Post Office Money plans price war to take ground from banks

 
Tim Wallace
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THE POST Office yesterday launched a new push to take ground from the big banks, announcing it wants to be a “leading financial services provider” by 2020.

It is rebranding its range of financial products as Post Office Money, in a bid to unify its brand, much of which is provided by Bank of Ireland.

The institution has 2,500 outlets which also open on Sundays, which it hopes will give it a high street presence to contrast with the big banks which are closing sites.

“Post Office Money will announce new and competitively rated products over the coming months,” the firm said, indicating it plans a price war with the banks.

It comes as Santander became the latest major lender to offer its services through Post Office branches.

The Post Office had traditionally been seen as a location for basic banking services, rather than a competitive offering. But the brand hopes to change that perception.

Its research suggests 30 per cent of Britons want a local high street presence when picking a financial provider, with 16 per cent speaking to someone at their bank at least once a month.

“Consumers want a choice about how they manage their money; at Post Office Money our customers have access to an unrivalled network as well as online and phone,” said director of financial services Nick Kennett.