The government has outlined plans for the Post Office to start offering financial products. Plans to turn the Post Office into the a bank will now be subject to a public consultation. If the proposals are approved, an investment of up to £1.7 billion will be made by 2011, transforming the Post Office into a 'leading player in financial services ' according to the government.
The plans would see consumers able to access accounts at each of the Post Office's 11,500 branches, hopefully encouraging savers to deposit regularly into their ISAs and savings accounts . In addition, the Post Office would offer mortgages, helping to improve the availability of credit in a difficult economic climate.
With more branches than all the High Street banks combined, the plans would improve convenience for consumers, while businesses could set up their own accounts. There would also be increased links with credit unions to help consumers tackle debt problems. The idea of protecting consumers against debts is a recurrent them in the plans, with weekly budgeting accounts available that can be tailored to the needs of each individual.
Post Office Banking Plans Unveiled
Financial Services > e-banking > Banking news
Post Office Banking Plans Unveiled
Wed, 02 Dec 2009
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