Publish Workplace to offer you existing accounts in 110 branches
Exclusive: The Post Workplace is extending its existing accounts to much more than one hundred branches as it aims to get on the large street banks 
Photograph: ALAMY
The Submit Workplace will provide recent accounts in much more than a hundred branches from this month as it aims to consider on the large street banking institutions.
Buyers will be in a position to open a recent account in 81 branches across the East Midlands and the east of England from January 20, in areas including Stevenage, Harrow and Acocks Green, following a successful pilot scheme in 29 branches in East Anglia.
John Willcock, head of current accounts at the Submit Office, told The Agencieshe hoped to have 2,000 branches nationwide offering current accounts by the finish of the 12 months, with customers able to use each branch to transact.
The Publish Office has a network of far more than eleven,500 branches, far more than all the banking institutions combined.
Tesco Financial institution and Virgin Funds are also getting ready to offer you recent accounts, creating it an more and more aggressive marketplace.
The Submit Office mentioned its move to add existing accounts – a important issue in attracting clients – would turn it into a serious challenger to the significant banking institutions.
It previously delivers savings accounts, insurance coverage and foreign currency exchange.
Mr Willcock said: “The ease of our regional branch network is critical to consumers. We feel we’ve acquired massive possible to challenge the higher street banks.”
The Post Office gives 3 present accounts, in partnership with Financial institution of Ireland. A fee-free regular account can be opened with £100 and comes with a debit card, even though a packaged account with European travel insurance coverage up to the age of 70 and car breakdown cover charges £8 a month. Both accounts have a competitive fee for overdrafts at 14.9pc EAR. There is also a management account to help individuals keep away from bank costs for missed payments, but it has a £5 monthly fee.
Virgin Income will launch its solution in the first half of this year, with a pilot in Scotland before a wider rollout. Their recent account will be a charge-cost-free simple financial institution account that has a debit card but no overdraft facility.
A Virgin Money spokesman mentioned: “This is our initial critical phase in establishing Virgin Money’s current account range. We will be launching more recent accounts in 2014 and beyond.”
Tesco Bank will also provide a existing account inside of 6 months, having employed 300 personnel in Glasgow and Edinburgh to support the launch.
There are handful of particulars at present but Tesco is likely to target its 16m loyalty Clubcard consumers. A mortgage loan item launched in August 2012 offers Clubcard factors.
Since September, buyers have been in a position to move banking institutions inside of seven operating days, with a promise that all their direct debits and standing orders are instantly transferred.
Andrew Hagger of economic internet site moneycomms said: “Banks and constructing societies will require to up their game if they don’t want to lose market share to their rivals and new challengers.”
He explained: “There is not one particular financial institution account that operates out as the best deal for all buyers it is far more about weighing up the person aspects of an account that mirrors the way you manage your day to day finances.”
The best accounts for overdrafts are at present Initial Direct and Metro Bank. 1st Direct offers £250 cost-free of overdraft interest and costs 15.9pc EAR thereafter, while Metro Financial institution charges 15pc EAR .
Santander 123 Recent account expenses £2 per month but buyers earn cashback on household payments and credit curiosity of up to 3pc, greater than several financial savings accounts. Nationwide Constructing Society pays 5pc credit interest on balances up to £2,500 with its FlexDirect account .