A simples guide

Post Office Current Accounts

The Post Office has been part of the British landscape since 1660 in some form or another and the famous red post-box has become an integral part of British culture. Post Office savings accounts have been a large part of many people’s lives for a long time, but now they have branched out and has a range of financial products that include the Post Office current account.


Why should I consider a Post Office bank account?

You might not have considered a Post Office bank account, but many people have and they could be worth considering. It is not the highest profile current account provider on the market, but they offer two simple accounts that could serve you well*.

The Post Office actually works with the Bank of Ireland when it comes to credit and banking facilities. So rest assured you’re dealing with a recognised and regulated bank.

If you’re looking for a new current account you should always compare the options out there – the right account that’s best for you will depend on your specific wants and needs.

We can help you with that by comparing the UK’s leading current account providers to find the best deal for you. But remember to check the terms and conditions carefully and make an informed choice about your bank account. 

What does a Post Office Current Account offer?

There are two types of accounts on offer:

  • Standard Account
  • Control Account

The standard account gives you a Visa debit card, contactless payments and other benefits that include a cheque book and online access. You get access to a competitive overdraft facility, which gives 14.9% EAR. You will get charged if you default and payments don’t clear, though, so bear this in mind when you’re weighing up your options. Unpaid items incur a £15 fee for each item and they can add up fast.

The control account is for people that want to pay a simple £5 monthly fee and not have to worry about bank charges, so it’s a good option to go for if you have trouble balancing the books and might slip into your overdraft. If you have a limited income and you want to avoid excessive charges, then this can be a good option.

To open either account, you’ll need a deposit of £20 and to prove your identity and where you live. You can prove your identity with a passport or a driving licence from the UK, the EU, Australia, Canada or the US. You need to be a UK resident to open either account. 


What bonuses and extras do you get with a Post Office Current Account?

As with many other bank accounts on the market, you will be able to access your banking in a post office near you, via telephone support and through your online banking system.

Whilst you may not feel overwhelmed with all of the advanced features that some other banks offer, this is exactly what Post Office are looking to achieve, simple and easy to understand banking.

So if you’re thinking about a new current account, Post Office accounts could be for you. Whatever you do though, make sure you’ve had a good look at our online comparison service and compared current accounts so that you’re happy you are getting the right deal. We’re here to guide you through the complex financial maze and help you find the right current account for you.

*All Post Office account details are based on information provided on postoffice.co.uk.com data on 11 April 2016

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