Marks & Spencer is to open a chain of banks, backed by HSBC. The first branch is scheduled to open next month inside its Marble Arch flagship store.
Just three years after the banking crisis sparked off one of the worst global recessions ever, the vast majority of savers still do not believe financial institutions are transparent about what they do with their money.
Research from Triodos Bank – a credit provider that only lends to green and ethical organisations – showed just three per cent of customers believe banks are transparent about what happens to their funds once they are deposited.
Just over half of the respondents said they would change banks if they knew their money was being lent to controversial industries.
Over a third said they have issues with funding intensive animal farming, while 85 per cent believed more information should be freely available about what happens to money saved.
Charles Middleton, managing director at Triodos Bank said the figures made it clear that savers are "genuinely concerned" about where their deposits go.
"The banking sector as a whole must acknowledge customers' interest in the use of money and properly consider the role that its power and influence can play in acting for positive change.
"UK consumers want and deserve a full understanding of where their money is being invested and lent, so they can make informed decisions about where to deposit their savings," he added.