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Current Accounts to be backed by the exchange listed Bank of Ireland
The Post Office has launched three new current accounts it argues offers “customers choice, good value, fair and transparent products with no hidden charges and access to the largest branch network in the UK”.
The introduction of the Post Office current account, in partnership with Bank of Ireland UK, will offer “greater choice for customers as well as a more inclusive approach to banking”. The three accounts on offer will be Standard, Packaged and Control, each designed to appeal to different customer needs. The initial pilot will launch in 29 branches in East Anglia providing valuable insight into how the Post Office could adapt its offering before a full launch across the network planned for 2014.
Nick Kennett, Director of Financial Services, at Post Office said said that they “wanted to bring a new current account to the market because the Post Office is a different type of financial services provider with a diverse customer base. By offering a range of accounts, Standard, Packaged and Control, the Post Office will meet the needs of the majority of customers, by offering greater choice when looking for a current account.”
Speaking about the accounts Nick Fahy, Distribution & Marketing Director, Bank of Ireland UK commented that “Over the number of years that Bank of Ireland UK and the Post Office have worked together as partners, we have established a reputation for delivering award-winning financial products and services which customers want and value.
The launch of Post Office current accounts comes ahead of the new seven day switching regulation to be introduced in September, which will make it easier for customers to move from one bank to another.
The Liberal Democrat Postal Affairs Minister Jo Swinson said that “Customers have real trust and confidence in the Post Office and with more branches than the high street banks combined, I welcome the increasing role it is playing in meeting the financial needs of its customers. That is why I am delighted to be applying to open a Post Office current account.
“With the launch of today’s trial, the Post Office can offer customers a one-stop service for all their financial needs from current accounts to mortgages, credit cards and ISAs to travel money.
“This is just one way in which the Post Office is modernising to make sure it has a successful and sustainable long-term future. The Government is committed to supporting the Post Office which is why we’ve committed £1.34 billion to both maintain and modernise the network, keeping post offices at the heart of local communities” said Ms Swinson.
The three current accounts will complement the well-established award winning services offered by the Post Office and will give customers a one-stop option to service all their financial needs from current accounts to mortgages and travel money. It will alsogenerate increased income to sub-postmasters, supporting the financial future of 11,500 branches across the UK.
