YOU can already bank with your supermarket, so why not Amazon?

The online retail giant is believed to be in talks with banks about creating its own current account service.

Amazon has been discussing the idea with JP Morgan Chase and other financial firms, according to the Wall Street Journal.

It's understood that the bank account would be designed to attract younger customers – especially, those without bank accounts.

Amazon is more likely to partner with a bank rather than become one.

Its too early to say exactly what the product would look like, including whether it would give customers the ability to directly pay bills, access ATMs or whether it would be available in the UK.

The retailer has been looking at a move into finance for years, as a way to help reduce the fees it pays to banks and payment firms.

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In the UK, supermarkets have been flogging financial products to shoppers for many years – and they sometimes appear at the top of the best buy tables for credit cards, loans and savings.

Tesco Bank first opened in 1997 as a partnership with Royal Bank of Scotland before the UK's biggest supermarket bought out RBS's share in 2008.

While Sainsbury's Bank launched just a few months earlier, it wasn't taken over by the supermarket until 2014.

In the past couple of years digital banks – such as Atom Bank and Monzo – have also started to diversify the market.

Amazon declined to comment. The Sun Online has contacted JP Morgan for a response to the reports.

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