Halifax is planning to patent the account design and software for its new internet bank, Intelligent Finance.
The bank claims its ideas are so exciting that it needs a patent to protect others from mimicking them.
It will not release the revolutionary features until its inception in July, however, industry commentators are sceptical says the Financial Times today. They say simple products often catch on better than more complicated ones.
In an attempt to draw in new customers, the bank is offering free mobile phones to the first 150,000 customers who sign up with IF.
The phones will use the latest WAP technology allowing users to check balances, pay bills and move funds within the bank. In order to qualify for the incentive, individuals must agree to open a current account and use a credit card from the bank.