A third of Brits would switch to new Post Office account

12 April 2013

A third of Brits would consider opening a new Post Office current account, a poll by VoucherCodesPro suggests.

The main reason for switching to the Post Office cited by 57% of those polled was a 'lack of trust in banks', with 46% saying they felt the Post Office brand was 'more trustworthy'.

While few details of the account have been released, customers will be able to open an account at a small number of branches in the coming weeks ahead of a wider launch next year.

The move will see the Post Office, which already offers a range of mortgages and savings accounts through its partnership with Bank of Ireland, become one of the largest providers of financial services on the high street.

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Nick Kennett, director of financial services at Post Office, said: "We've carried out extensive research into the current account market and the findings tell us that customers want simplicity, transparency and good value for money.

"With over 11,500 branches, which is more than all the UK banks combined, we can provide this through the most convenient and accessible retail network in the UK."

Kevin Mountford, head of banking at MoneySupermarket, said: "Whilst we don't yet know the specific product details, the Post Office launching into the current account market will help create more competition.

"We have already seen new challengers enter the market, with the likes of M&S Money launching a current account last year, but until now most of these challenger accounts have been aimed at specific audiences. The Post Office current account should have mass-market appeal due to its large customer base and ease of access, so I expect this account will be very popular."

Full details of the account are expected to be announced shortly but until then customers can register their interest in a Post Office current account by going to postoffice.co.uk/currentaccounts/register.

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