Tesco is set to take on the UK's banking giants as it launches its first current account with a swipe at the “ridiculously poor value” offered by rivals.

Free banking in the UK could disappear within two years if banks are forced to lower charges on unauthorised credit, market analysts today warned.

CONSUMERS in Britain are losing out on interest payments because banks there generally make them wait at least three working days for a cheque to clear, according to new research published yesterday.