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Post Office unveils current accounts

Post Office unveils current accounts

Category: Banking

Updated: 13/05/2013
First Published: 13/05/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The Post Office has launched three brand new current accounts today, broadening its range of personal finance products.

Available initially within 29 East Anglian branches, the accounts are expected to be launched across the Post Office network by 2014.

Director of financial services at the Post Office, Nick Kennett, said: "We wanted to bring a new current account to the market because the Post Office is a different type of financial services provider with a diverse customer base.

"By offering a range of accounts, Standard, Packaged and Control, the Post Office will meet the needs of the majority of customers, by offering greater choice when looking for a current account," he explained.

The three accounts offer features designed to appeal to customers with various financial needs:

Standard Account

  • The Standard Account has been launched as the Post Office's 'free in credit' everyday banking offering.
  • The account includes a debit card and offers a straightforward, easy-to-understand approach to banking fees and no hidden charges or unexpected surprises.
  • An opening deposit of £100 is required.
  • Standard Account customers can request a chequebook and can apply for an overdraft facility either when opening the account or anytime afterwards. The overdraft interest rate is currently 14.9% EAR and there are no unarranged borrowing charges.

Packaged Account

  • The Packaged Account requires a monthly fee of £8 and provides a range of additional benefits, such as European Multi-Trip Family Travel Insurance, Vehicle Breakdown Cover and guaranteed savings of a discounted Post Office Travel Booking Service, offering up to 7.5% discount on holidays and travel requirements.
  • Customers who open this account can request a chequebook and can apply for an overdraft facility, either upon opening the account or afterwards. The overdraft interest rate is currently 14.9% EAR and there are no unarranged borrowing charges.

Control Account

  • The Control Account offers a service to customers who are new to banking, on lower incomes or who have previously experienced difficulty with default bank charges.
  • The account offers branch banking, access to cash machines across the UK, online and telephone banking, Direct Debits and standing orders.
  • A minimum deposit of £20 is required upon opening, whilst a fixed fee of £5 must be paid every month.
  • Further charges will not be made for unpaid payments such as direct debits and standing orders.

Customers who are unable to visit a participating branch in East Anglia can register their interest in any of the Post Office current accounts by visiting www.postoffice.co.uk/currentaccounts/register

What next?

Compare Current Accounts

Find out how to choose the best bank account by reading our guides to help you open and manage your bank account.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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