Britain’s Post Office to offer current (bank) accounts • April 10, 2013

The Post Office is to offer current accounts in the UK, following a regulator’s claim that the market offers little choice for consumers.

The new account, provided by Bank of Ireland, will be available in some areas in the coming weeks before a wider launch next year.

Few details have been released about the characteristics of the current account at this stage.

In January, a regulator said the market was dominated by a few providers.

The Office of Fair Trading (OFT) said that Lloyds, RBS, Barclays and HSBC held 75% of the market.

This led to a “lack of dynamism” from the banks, it said, together with a lack of choice for customers, meaning they were unlikely to switch to a different bank.

The Post Office, which has 11,500 branches, already offers a range of financial products in a link with Bank of Ireland.

Some three million Post Office customers already use products such as savings accounts, mortgages and insurance policies.

Read the entire article here.

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