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Post Office to offer banking services

  • Published: Wednesday, 31 March 2010

As the government published its response to the public consultation on Post Office banking, it announced £180 million in new financial support for the Post Office. The Post Office is to offer new financial services aimed at making its 11,500 branches more sustainable.

New services planned at the Post Office

Services the public voted to see at their Post Office

  • current accounts: 64%
  • access to accounts at other banks: 55%
  • business accounts: 54%
  • children’s savings account: 49%
  • weekly budgeting accounts: 42%
  • credit union distribution service: 37%

The new services are largely in line with what people who took part in the consultation said they’d like the Post Office to offer. These include:

  • savings: from July 2010, the Post Office will launch its ‘Saving Gateway’ account for people on lower incomes, under which the government will add 50p for every £1 saved
  • mortgages: the Post Office will offer a new mortgage aimed at first-time buyers, with loans of up to 90 per cent of a property's value
  • affordable credit: there are plans for the Post Office to act as distribution partner for credit unions, through a proposed levy on retail banks
  • access to other bank accounts: discussions are taking place with Santander and Royal Bank of Scotland
  • expansion of account types: the Post Office will offer current and business accounts, children’s savings accounts and ‘weekly budgeting’ accounts

Weekly budgeting accounts will be offered to people on low incomes to help them manage their money and get direct debit discounts on their utility bills.

You can read the Post Office banking consultation and the government's response to it by following the link below.

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