Peoples' Bank plans 'good for Post Office'

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Peoples' Bank plans 'good for Post Office'

Wed 2nd Dec 2009

Plans to turn the Post Office into 'Peoples' Bank', which could provide good-quality products for low-income families, have been welcomed by moneysupermarket.com.

The announcement made by the government to offer products with good value to those with little income will help people who have been hit hard by the financial crisis, according to the price comparison site.

Kevin Mountford, head of banking at moneysupermarket.com, said that the Post Office, via its provider the Bank of Ireland, already offers savings and mortgage deals at competitive rates, so a move into current accounts seems like the next natural move.

He added: "The proposal for a weekly budgeting account is a fantastic idea, we welcome any move in which providers aim to help their customers manage their finances better."

Business secretary Lord Mandelson said that the Post Office is a trusted brand among consumers and ideally placed to provide financial services. In addition, expanding the services it provides will guarantee a future for the institution.

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