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Post Office Offers Banking for all UK Accounts

Post Office Offers Banking for all UK Accounts

Post Office branches are now offering banking services to 99% of retail bank users and 75% of businesses in the UK.

Banks have been under pressure to find alternatives to their own branches, which are being closed down as more and more customers choose to bank online and via mobile apps.

HSBC has announced its plans to close 62 UK branches this year and invest in its digital channels.

RBS and Lloyds have also made similar announcements recently – hoping to redirect customers to digital channels.

HSBC said: "HSBC’s decision to close the branches reflects a change in the way customers are banking, its continued investment in digital banking and its objective to achieve a sustainable branch network for the long term”.

The bank said it is investing more than $1bn in digital and that over the past five years the number of customers using HSBC branches has fallen by almost 40%.

Bank closures are leaving some without access to a local bank branch. Customers of some UK banks were already able to use Post Office branches for banking services however all UK bank customers are now included.

The Post Office has 11,600 branches and carried out 110 million banking transactions last year.

CEO at Post Office Financial Services, Nick Kennett, said: “We are working with banks to ensure that our network of bricks and mortar locations gives consistent and the widest possible availability of face-to-face banking services across the UK, with many customers already benefitting.”

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