Luxury department store Harrods is considering expanding its banking operations into retail banking, according to reports.

Harrods Bank, established in 1893, currently concentrates on private, high net worth banking clients, but now looks likely to launch a standard savings account from 2015, according to the Financial Times.

The bank currently resides on the second floor of the store and is an independently managed private bank, authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.