Small and New Banks: A New Directive, Not an Account Opening Tomorrow
The headline promises: "New banks on the way." Immediately the thought follows: at last, lower fees, better interest and real competition. Then an advertisement appears with a bank‑like name and a polished app. Before redirecting your salary, understand what actually changed.
On 30 June 2026, the Banking Supervision Department published a new Proper Conduct of Banking Business directive on adjustments for small and new banks. Its announcement described a step toward bringing new players into the system. That is welcome news, but it concerns supervision, not a promotion. A directive on adjustments is a supervisory rule. It is not a license for a particular bank or an account‑opening button in a new app.
What the directive actually does
A new bank still needs a license, capital and systems. Adjustments may ease reporting requirements or permit a control structure appropriate to its size. They do not waive anti‑money‑laundering requirements or safeguarding deposits.
What does it not say? That large banks will lower prices, that deposits at a new bank are insured differently or that a small business must open another account. Reading the headline as a promise of lower fees in a month gets ahead of the market.
Three checks before opening an account
When a new bank's name appears, three checks come first. One: confirm the name appears on the list of supervised institutions. Two: ensure the deposit terms explain what is covered and what is not. Three: make sure standing orders can be moved without leaving you a week without salary access.
A name resembling an existing bank is a red flag, not a branch. An app promising bank interest without a license is not the June directive. A small tip: take a screenshot of the supervised institutions list on the day you check. If the name is absent, do not deposit.
The low fee in the advertisement
Now for fees. Compare the advertised low fee with the complete schedule, including teller transactions and warning letters. A branchless bank may look cheap on screen and prove expensive exactly when you need a teller. That becomes apparent after opening, so read beforehand.
Until a new institution actually offers service, comparisons remain between banks already operating. The tool for that is the 2025 bank fees report, not the 30 June directive.
What moves and what stays behind
Moving an account, if and when you do, involves more than a click. There are balances, standing orders and postdated checks already deposited. Your mobile postdated‑check service belongs to your current bank. Checks already deposited remain at the old bank until payment. Plan the move after the final date or leave sufficient funds in the old account.
Businesses should not move tax or payroll payments to a new bank before an active, supervised account exists there. There is no point splitting salary between an unsupervised provider and the existing bank.
The date worth remembering
What should you take from the news? One date: 30 June 2026, and the directive adjusting requirements for small and new banks. Proportional supervision is the supervisor's tool; customers will see its effect only when a real service appears. Until then, your existing account, fee schedule and app are the system. Any promise of a new bank without a name on the list remains an advertisement.
