THE POST Office and Bank of Ireland UK look set to make a major move into the British -financial market this year.
The companies, which have been partnered with each other for a number of years, are looking to challenge some of Britain’s biggest high street lenders, with a drive for current accounts across the country.
According to insiders, the aim is to launch 11,500 current accounts across Britain by the end of the year.
Some of the accounts the institutions are expected to roll out include a basic account, at a £5 a month fee with no overdraft, and a standard account with free in-credit banking.
The move comes at a time when in-branch banking is falling, with an increasing number of customers taking their financial dealings to online and mobile banking.
While the long term plan is to see a roll out of accounts nationwide, it is early days for the scheme, which is currently being trialled in 300 branches.
The Post Office already offers customers banking services in branch for customers of other institutions, including withdrawing and depositing cash and balance queries.
As it stands, Bank of Ireland UK’s role in the enterprise is to generate accounts for customers. The resulting account is marketed under the Post Office brand and the latter deals with all
face-to-face banking with the -customers.
The partnership between Bank of Ireland UK and the Post Office was extended in 2012 in a new contract which saw each institution sign a partnership deal to last until 2023.
