Parental controls are an option, so