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MSE News: Post Office to launch first current account

"The new account will only be available in a small number of branches, before a wider roll-out is to take place in 2014..."
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Post Office to launch first current account

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  • MickFinnMickFinn Forumite
    25 Posts
    This is not their first foray. They used to have something called Girobank.
  • grumblergrumbler Forumite
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    MickFinn wrote: »
    This is not their first foray. They used to have something called Girobank.
    In fact it says clearly: "first foray in recent years".
    We are born naked, wet and hungry...Then things get worse. :(

    .withdrawal, NOT withdrawel ..bear with me, NOT bare with me
    .definitely, NOT definately ......separate, NOT seperate
    should have, NOT should of
    .....guaranteed, NOT guarenteed
  • stclairstclair Forumite
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    Sounds great but ain't post office queues long enough as it is.
    Im an ex employee RBS Group
    However Any Opinion Given On MSE Is Strictly My Own
  • BobQBobQ Forumite
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    MickFinn wrote: »
    This is not their first foray. They used to have something called Girobank.

    Girobank was a casualty of the Thatcher/Major Government's obsession with selling off state assets. How ironic that the Cameron Government is allowing the post office to re-invent it.

    Girobank offered a basic banking service based on its network of 20000 post offices (which have now declined to 11000). It was also the vehicle by which state benefits were distributed "Girocheques" (which real banks did not want to handle - well the queues in their branches I imagine was the issue not the money they would turn over!)

    I had a Giro account in 1978 which I kept post privatisation. I thought it was a great account, you could drive through the most obscure village and draw cash, also in a town you were never far from a post office.

    I think its a great idea to reinvent this in a modern form, no doubt it will fatten up the post office before it gets privatised. Had the post office been allowed to keep Girobank I suspect that many of the small post offices would not have closed.
    Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.
  • edited 11 April 2013 at 2:21PM
    BobQBobQ Forumite
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    edited 11 April 2013 at 2:21PM
    stclair wrote: »
    Sounds great but ain't post office queues long enough as it is.

    I doubt it will overload counters these days. I assume it will come with a cash card so most people will only need to use the counters for paying in. They will I imagine be very useful in villages where the banks have long since been closed.

    It could also help those who do not have internet access to make transfers to other accounts.

    But it may also mean an end of the Post Office facilitating cash withdrawals for other banks. Why would Lloyds encourage its customers to use the PO if it is becoming a competitor for current accounts!
    Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.
  • innovateinnovate
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    Haven't been able to find out any useful information about the account yet, but you can register your interest: https://online.postoffice.co.uk/webApp/POLO
  • BuzbyBuzby Forumite
    8.3K Posts
    At let us not forget, this is all thanks to the affinity service offered by the BANK OF IRELAND, the 'Post Office' are simply the front desks, nothing more - a 'virtual banker' if you will.

    And no, I wouldn't trust them to operate any accounts to my satisfaction.
  • innovateinnovate
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    Buzby wrote: »
    And no, I wouldn't trust them to operate any accounts to my satisfaction.

    Why not?................................................
  • ERICS_MUMERICS_MUM Forumite
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    which bank does Bank of Ireland use for sterling clearing (i.e. CHAPS settlement member ) ?
  • Good luck to BoI/Post Office current account holders. Have a good look in the contract for 'special conditions' that allow them to take your cash or drop the agreed savings rate if they feel like it...

    (yes, I do have a BoI 'tracker' mortgage they just more-than-doubled the rate of)
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