Post Office will keep its ties with Ireland
Despite calls from Liberal Democrats, organisation to continue to use Bank Of Ireland with guarantee from Irish government.
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Post Office’s Ireland does not have UK protection
The Post Office has written to 500,000 account holders telling them their money is no longer covered by the UK savings protection scheme. Instead, they will have to put their trust in the Irish version.
Read MoreThe Post Office and Bank of Ireland in talks over new deposit account
The Post Office is in talks with the Bank of Ireland to offer a current account that would give customers an unlimited guarantee on deposits
Read More1000th fee-free ATM for Post Office UK
The Post Office has installed its 1000th free-to-use automated teller machine (ATM) at a Rotherham Post Office branch further cementing its commitment to be a universal provider of free cash access for its customers.
Customers have already withdrawn GBP 1.2 billion from Post Office fee-free ATMs across the UK this year in 20 million transactions and have potentially saved up to a huge GBP 21million in fees levied by charging ATMs.
The new ATM was installed in Thurnscoe East Post Office in Rotherham.
The Post Office and its financial services partner, Bank of Ireland, are committed to rolling out more free-to-use ATMs across the branch network. At the same time the Post Office is withdrawing from its involvement with third party fee-charging ATM suppliers.
Ian Sadler, head of banking & payments, Post Office Ltd, said: “It’s great news that customers of 1000 UK Post Office branches can now benefit from free access to their money using cash machines. This complements the free cash access service for 19 banks and building societies we offer over the counter at all UK Post Office branches.”
“More than one million free cash withdrawals are made every day at the Post Office, making us the largest, free-to-use cash network in the UK.”
Mr Surti, subpostmaster at Thurnscoe East branch, said he has seen a dramatic rise in the number of people visiting the branch because of his new cash machine.
ATM transactions have increased from 105-140 per week to 1600-1700 per week as a result of the new ATM.
Read MorePost Office UK Ltd to sell mortgages
The Post Office today announced that it is to start selling mortgages.
A range of home loans backed by Bristol & West, the Bank of Ireland’s UK lending arm, will initially go on offer at post office branches in the North East from this week, before being rolled out across the UK.
The move comes as dozens of mainstream mortgage lenders are scaling back their mortgage business to reduce risk in the wake of the global credit crunch.
The Post Office, which claims to be the fastest growing financial services provider in the UK with more than one million savings, loan, insurance and credit card customers, hopes to capitalise on the complexity of existing deals offered on the high street by offering simpler loans without hidden charges, but said that it would apply strict lending criteria to the three loans in its new range that will exclude some borrowers.
It will offer one standard three-year fixed rate loan of 6.09 per cent up to 95 per cent of the property’s value, a 6.35 per cent buy-to-let mortgage up to 85 per cent and a self-certification loan for self-employed borrowers of 6.44 per cent on up to 90 per cent. All of the loans come with an arrangement fee of GBP 399.
Brokers welcomed increased competition from the Post Office’s new venture, but said that the loans were not the most competitive on the market.
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