New Poll Tells Post Office Consumers Want Full Facilities

A new poll from campaign website MoveYourMoney.org.uk suggests that the Post Office's new current account service could challenge the dominant position of the big 5 UK banks on the high street.

Over 80% of respondents to the poll said they would consider switching to the Post Office if it offered a current account with full banking facilities, whilst over 78% of respondents said that they would trust the Post Office as a provider of financial services.

When asked what features the Post Office should include in its current accounts, respondents focused on having access to their money and the ability to use it without restrictions, with the top three features being mentioned by over 90% of respondents.

These were access to the full ATM network free of charge, a debit card coming with the account, and for payments to be accepted in all shops and retailers. Transparent costs and charges associated with the account and quality online banking also scored highly.

Responding to the poll, Laura Willoughby MBE, Chief Executive of the MoveYourMoney.org.uk campaign, said:

"These results show that the public want full and fair access to banking services in the UK.

"The Post Office must heed these results by offering accounts with the full range of features, not just basic accounts that exclude the most vulnerable from everyday banking facilities.

"Consumers want real choice and quality service from a name that they can trust. If the Post Office get this right they can challenge our bloated high street banks, but only if they offer accounts that people can actually use properly."

The move from the Post Office, announced on Thursday morning, comes at a time when exclusion from financial services is higher than ever. This year the Co-op bank withdrew some of its basic accounts for those in financial difficulty, claiming that it could not maintain these accounts whilst other banks refused to do so.

Of those consumers who do not currently hold a current account, over a third state that they do not have access to a current account provider. At the same time, changes to the benefit system now means that recipients are required to have day-to-day access to a bank account.

Laura Willoughby MBE added:

"With the government's overhaul of the benefits system, where people will be receiving a single monthly payment, it is more vital than ever that everyone, no matter what their income or credit rating, has access to a bank account that actually meets their needs."

Meanwhile, banks are gearing up for changes in the rules that will make it easier to switch accounts. From September, banks will be required to transfer a customer's bank account within 7 days of a request to do so. Research from YouGov suggests that up to 14 million people may be more likely to move once the new rules come in.

The new service from the Post Office looks set to be welcomed by consumers. Tracy Elwin from Hunstanton said:

“A simple account with a debit card would be great! I asked about an account with them before, but until now they didn’t have what I needed.

“I didn’t want anything fancy or complicated. I’m a stay at home mum who is not earning, so I don’t want to be sold a credit card, a loan, or anything else.

“My local bank branch doesn’t open until 9:30 and is closed on Saturday, so it’s not always as convenient as I need it to be. Hopefully the Post Office will be different.”