Post Office to offer current accounts

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Post Office to offer current accounts

This is a duplicate of the Blog Entry made on 11th April 2013 18:50.

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...

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[Undercover Elsa]

Re: Post Office to offer current accounts

Let's hope they offer a simple, no credit check, no overdraft basic account accessible to BR's.

[IF]

Re: Post Office to offer current accounts

Let's hope they offer a simple, no credit check, no overdraft basic account accessible to BR's.

Fingers crossed they do, as there are only two at present the Co-op Cashminder account, of which you can only open before BR as they no longer accept Bankrupts . This leaves Barclays Basic account to be the only BR friendly bank!!

[5corpio]

Re: Post Office to offer current accounts

Post Office refuses to pledge no-frills bank accounts for poorest

The Post Office is refusing to reveal whether it will offer branch customers a basic bank account as it prepares to launch into the banking market.....Read latest update on AAD Blog: Post Office to offer current accounts - allaboutFORUMS

[julian]

Re: Post Office to offer current accounts

They've had this on the cards for 20 years since Girobank days i.e. Universal Banking. They already have the facilities to process cash and banking payments, but as the partner is the Bank of Ireland, the Post Office will provide a vehicle at the counter end not the bank back end. They already do this on behalf of many banks and utilities.

It will be up to the Bank of Ireland to have its say on who qualifies. However, as the accounts will process in real time, there is no reason why benefits cannot be paid directly into the bank account and cards be used to dribble out the money. In this way, you overcome the requirement to take out all your benefit at once, which is a Benefits constraint not a Post Office constraint. You would, perhaps be able to opt for a BOI card based on the receipt of benefits, and only use it for that and deposits of cash or cheque, so not a full bank account.

[5corpio]

Re: Post Office to offer current accounts

The Irish does do things in Half? or don't know which is the Front to their Back end!

[5corpio]

Re: Post Office to offer current accounts

Update:

The Post Office has now confirmed the details of three new current accounts, which are initially being trialled in 29 branches across East Anglia.....Read more HERE at AAD Blog pages

[Pixie]

Re: Post Office to offer current accounts

So a basic bank account for which they charge £5 a month!

[5corpio]

Re: Post Office to offer current accounts

So a basic bank account for which they charge £5 a month!

LINK Current Accounts from the Post Office

Standard Account n/a
Packaged Account £8
Control Account £5

LINK Current Accounts from the Post Office participating branches