Post Office to roll out bank accounts

Britain's Post Office will launch its own bank accounts as part of a plan to become a major financial service provider.

Britain's Post Office will launch its own bank accounts as part of a plan to become a major financial service provider.

A new current account will be made available in a small number of shops during spring before a full roll out across more than 11,500 branches next year.

"We've carried out extensive research into the current account market and the findings tell us that customers want simplicity, transparency and good value for money," said Nick Kennett, Director of Financial services at the Post Office.

The Post Office said customers living in rural communities will have easier access to their money, as 99.7% of people live within three miles of one of its branches.

The move will see the Post Office compete with traditional High Street banks at a time of growth in new market entrants following the fallout from the financial crisis.

Ministers will introduce new rules this September to make it easier for customers to switch from one account to another in an effort to encourage competition.

The Post Office is set to become the largest current account provider in the UK by branch size.

RD

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Prepare for the end of the epic bubble in US stocks
US stockmarkets

Prepare for the end of the epic bubble in US stocks

US stocks are as expensive as they’ve ever been. How can you prepare your portfolio for a bubble bursting?
18 Jan 2021
Why we won’t see a house-price crash in 2021
House prices

Why we won’t see a house-price crash in 2021

Lockdown sent house prices berserk as cooped up home-workers fled for bigger properties in the country. And while they won’t rise quite as much this y…
18 Jan 2021
Bitcoin: fool’s gold or the new gold?
Bitcoin

Bitcoin: fool’s gold or the new gold?

With bitcoin hitting new highs last week, and close to becoming a mainstream investment, is it really gold for the 21st century?
15 Jan 2021