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MSE News: Post Office unveils new current accounts
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The PO introduced current accounts in 1968, with appalling marketing (or lack of it), lost millions, and then sold them off to Alliance & Leicester (now Santander). This time they are starting off with the accounts already in a foreign bank!
It will be interesting to see whether they screw up again.--
Arthur0 -
The_pc_tech wrote: »Hmmm backed by Bank Of Ireland (UK) Plc
Last time I checked Ireland's economy wasn't doing that great.
Yep minute I read that I thought "pass"I am responsible me, myself and I alone I am not the keeper others thoughts and words.0 -
The accounts don't seem that appealing but from my perspective Barclays, CO-OP and HSBC are all foreign registered banks.Yep minute I read that I thought "pass"This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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The PO introduced current accounts in 1968, with appalling marketing (or lack of it), lost millions, and then sold them off to Alliance & Leicester (now Santander).
The Government sold off Girobank to access the money gained by the sale. It was only sold to Alliance & Leicester (not the highest bidder) as the then Government refused let the Co-Op, the highest bidder have the bank.
In many ways Girobank was way ahead of it's time.0 -
Amazing, the apparent xenophobic reactions to certain banks.
I have to admit, the PO/BoI accounts aren't my favourite after the way they treated their savings account holders earlier in the year. But that is no reason to think they are in any worse shape than any other UK bank. And in terms of safety of our money - - they all have the £85K FSCS guarantee. So as long as we are keeping within the £85K limit, they are just the same as any other bank with FSCS guarantee,0 -
The Post Office not offering a monthly-fee-free current account. Ridiculous. So normal people are not expected to bank with them. Nice way to alienate your clientele.0
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You mean, they're all bankrupt really.But that is no reason to think they are in any worse shape than any other UK bank."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
The Maestro instead of the usual offline Visa will put a lot of people off, in the absence of any obvious plus point.So normal people are not expected to bank with them. Nice way to alienate your clientele.
People who might think of having one as a second account are likely to be put off by having to traipse to a main post office and queue in a rope-snake, when other accounts can be opened online. Since the PO's big selling point is the sub post office network, it seems bizarre that they aren't exploiting it.
And apparently they do a hard credit search even for the basic account (which has no debit card).
I'm struggling to see who this is all aimed at."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
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