A simples guide

Post Office Current Accounts

The Post Office has been going since 1660. But nowadays the Post Office is so much more than just letters, they’ve got a whole range of financial products too – including current accounts. 

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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).

What does a Post Office Current Account offer?

Anything else I should consider?

There are 11,500 Post Office branches in the UK, so if having a physical branch and dealing with real people is important to you, then a Post Office account might be a useful option.

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Is a Post Office account for me?

There’s a whole host of current accounts on the market so you won’t struggle to find an alternative if these don’t sound like the accounts for you. You need to weigh up what you want out of an account and also think about how you use your money – would an account offering rewards suit you better or is having a good overdraft facility more important for example?

Whatever you need, we can help you compare current accounts using our current account comparison service.

All Post Office account details are based on information provided on www.postoffice.co.uk as of 4 November 2016

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