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  • FIRST POST
    • Former MSE Helen
    • By Former MSE Helen 11th Apr 13, 8:25 AM
    • 2,324Posts
    • 971Thanks
    Former MSE Helen
    MSE News: Post Office to launch first current account
    • #1
    • 11th Apr 13, 8:25 AM
    MSE News: Post Office to launch first current account 11th Apr 13 at 8:25 AM
    "The new account will only be available in a small number of branches, before a wider roll-out is to take place in 2014..."

    Read the full story:

    Post Office to launch first current account



    Click reply below to discuss. If you havenít already, join the forum to reply. If you arenít sure how it all works, read our New to Forum? Intro Guide.

Page 1
    • MickFinn
    • By MickFinn 11th Apr 13, 8:38 AM
    • 24 Posts
    • 5 Thanks
    MickFinn
    • #2
    • 11th Apr 13, 8:38 AM
    • #2
    • 11th Apr 13, 8:38 AM
    This is not their first foray. They used to have something called Girobank.
    • grumbler
    • By grumbler 11th Apr 13, 9:28 AM
    • 51,706 Posts
    • 21,931 Thanks
    grumbler
    • #3
    • 11th Apr 13, 9:28 AM
    • #3
    • 11th Apr 13, 9:28 AM
    This is not their first foray. They used to have something called Girobank.
    Originally posted by MickFinn
    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
    • stclair
    • By stclair 11th Apr 13, 10:25 AM
    • 6,521 Posts
    • 3,459 Thanks
    stclair
    • #4
    • 11th Apr 13, 10:25 AM
    • #4
    • 11th Apr 13, 10:25 AM
    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
    • BobQ
    • By BobQ 11th Apr 13, 1:03 PM
    • 10,508 Posts
    • 13,851 Thanks
    BobQ
    • #5
    • 11th Apr 13, 1:03 PM
    • #5
    • 11th Apr 13, 1:03 PM
    This is not their first foray. They used to have something called Girobank.
    Originally posted by MickFinn
    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.
    • BobQ
    • By BobQ 11th Apr 13, 1:15 PM
    • 10,508 Posts
    • 13,851 Thanks
    BobQ
    • #6
    • 11th Apr 13, 1:15 PM
    • #6
    • 11th Apr 13, 1:15 PM
    Sounds great but ain't post office queues long enough as it is.
    Originally posted by stclair
    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!
    Last edited by BobQ; 11-04-2013 at 1:21 PM.
    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.
  • innovate
    • #7
    • 11th Apr 13, 4:01 PM
    • #7
    • 11th Apr 13, 4:01 PM
    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
    • Buzby
    • By Buzby 11th Apr 13, 8:26 PM
    • 8,201 Posts
    • 3,011 Thanks
    Buzby
    • #8
    • 11th Apr 13, 8:26 PM
    • #8
    • 11th Apr 13, 8:26 PM
    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.
  • innovate
    • #9
    • 11th Apr 13, 9:08 PM
    • #9
    • 11th Apr 13, 9:08 PM
    And no, I wouldn't trust them to operate any accounts to my satisfaction.
    Originally posted by Buzby
    Why not?................................................
    • ERICS MUM
    • By ERICS MUM 11th Apr 13, 9:49 PM
    • 3,506 Posts
    • 6,488 Thanks
    ERICS MUM
    which bank does Bank of Ireland use for sterling clearing (i.e. CHAPS settlement member ) ?
  • disposalist
    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)
    • Heng Leng
    • By Heng Leng 11th Apr 13, 10:11 PM
    • 4,702 Posts
    • 1,533 Thanks
    Heng Leng
    Itself?

    It's a clearing bank & issuer of Sterling banknotes in Northern Ireland.

    which bank does Bank of Ireland use for sterling clearing (i.e. CHAPS settlement member ) ?
    Originally posted by ERICS MUM
  • innovate
    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...
    Originally posted by disposalist
    The T&Cs that will apply to the current account haven't yet been published. You are right, of course, they need to be evaluated properly.

    Not sure there will be "a contract for 'special conditions'" - - that sounds a weird thing and not relevant to a current account.

    What do you mean by "they are allowed to take your cash"? Is it about offsetting? If so, that's a completely normal T&C, you find that everywhere. Perhaps you can post a link to the T&Cs you are referring to.

    "Dropping the agreed savings rate if they feel like it" - - that would probably be a variable savings rate, and it's normal that they vary. Recently all rates went south, so BoI aren't different to any of the others.

    I do agree that they have a terrible track record when it comes to informing people of drops in interest rate, but may be they learnt from their most recent debacle with their Online Saver.


    (yes, I do have a BoI 'tracker' mortgage they just more-than-doubled the rate of)
    Originally posted by disposalist
    presumably you are still paying a very low interest rate? It's always annoying if borrowing rates go up. However, as annoyed as you might be, the mortgage rate has nothing to do with their yet to be launched current account.
    • stclair
    • By stclair 11th Apr 13, 10:18 PM
    • 6,521 Posts
    • 3,459 Thanks
    stclair
    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!
    Originally posted by BobQ
    You having a laugh bank branches are bursting at steams because some customers tend to us a branch to transact when they could use telephone or Internet banking.
    Im an ex employee RBS Group
    However Any Opinion Given On MSE Is Strictly My Own
    • Pincher
    • By Pincher 11th Apr 13, 11:14 PM
    • 6,516 Posts
    • 2,491 Thanks
    Pincher
    Get your masks and pistols ready, boys. There's gold in dem dar village Post Offices.
    • ERICS MUM
    • By ERICS MUM 12th Apr 13, 12:16 AM
    • 3,506 Posts
    • 6,488 Thanks
    ERICS MUM
    Itself?

    It's a clearing bank & issuer of Sterling banknotes in Northern Ireland.
    Originally posted by Heng Leng
    It's not listed as a current member on the CHAPS Co website, perhaps it's in the process....
    • roddydogs
    • By roddydogs 12th Apr 13, 6:52 AM
    • 6,211 Posts
    • 2,638 Thanks
    roddydogs
    Only for the Brave & people who like waiting behind old people or E-Bayers sending out parcels.
    • antrobus
    • By antrobus 12th Apr 13, 7:10 AM
    • 16,664 Posts
    • 23,598 Thanks
    antrobus
    ...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.
    Originally posted by BobQ
    Unlikely. The personal banking side of Girobank was a loss-maker. It was the commercial side of Girobank that made the money, and the money it made was largely dependant on supplying and handling the cash to feed the government benefits contract. Which, of course, doesn't exist anymore because benefits are paid into bank accounts.
  • Lagoon
    Based on the extortionate prices that Royal Mail charge for the rest of their sub-par services, I won't be rushing to my local Post Office to take out one of these accounts.
  • innovate
    Based on the extortionate prices that Royal Mail charge for the rest of their sub-par services, I won't be rushing to my local Post Office to take out one of these accounts.
    Originally posted by Lagoon
    Now that's a considered and rational assessment (not) of an offering for which we have not seen any detail yet.
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