Post Office to become even more unpopular as it turns itself into a bank

11 April 2013

royal-mail The Post Office is going to turn itself into a bank because no-one sends letters anymore! Of course, everyone hates banks at the minute which means they'll join a chorus of hate or they'll try and become a friendly face amongst the ogres.

They'll be introducing a small number of branches in the next couple of weeks and they have their work cut out for them. New entrants have struggled to worry the big five, thanks to the economic crisis, a lack of consumer confidence and regulatory restrictions.

However, the Post Office already have financial services and partnerships and a large branch network, so they may just have a leg-up on others who have thus far failed to make an impact on the financial world. There have been changes which will make it much easier for people to switch current accounts, which will come into play in September, which may also work in the Post Office's favour.

Nick Kennett, director of financial services at Post Office said: "The introduction of the Post Office current account is the logical next step towards meeting the needs of our customers and becoming one of the key players in the financial services market."

"We have been offering financial services for over 10 years and our announcement today means we will now offer everything from travel money to mortgages. The launch of the current account is part of our plans to improve customer experience and develop new products to bring in new business as we continue to build a profitable and modern network."

If you're interested, you can go and register your intent at the Post Office's website.

TOPICS:   Banking   High Street News

14 comments

  • JBC
    Didn't they once operate current accounts in the name of Girobank?
  • dvdj10
    It's a good move in my book as First Direct who I bank with are starting to accept payments through Post Office branches from May. Bonus!
  • JonB
    Why the "Royal Fail" logo? I thought the Post Office was no longer part of Royal Mail?
  • Chunter
    JonB: yes, they are separate businesses: the clues are there for all to see in their names: Post OFFICE and Royal MAIL.
  • Sawyer
    The most recently established bank that I'm aware of is Metro Bank, who provide great customer service and convenient opening hours, but are sadly located only in and around London. The Post Office, on the other hand, are pretty much everywhere but have the worst counter staff in the world and are probably the only business with poorer opening hours than banks. Doesn't sound appealing.
  • Dick
    I assume this is just Bank or Ireland (UK) moving into the POs, same issuer as their savings accounts.
  • Idi A.
    I can't remember the last time I went to post a parcel and the staff DIDN'T ask me if I needed a pension, or insurance, or an ISA or something. If that armoured glass wasn't there I'd shove their leaflets down their fucking throats and scream "SELL ME A STAMP".
  • badger
    Ah, the Bank of Ireland and the Post Office. One massive success teaming up with another.
  • Colin
    Another fail by shit reporter of the year, Mof Gimpers
  • Captain.Cretin
    So they were a bank; then they werent a bank; then they were a bank*, then they werent a bank; and now they are going to be a bank again!! Are they run by a bunch of women**??????? *(Yes, they ran government "basic" accounts for a couple of years, then stopped them). **(Cant make their minds up).
  • Spacebeagle
    I would rather drink my own urine than spend any more time in a post office than I have to. The staff treat you with contempt and are rude and loathsome. Whoever came up with this idea needs to get out more!
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