Post Office doubles current account pilot branches to 239
The Post Office announces the next stage of extending the current account pilot to further branches across the UK as it continues to position itself as a challenger to the high street banks.
The Post Office current account, in partnership with Bank of Ireland UK, will be made available in an additional 76 branches bringing the total to 239 by the end of September through a phased introduction. Customers will be able to open an account in any participating branch, but they will also be able to service them online, through 11,500 branches or at any of the 40 mobile Post Offices which visit over 250 rural parts of the UK.
The move follows the successful launch of the current account pilot in 110 branches in the East Midlands and East of England since May 2013.
Customers can open a Post Office current account with a minimum balance of £20 and can take advantage of the £100 One4All gift card incentive. They will also benefit from one of the best overdrafts in the market at 14.9% EAR.
Feedback from customers has revealed that brand reputation, convenience, accessibility and simplicity of the accounts were among the top reasons they have moved to a Post Office current account. Others felt that the Post Office serviced their banking needs and allowed them to have all their financial products under one roof.
An independent report into current account switching indicated that 41% of customers planning to or thinking of moving from their current bank would consider switching to the Post Office. The Post Office offers value for money products and is a trusted brand on the high street. The introduction of the Current Account Switch Guarantee has also provided a fresh opportunity and a hassle-free process for customers looking to move from their current provider.
The Post Office current accounts have become a popular addition to the more established award-winning financial services products on offer, appealing to customers looking for choice, good value, fair and transparent products.
John Willcock, head of current accounts at the Post Office, said: “We have spent time developing our current account and have listened to customers since our initial launch to ensure that the range of accounts we offer provides choice and flexibility. The demand for all Post Office current accounts has been very positive and we are now in a good position to extend the pilot to more branches across the UK.
“This is an exciting time for the Post Office as we continue to challenge the high street banks. By offering longer opening hours, easy access through our extensive branch network and a range of products to suit everyone’s needs, we are making it easier for our customers to bank with the Post Office.”
Commenting on the expansion Gordon Gourlay, managing director, Post Office Businesses, Bank of Ireland UK said “This is an important milestone for Bank of Ireland UK and the Post Office. We have built a reputation for providing accessible, convenient and transparent financial service products to the consumer and the continued expansion and success of the Post Office Current Account cements the Post Office’s position as a real challenger of the high street banks.”
