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Post Office to offer current accounts
The Post Office is to offer current accounts in the UK, following a regulator's claim that the market offers little choice for consumers. The new account, provided by Bank of Ireland, will be available in some areas in the coming weeks before a wider launch next year. Few details have been released about the characteristics of the current account at this stage. In January, a regulator said the market was dominated by a few providers. The Office of Fair Trading (OFT) said that Lloyds, RBS, Barclays and HSBC held 75% of the market. This led to a "lack of dynamism" from the banks, it said, together with a lack of choice for customers, meaning they were unlikely to switch to a different bank. The Post Office, which has 11,500 branches, already offers a range of financial products in a link with Bank of Ireland.....Read more hereYou must be logged in to post a comment.
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Money MoT: The Post Office is launching three new current accounts today - standard, packaged and control. Should you switch?
The Post Office has now confirmed the details of three new current accounts, which are initially being trialled in 29 branches across East Anglia. The standard, packaged and control accounts will be extended across the 11,500-strong branch network next year as the Post Office tries to become the latest challenger to the established high street banks. The Standard Account is an everyday current account offering with a competitive overdraft rate of 14.9pc EAR (equivalent annual rate).
The Packaged Account charges customers £8 per month in exchange for a range of benefits. These include multi-trip family travel insurance (limited to Europe) and vehicle breakdown cover. The breakdown cover is provided by Green Flag, and includes cover if you need assistance at home as well as on the road. Customers will also get a 7.5pc discount on holidays and travel with the Post Office Travel Booking Service.....Read more here