Expansion of post office banking
29 Mar 2010
A major expansion of the financial services offered by the Post Office is part of a drive to put banking back into the heart of communities and make the Post Office network more sustainable.
Business Secretary Lord Mandelson announced the expansion as he published the Government’s response to the Post Office consultation. He also announced £180m of new funding for the Post Office network for 2011/12 (subject to state aid approval).
The response outlines a package of new measures to be offered by the Post Office’s 11,500 branches. They include:
- Making affordable credit more readily available by working closely with credit unions
- Increasing financial inclusion, by providing local access to more High Street bank accounts
- Giving children their own account to allow them to save at their local Post Office
- Providing a way for people to manage their household bills, with a new account that will allow those on low incomes to take better advantage of direct debit rates for energy and water bills
Lord Mandelson said:
"Since the global banking crisis we have set about reinventing the financial services industry piece-by-piece, building a system that is fairer, trusted and more responsible."
Business Minster Pat McFadden said:
"The Post Office can provide a range of good value, simple financial products for everyone. These are the clear messages that people have given us and we are acting on them – a major step towards making the Post Office a sustainable neighbourhood banking service."
Business Minister Pat McFadden and Energy and Climate Change Secretary Ed Milliband visited the Trafalgar Post Office to launch the new measures.
See the photos at http://www.flickr.com/bisgovuk
Useful links
These Post Office measures build on the announcements made in the budget to improve supply of credit for low income households.
Read the BIS press notice
Read the Government’s full response to the Post Office consultation
Find your nearest Post Office
