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Home > News > News Archive > Next steps for Post Office banking announced

Next steps for Post Office banking announced

Published: Mon, 29 Mar 2010 17:11:42

Business Secretary Lord Mandelson today (29 March 2010) announced a major expansion of the financial services offered by the Post Office, in a drive to put banking back into the heart of communities and making the Post Office network of 11,500 branches more sustainable. He also announced £180m of new funding for the Post Office.

The measures announced by the Government mark a step change in banking at the Post Office and demonstrate the Government’s ongoing commitment to the Post Office network. They include:

·        Funding - £180m of new Government funding for the Post Office in 2011/12 to maintain the network at around its current size.  This goes beyond the £1.7bn that is already being invested between 2007 and 2011.

·        Facilities will include Business services, Mortgages and 3 types of accounts Weekly Budgeting account, Children’s Savings account and Post Office Current account.  Detailed negotiations are taking place with RBS and Santander to give access to their current accounts at Post Offices.

·        Increasing affordable credit - plans to support a national distribution network with credit unions.

·        Saving Gateway – the Post Office will launch a Saving Gateway account this year. This is a 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.

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