The Post Office offers three accounts.
The Standard Account comes with a debit card and is the Post Office’s ‘free in credit’ everyday banking offering.
- It will appeal to those who want all the convenience of an everyday current account with a straightforward, easy-to-understand approach to banking fees and no hidden charges or unexpected surprises.
- It offers unrivalled access to banking services and transactions, all from an organisation customers know they can trust to treat them well.
- Accounts can be set-up with an opening deposit of £100.
- Standard Account customers can request a chequebook and can apply for an overdraft facility either when opening the account or anytime afterwards. Overdraft interest rate is currently 14.9% EAR. There are no unarranged borrowing charges.
The Packaged Account is an ‘added value’ offering and provides a compelling range of additional benefits for a competitive monthly fee of just £8.
- It is designed for the growing group of customers who enjoy benefits such as European Multi-Trip Family Travel Insurance and Vehicle Breakdown Cover.
- It will also provide Identity Theft Protection services and the convenience and guaranteed savings of a discounted Post Office Travel Booking Service that offers up to 7.5% discount on a variety of holidays and travel needs.
- Packaged Account customers can request a chequebook and can apply for an overdraft facility either when opening the account or anytime afterwards. Overdraft interest rate is currently 14.9% EAR. There are no unarranged borrowing charges.
The Control Account helps customers to keep in control of their finances and is a fully functional, ‘inclusive’ bank account for those who are new to banking, potentially on lower incomes or who have had difficulty with default bank charges in the past.
- For a fixed monthly fee of £5, no further charges will be made for payments that are returned unpaid such as direct debits and standing orders.
- It offers customers the certainty of knowing how much their banking will cost them without any unexpected surprises.
- The Control Account aims to deliver banking services in a way that removes the risk of missed payment charges and saves less affluent customers money overall.
- To open the Control Account customers will need a minimum opening deposit of £20.
- The Control Account offers a full banking service proposition to customers – branch banking, nationwide ATM access, online banking (including funds transfers and bill payments), telephone banking, Direct Debits and standing orders.
Saving you money
Our Control Account could save you money. Customers who have incurred a bank charge are highly likely to then incur more, averaging at £205 per year. In 2011 over 6.6 million people incurred bank charges of more than £100. That’s why we believe that just £5 per month could be a much better deal for you. Plus you could benefit from savings on your utility bills by paying by Direct Debit.
Customers in East Midlands and East of England wishing to open an account will be able to pop into their local branch to talk through their options with specially trained staff, who will be on hand to discuss the types of accounts on offer and which one will suit their individual needs best. They will also be able to assist with the completion of the application form as well as transferring direct debits.
Incidentally, there's still no update on the plans to relocate the Crown Office in Acocks Green into a new partner store. I understand that it is unlikely to happen before the start of the new financial year in April.