Well, I guess we'll see. Many UK banks currently promise a 7 day current account switching guarantee. Despite this, after 5 full working days, I'm still waiting for a sodding e-mail from one bank that will allow me to start the process. I have no reason to believe Mondo will be able to maintain an "open your account in minutes" promise, even if they start business that way.

When I first immigrated to the UK it took me more than 6 months to establish a bank account because I was stuck in a catch-22 lack of local identification (which is all BS as the identity requirements are up to the bank). Mondo's approach is a lot saner, and there's a lot of segments of society that are otherwise underserved that they can capitalise on.