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Service being launched in conjuction with the Bank of Ireland
The UK Post Office has announced it will enter the current account market during spring 2013 in a move that is set to make it one of the largest providers of financial services on the high street.
The current account, which will be provided by the stock market listed Bank of Ireland, will initially launch in a small number of Post Office branches before a wider roll-out planned for 2014.
Almost three million customers currently access Post Office financial services products through a network of over 11,500 branches.
In a statement the Post Office argue that “the introduction of the current account is the next step in the Post Office’s strategy of growing its already well-established award winning financial services offering, giving customers the option to service all their financial needs under one roof”.
Commenting on the development Nick Kennett, Director of Financial Services, at Post Office 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.”
The Post Office argues that with over 11,500 branches, which is more than all the UK banks combined, it can provide this through the most convenient and accessible retail network in the UK.
“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” said Mr Kennett.
Currently one of the UK’s fastest growing financial service providers the Post Office has almost three million customers, a savings book of £17bn and a comprehensive range of products, including savings accounts, mortgages, motor, home and life insurance, credit cards, a fleet of 2,100 ATMs and is the UK market leader in foreign exchange products.
Full details are expected to be announced over the coming weeks.
