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

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