What current accounts do the Post Office offer?
It’s nice and easy with the Post Office – there are two current accounts to choose from, the Standard Account and the Control Account.
You’ll be able to do all the usual bank account type things with both accounts such as setting up Direct Debits and standing orders. Online and mobile banking are also available on both these accounts, plus you can still telephone bank and go into a branch the old fashioned way. A debit card is provided with these accounts and you can use it abroad too (but you will be charged a foreign transaction fee).
Where the accounts differ is that the Standard Account provides free banking but you’ll be charged £15 for every bounced payment (which can quickly add up if you’re not careful). You’ll get an overdraft with the Standard Account too (subject to status) – the interest is currently charged at 14.9% EAR. Plus, you’ll be able to make contactless payments, and if you still love a chequebook then you can ask for one of those too.
The Control Account is simpler – there’s no overdraft facility and you won’t be able to pay contactless and there’s also no chequebook on offer. You’ll pay a £5 monthly fee for this account but it does mean you won’t be charged for any bounced payments – ideal if you need the added safety net.
To open either account, you’ll need a £20 deposit and be an EU resident, you’ll also need to provide proof of your identity and address (such as a passport, photocard driving licence and utility bill).