The Post Office has today announced the launch of its three new current accounts in the UK.
The three accounts are the standard account, the packaged account and the control account.
The standard account that comes with a debit card can be set up with an opening deposit of £100.
Customers can apply for an overdraft facility and chequebook either when opening the account or anytime afterwards.
The Post Office describes the standard account as a ‘straightforward, easy to understand’ approach to banking with ‘no hidden charges or unexpected surprises.’
The packaged account also offers a chequebook and overdraft facilities upon application. The packaged account also offers travel insurance for individuals and families, breakdown cover and identity theft protection. These additions are offered for a monthly fee of £8.
The Post Office’s control account aims to help customers keep control of their finances. Directed at customers that have had difficultly with default bank charges in the past, the control account offers, for a £5 monthly fee, no further charges for returned payments such as direct debits and standing orders.
To open a control account customers will be required to deposit a minimum of £20. The control account offers full banking services such as ATM access, online banking, direct debits and standing orders.
Nick Kennett, Director of Financial Services at Post Office, said of the three accounts: "We wanted to bring a new current account to the market because the Post Office is a different type of financial services provider with a diverse customer base. By offering a range of accounts, Standard, Packaged and Control, the Post Office will meet the needs of the majority of customers, by offering greater choice when looking for a current account."
In partnership with the Bank of Ireland UK, the Post Office will initially pilot its three new current accounts in 29 branches around East Anglia. A full roll out of the accounts is expected in 2014.