The Post Office is extending its current accounts offering to 81 branches in the East Midlands and East of England. The move follows the introduction of the Control, Standard and Packaged accounts in 29 branches in East Anglia in May 2013. The introduction of the new region will bring the total branches to 110.
Since launch, the Post Office current accounts in partnership with Bank of Ireland UK, the financial services partner to the Post Office have become a popular addition to the well-established award winning financial services products on offer, appealing to customers looking for choice, good value, fair and transparent products.
A recent report* into current account switching indicated that 41% of customers planning to or thinking of moving from their current bank would consider switching to the Post Office as it offered value for money products and is a trusted brand on the high street. The introduction of the Seven Day Switching Service has also provided a fresh opportunity for customers looking to move from their current provider.
The move into the current account market has further developed the Post Office’s position of becoming a recognised and trusted alternative to the major banks offering customers everything from mortgages to credit cards making it a one-stop option for all their financial services needs.
John Willcock, Head of Current Accounts at the Post Office, said: "We are absolutely delighted to be extending the reach of our current accounts offering into East Midlands and East of England. This exciting move is in line with our planned next steps into making our accounts accessible to thousands of customers who are looking for a credible alternative to their existing bank.
"The feedback from our customers in East Anglia has been really positive and the take up of all three accounts is in line with our expectations. Based on this, we are expecting customers in our new region to enjoy the benefits of banking with the Post Office."
The Post Office current accounts are:
Standard Account
The Standard Account comes with a debit card and is the Post Office’s ‘free in credit’ everyday banking offering.
It will appeal to those who want all the convenience of an everyday current account with a straightforward, easy-to-understand approach to banking fees and no hidden charges or unexpected surprises.
It offers unrivalled access to banking services and transactions, all from an organisation customers know they can trust to treat them well.
Accounts can be set-up with an opening deposit of £100.
Standard Account customers can request a chequebook and can apply for an overdraft facility either when opening the account or anytime afterwards. Overdraft interest rate is currently 14.9% EAR. There are no unarranged borrowing charges.
Packaged Account
The Packaged Account is an ‘added value’ offering and provides a compelling range of additional benefits for a competitive monthly fee of just £8.
It is designed for the growing group of customers who enjoy benefits such as European Multi-Trip Family Travel Insurance and Vehicle Breakdown Cover.
It will also provide Identity Theft Protection services and the convenience and guaranteed savings of a discounted Post Office Travel Booking Service that offers up to 7.5% discount on a variety of holidays and travel needs.
Packaged Account customers can request a chequebook and can apply for an overdraft facility either when opening the account or anytime afterwards. Overdraft interest rate is currently 14.9% EAR. There are no unarranged borrowing charges.
Control Account
The Control Account helps customers to keep in control of their finances and is a fully functional, ‘inclusive’ bank account for those who are new to banking, potentially on lower incomes or who have had difficulty with default bank charges in the past.
For a fixed monthly fee of £5, no further charges will be made for payments that are returned unpaid such as direct debits and standing orders.
It offers customers the certainty of knowing how much their banking will cost them without any unexpected surprises.
The Control Account aims to deliver banking services in a way that removes the risk of missed payment charges and saves less affluent customers money overall.
To open the Control Account customers will need a minimum opening deposit of £20.
The Control Account offers a full banking service proposition to customers – branch banking, nationwide ATM access, online banking (including funds transfers and bill payments), telephone banking, Direct Debits and standing orders.
Saving you money
Our Control Account could save you money. Customers who have incurred a bank charge are highly likely to then incur more, averaging at £205 per year. In 2011 over 6.6 million people incurred bank charges of more than £100. That’s why we believe that just £5 per month could be a much better deal for you. Plus you could benefit from savings on your utility bills by paying by Direct Debit.
Customers in East Midlands and East of England wishing to open an account will be able to pop into their local branch to talk through their options with specially trained staff, who will be on hand to discuss the types of accounts on offer and which one will suit their individual needs best. They will also be able to assist with the completion of the application form as well as transferring direct debits.
Customers who are unable to visit a participating branch in East Midlands or East of England can register their interest in a Post Office current account by going online at postoffice.co.uk
The Post Office is currently undertaking the largest investment and support programme in its history and will see approximately 8000 Post Offices converting to new style branches. This significant transformation will provide more and more essential services to our customers across mails, government and financial services. The introduction of the current account is a further statement of this ambition.