Post Office begins current accounts scheme

The Post Office has launched a pilot scheme for three new current accounts

By Nicole Hamer |

13:29 14 May 2013

The Post Office, whose logo is widely recognised in the UK, are bringing three current accounts to Brits. The firm are setting off a pilot scheme in regards to this in almost 30 branches in England.

 

The scheme will operate in East Anglia and is expected to expand to all other branches next year.

 

The three new accounts are the following:

 

• Standard account – this is a free account and if customers choose, it can come equipped with an overdraft facility for them to make use of.

 

•  Packaged account – there is a charge with this current account, that being £8 every month. With this account customers can make use of different things, not forgetting breakdown cover for vehicles as well as travel insurance.

 

•  Control account – this new account entails a monthly charge of £5. However, there will be no further charges with regards to DD (direct debits) and SO’s (standing orders).

 

Reportedly the group has said its fees will be clearly outlined.

 

Nick Kennett, who is from the Post Office, said: “Consumers tell us they feel penalised by complex and expensive bank charges and fees.”

 

The control account could assist customers to save money by avoiding charges that penalise, the Post Office has said, as reported by The Telegraph.

 

Although reportedly Which? has commented on the Post Office’s control account, saying that people may not want to apply for a bank account where there are payments involved.

The Post Office’s new current accounts could become options for Brits across the country to consider when it comes to banking in 2014.