UK's Post Office extends banking services to RBS customers
A major UK banking group is to allow its customers to carry out basic services at their local post office from tomorrow (September 23). The Royal Bank of Scotland Group, which includes the banks Royal Bank of Scotland, NatWest and Ulster Bank, said yesterday that its current account holders will be able to make cash withdrawals and balance enquiries at any post office branch in the UK.
The Group currently has 19 million customers that could benefit from the new arrangement.
For the Post Office, it means potentially increasing foot flow in its 11,800 retail branches. For RBS Group, it means increasing the access to its banking services in areas where there is no local bank branch.
Around 99% of the UK population lives within three miles of a post office outlet, said Post Office Ltd.
The Post Office said it will not charge for the transactions, and that withdrawals would be possible up to customers’ daily individual limits.
The new arrangement with RBS Group came as government ministers have been urging banks to make more use of post office counters in areas where they do not have a branch.
Paula Vennells, managing director at Post Office Ltd, said: “This new partnership between the Post Office and RBS Group means that around 80 per cent of total UK debit cardholders can now benefit from the convenience of withdrawing their money – completely free – at any Post Office outlet nationwide.
“The Post Office is committed to achieving a position where current account holders of all UK banks can access their accounts at Post Office branches.”
HSBC and Santander remain the major banks that do not allow post office branches to provide basic banking services for their customers. Research published last month suggested 51% of British people find their local post office easier to get to than their local bank.
Since August last year, RBS Group has been in the process of selling off 318 of its RBS and NatWest branches to Santander in a move set to be completed this coming December.
The Group, which describes itself as having the second largest retail branch network among UK banks, currently has more than 1,900 branches in the UK.
Commenting on the link-up with the Post Office, RBS managing director of retail products Les Matheson said: “We welcome this move as it gives our customers another option to access their money through the Post Office network.”
