MSE News: Post Office to get £180 million to boost its financial services

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Former_MSE_Natasha
Former_MSE_Natasha Posts: 672 Forumite
edited 29 March 2010 at 12:40PM in Budgeting & bank accounts
This is the discussion thread for the following MSE News Story:
Read the full story:
Post Office to get £180 million to boost its financial services


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  • central
    central Posts: 202 Forumite
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    Which equates to GP primary care services for 2.3 million people for a year
  • Sceptic001
    Sceptic001 Posts: 1,111 Forumite
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    Wow, fantastic new ideas:

    Encourage people to save at the Post Office. Why not call it the Post Office Savings Bank?

    Set up banking services at the Post Office. Why not call it the Girobank?

    Deja vu anybody?
  • JoseChungsDoomsday
    JoseChungsDoomsday Posts: 823 Forumite
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    it has always failed me why the PO offers savings accounts backed by the Bank of Ireland when NS&I already had a strong base in the PO for years. And it's 100% protected.

    It's good to see the gov't boosting the PO, in my area we don't have an atm so everyone regularly uses the counter service. Having an actual PO current account would help a lot of people.
    :santa2:
  • pmduk
    pmduk Posts: 10,655 Forumite
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    Lets hope they spend some of the cash on reducing queues thereby encouraging people to even enter the blessed places.
  • realaledrinker
    realaledrinker Posts: 1,661 Forumite
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    Who will bail out customers when the BoI goes tit$ up & the Irish government can't honour the €100,000 compensation 'guarantee'. Another Iceland in the making.
    Ethical moneysaver
  • Old_Wrinkly
    Old_Wrinkly Posts: 5,182 Forumite
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    Wasn't there something about the Bank of Ireland seeking a UK registration, so that they'd be covered by the FSCS for UK depositors?
  • twe
    twe Posts: 571 Forumite
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    pmduk wrote: »
    Lets hope they spend some of the cash on reducing queues thereby encouraging people to even enter the blessed places.

    Well the PO encouraged that when they closed lots of Office's in the past couple of years....
  • 123lansdowne
    123lansdowne Posts: 1 Newbie
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    Good to have some positive news for a change.

    However can't help a sly grin at the fact that Santander will be involved - they include Alliance and Leicester who were allowed to take over the excellent Girobank .....the Post Office bank.

    As for the queues and branch closures - it's down to all of us to "use them or lose them".

    Like all businesses they have to budget and keep a very close eye on the bottom line. They cannot man PO Counters if the customers are not there! It's not a charity.

    Plus when they do make a profit the Government takes it's share (remember Maggie she took a huge slice of very healthy PO profits to fund the sale of BT, British Gas etc.,in the 80's). If more people used their Post Offices on a regular basis and not just at Christmas, they could be better staffed.

    :A
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