The first high street bank to launch in the UK for more than 100 years opened its doors to customers yesterday but its products received a lukewarm response from industry commentators.

Metro Bank promised to revolutionise the British banking experience through offering retail opening hours, unparalleled service and a simple range of products that will be suitable for everyone. But none of the products launched today were competitive enough to make it on to the best-buy tables, while many paid below the industry average.

However, the group did win praise for its longer opening hours, which will see its branches open from 8 a.m. to 8 p.m. Monday to Friday, as well as from 8 a.m. to 6 p.m. on Saturday and from 11 a.m. to 4 p.m. on Sunday.

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

It also promises customers that 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, which opened its first branch in Holborn, was co-founded by US billionaire Vernon Hill and Anthony Thomson, who is chairman of the Financial Services Forum, and it is based on the model used for Commerce Bank in the US, which was founded by Mr Hill in 1973.

It plans to open a second branch in Earls Court next month, with 10 further branches opening in Greater London during the coming two years, expanding its network to more than 200 outlets within the M25 during the next decade.

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.