Tag: Royal Mail

Post Office increases Instant Saver bonus rate

Posted by | Apr 8, 2008 | |

The Post Office today announces it is increasing the bonus rate on its Instant Saver account to 1.5 pct with immediate effect.

For a limited period, new customers applying for an Instant Saver account will receive 6 pct AER on balances of more than GBP 500. The introductory bonus is paid on deposits for 12 months from the date the account was opened, after which interest is earned at the standard rate – currently 4.5 pct.

Richard Norman, director of savings at the Post Office, said: “The savings market has changed dramatically in the last six months and in order for the Post Office to continue offering great value in an increasingly competitive market, we have decided to increase the bonus rate.

“This promotional offer will be reviewed on a monthly basis, to ensure that it continues to meet our customers’ expectations and keep us in line with the rest of the market.”

Post Office Instant Saver is available at all of the UK’s 14,000 Post Office branches, by telephone and online. Withdrawals can be made over the counter at branches and via 60,000 Link ATMs, offering unrivalled choice and convenience.

It also offer two unique guarantees – to pass on all base rate rises in full until January 2010 and to remain within 1.0 pct of the Bank of England base rate for the life of the account. Savers can make six free withdrawals a year with a flat fee of just GBP 1 for any future withdrawals.

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The price of posting standard first and second class letters in the UK has risen

Posted by | Apr 7, 2008 | |

For smaller items, first class stamps are now 38p instead of 36p and second class stamp now 27p instead of 24p. For larger items, first class has risen from 48p to 52p and second class from 40p to 42p.

Royal Mail says that stamped mail continues to run at a loss despite the increases – as much as GBP 178m in 2007. Royal Mail said that it is becoming increasingly difficult to maintain the subsidy on stamped mail whilst it was under so much pressure from competitors for business mail. Several key contracts have already been lost to rivals TNT Post.

Both Postwatch and Postcomm have said that it was essential that Royal Mail made greater efforts to be more efficient rather than rely on stamp prices to offset losses.

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Royal Mail raises stamp prices (UK)

Posted by | Apr 7, 2008 | |

The price of posting standard first and second class letters has risen.

A first class stamp for smaller items weighing up to 100g now costs 36p, up 2p. The cost of a second class stamp has gone up from 24p to 27p.

Consumer watchdog Postwatch criticised the increases, announced in December, after Royal Mail’s deliveries were hit by last year’s industrial action.

Despite the rises, Royal Mail estimates it will still lose 6p on every stamped letter and parcel it delivers.

Last year, Royal Mail lost GBP 178m on stamped mail.

It has also come under pressure from competitors in the more lucrative business mail market.

Some large companies have switched their business to firms they consider to be either cheaper or more efficient than Royal Mail.

But consumer group Postwatch said Royal Mail should “make greater strides to improve efficiency rather than making its customers pick up the bill for management failure”.

The cost of sending bigger letters has also risen. A large first class letter has gone up from 48p to 52p and a large second class letter up from 40p to 42p.

The cost of sending items by Special Delivery has increased, too. The fastest service has gone up by 95p to GBP 10.30 for items up to 100g.

The “Next Day” Special Delivery service has risen 30p to GBP 4.60.

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UK small businesses seek alternative mail service

Posted by | Apr 4, 2008 | |

UK SMEs are looking for an alternative to the postal service as concerns mount over the increased number of local post office closures forcing firms to use expensive courier companies.

A survey by the Federation of Small Businesses (FSB) revealed that 82 per cent of SMEs believe the closure of their local post office would have a significant impact on their business.

Simon Briault, an FSB representative, said: “Small businesses have limited options for an alternative postal service. The private services that are available have cherry picked the government and larger businesses because they do not make enough money from SMEs.”

The FSB recently called upon politicians to take every possible step to retain the network of post offices and launched a national campaign and petition called Keep Trade Local.

“A large number of SMEs rely on Royal Mail and their local post office, with 94 per cent of them using the service exclusively. Couriers are an alternative service and can be useful, but in rural areas businesses will really suffer,” added Briault.

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Postcomm welcomes reappointment of Commissioner Wanda Goldwag (UK)

Posted by | Apr 3, 2008 | |

Nigel Stapleton, Chairman of Postcomm today welcomed the Secretary of State for Business, Enterprise and Regulatory Reform John Hutton’s reappointment of Wanda Goldwag as Postcomm commissioner. Ms Goldwag has been reappointed for a further three years.

Ms Goldwag has more than 25 years’ experience in direct marketing, and started her career at Yves Rocher, the multi-national cosmetics company. Since then, she has held senior posts at Fidelity Investment Management, direct marketing agencies WWAV and Smith Bundy, Thorn EMI, Thomas Cook, and the British Airways-owned Air Miles loyalty scheme, where she was executive director.

Postcomm’s work is steered by its seven commissioners, who, between them, have many years’ experience of business, competition, consumer issues, regional matters, mail operations, trade union work, regulation and policy-making, as well as working with government.

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