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The Department for Business, Innovation and Skills (BIS) announced plans to increase the provision of financial services through the Post Office's 11,500 branches to tackle financial exclusion and 'bring banking services back to the heart of peop
The Prime Minister announced last September that he wanted a much bigger role for Post Office in providing financial services, to increase the accessibility of reliable financial products for consumers and small businesses.
With over 11,500 branches nationwide, the Post Office is the largest retail and financial services chain in the UK. The Post Office network is larger than all of the banks in the UK combined, and is the country’s number one foreign currency provider. The plans have been announced as part of the Government response published to their consultation on Post Office banking. The measures set out for individuals include:
For further information about the Post Office banking consultation visit the BIS website
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The Prime Minister announced last September that he wanted a much bigger role for Post Office in providing financial services, to increase the accessibility of reliable financial products for consumers and small businesses.
With over 11,500 branches nationwide, the Post Office is the largest retail and financial services chain in the UK. The Post Office network is larger than all of the banks in the UK combined, and is the country’s number one foreign currency provider. The plans have been announced as part of the Government response published to their consultation on Post Office banking. The measures set out for individuals include:
- Weekly budgeting account Aimed at helping people on low incomes manage their household budgets, save money by taking advantage of the discounts for using direct debit to pay their utility bills;
- Children’s savings account Due to be launched in the next twelve months, which will complement the Post Office's existing Child Trust Fund offer;
- Post Office Current Account The Post Office will launch its own current account that will be accessible from any Post Office in the country;
- Access to accounts from other banks Detailed negotiations are taking place with RBS and Santander to give access to their current accounts - this would mean that around 86% of current accounts would be accessible at Post Offices;
- Mortgages The Post Office will offer a new mortgage product with a 90% loan-to-value ratio aimed at first-time buyer;
- Increasing affordable credit Plans to support a national distribution network with credit unions, ensuring that credit union savings, loans and current accounts can be accessed anywhere in the country; and
- Saving Gateway Due to be launched this year, this new account for people of working age who are on lower incomes which aims to kick-start the savings habit, with Government adding 50p for every £1 saved.
For further information about the Post Office banking consultation visit the BIS website
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