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  • FIRST POST
    • Former MSE Helen
    • By Former MSE Helen 13th May 13, 10:58 AM
    • 2,324Posts
    • 971Thanks
    Former MSE Helen
    MSE News: Post Office unveils new current accounts
    • #1
    • 13th May 13, 10:58 AM
    MSE News: Post Office unveils new current accounts 13th May 13 at 10:58 AM
    "The Post Office is now offering day-to-day banking services after launching three new current accounts today..."

    Read the full story:

    Post Office unveils new current accounts



    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
    • reclusive46
    • By reclusive46 13th May 13, 11:15 AM
    • 2,679 Posts
    • 808 Thanks
    reclusive46
    • #2
    • 13th May 13, 11:15 AM
    • #2
    • 13th May 13, 11:15 AM
    Seems to come with a Maestro card? Are these even accepted anymore?
    • dr_adidas01
    • By dr_adidas01 13th May 13, 11:17 AM
    • 1,226 Posts
    • 584 Thanks
    dr_adidas01
    • #3
    • 13th May 13, 11:17 AM
    • #3
    • 13th May 13, 11:17 AM
    Another only half reported story by the MSE team, you didn't mention you can only open one in the post office branches of East Anglia.

    There's no being able to open one online as of yet and you can only open it with a £100 deposit.
    Time is a path from the past to the future and back again. The present is the crossroads of both.
    • alanq
    • By alanq 13th May 13, 11:39 AM
    • 4,154 Posts
    • 2,733 Thanks
    alanq
    • #4
    • 13th May 13, 11:39 AM
    • #4
    • 13th May 13, 11:39 AM
    Another only half reported story by the MSE team, you didn't mention you can only open one in the post office branches of East Anglia.

    There's no being able to open one online as of yet and you can only open it with a £100 deposit.
    Originally posted by dr_adidas01
    I wondered what you were on about as the link above went/goes to a Press Association report hosted by MSE that mentions in the second sentence that the accounts are being piloted in East Anglia.

    Then suddenly I found it went to a half-baked MSE written report (just as you described) before going back to the one that I originally saw. I suspect that a work in progress was posted up prematurely.
  • innovate
    • #5
    • 13th May 13, 11:57 AM
    • #5
    • 13th May 13, 11:57 AM
    People could always go to the PO website to check out what's on offer? I did just that and the answer for me is "nothing of interest to me" but it looks attractive for people who want a basic account, or people looking for a cheap-ish travel insurance/breakdown cover. Haven't checked the T&Cs of these since I am committed to Nationwide FlexPlus, which actually works out cheaper than the PO since I get 3% AER on £2.5K there. Oh, and I could actually open a FlexPlus without travelling to East Anglia.

    http://www.postoffice.co.uk/current-accounts
    • pmduk
    • By pmduk 13th May 13, 12:59 PM
    • 10,134 Posts
    • 7,757 Thanks
    pmduk
    • #6
    • 13th May 13, 12:59 PM
    • #6
    • 13th May 13, 12:59 PM
    The absence of an unpaid item fee on the Control account will be useful for those unwilling to budget, although there is a monthly fee of £5 making it the only Basic bank account with a fee.
  • adamc260
    • #7
    • 13th May 13, 2:23 PM
    • #7
    • 13th May 13, 2:23 PM
    I thought they were closing lots of post offices....
    • pmduk
    • By pmduk 13th May 13, 5:46 PM
    • 10,134 Posts
    • 7,757 Thanks
    pmduk
    • #8
    • 13th May 13, 5:46 PM
    • #8
    • 13th May 13, 5:46 PM
    I thought they were closing lots of post offices....
    Originally posted by adamc260
    That's the Post Office becoming more like banks!
    • The pc tech
    • By The pc tech 13th May 13, 6:03 PM
    • 405 Posts
    • 239 Thanks
    The pc tech
    • #9
    • 13th May 13, 6:03 PM
    • #9
    • 13th May 13, 6:03 PM
    Hmmm backed by Bank Of Ireland (UK) Plc

    Last time I checked Ireland's economy wasn't doing that great.
    Interests: PCs. servers, networks, mobiles and music (esp. trance)
  • innovate
    Hmmm backed by Bank Of Ireland (UK) Plc

    Last time I checked Ireland's economy wasn't doing that great.
    Originally posted by The pc tech
    Ain't matter if you keep less than £85K in your current account - it comes with full FSCS protection.

    If you were judging banks by the economy they are operating in, you'd have to umm about a whole lot of household names!
    • pmduk
    • By pmduk 13th May 13, 6:35 PM
    • 10,134 Posts
    • 7,757 Thanks
    pmduk
    For a long while the Post Office BOI accounts were only covered by the Irish compensation scheme. That has changed now though.
    • arthur2
    • By arthur2 14th May 13, 9:02 AM
    • 78 Posts
    • 17 Thanks
    arthur2
    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.
    --
    Arthur
    • lemontart
    • By lemontart 14th May 13, 9:08 AM
    • 5,831 Posts
    • 7,416 Thanks
    lemontart
    Hmmm backed by Bank Of Ireland (UK) Plc

    Last time I checked Ireland's economy wasn't doing that great.
    Originally posted by The pc tech
    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.
    • Heng Leng
    • By Heng Leng 14th May 13, 9:31 AM
    • 4,812 Posts
    • 1,573 Thanks
    Heng Leng
    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"
    Originally posted by lemontart
    • pmduk
    • By pmduk 14th May 13, 9:40 AM
    • 10,134 Posts
    • 7,757 Thanks
    pmduk
    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).
    Originally posted by arthur2
    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.
  • innovate
    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,
    • Nada666
    • By Nada666 14th May 13, 1:36 PM
    • 4,868 Posts
    • 3,886 Thanks
    Nada666
    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.
    • reclusive46
    • By reclusive46 14th May 13, 1:38 PM
    • 2,679 Posts
    • 808 Thanks
    reclusive46
    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.
    Originally posted by Nada666
    One of the accounts is fee free.
  • pqrdef
    But that is no reason to think they are in any worse shape than any other UK bank.
    Originally posted by innovate
    You mean, they're all bankrupt really.
  • pqrdef
    So normal people are not expected to bank with them. Nice way to alienate your clientele.
    Originally posted by Nada666
    The Maestro instead of the usual offline Visa will put a lot of people off, in the absence of any obvious plus point.

    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.
    Last edited by pqrdef; 14-05-2013 at 2:04 PM.
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