Post Office to launch current account

Posted on April 12th, 2013 | Categories - News

Post OfficeThe Post Office has announced they will launch a new current account in the spring of 2013.

The new current account will initially be launched in a small number of Post Offices, but will be rolled out to all 11,500 branches during 2014.

The Post Office claims that the new current account will give consumers access to the UK’s largest branch network and increased opening hours, compared to traditional banks.

According to figures from the Post Office, more than three million customers have accessed the many services they provide, making it one of the fastest growing financial service providers in the UK.

Currently, the Post Office offer a various amount of financial products, including savings accounts, mortgages, motor, home and life insurance and credit cards.

In a statement, Nick Kennett, Director of Financial Services at Post Office has said: “This is very exciting news for the Post Office and we are absolutely delighted to announce that we are going to launch a current account. We’ve carried out extensive research into the current account market and the findings tell us that customers want simplicity, transparency and good value for money. With over 11,500 branches, which is more than all the UK banks combined, we can provide this through the most convenient and accessible retail network in the UK.”

Kennett continued: “The Post Office is undertaking a significant transformation, providing more and more essential services to our customers across mails, government and financial services. The introduction of the current account is a further statement of this ambition.”

Potential customers are encouraged to register their interest in this account by clicking here

Current account competition

The Post Office’s announcement comes soon after the Office of Fair Trading (OFT) said the current account market was dominated by a limited number of providers, with 75% of current accounts held with just four main banks, namely RBS, Barclays and HSBC held 75% of the market.

Financial experts welcomed the announcement from the Post Office, pointing out that their wide branch network, longer opening hours, greater accessibility and customer loyalty should put them in a strong position to challenge the main four banks.

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