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Loan Protection: Post-Office bank plan scrapped

The government has opted against setting up a state-backed Post Office Bank as it would be too expensive.

Ministers have claimed that they were keen to set up the bank in the future but that now would "not be the right time" to do so.

"Setting up and capitalising a new bank would be time-consuming and extremely expensive. At a time when the public finances are under huge strain ... funding is better spent modernising and maintaining the network," said the Business Department.

However, Postal Affairs minister Ed Davey has confirmed today (9th November) that an agreement has been reached by the Royal Bank of Scotland and the Post Office to allow its customers the chance to access their current and business accounts at Post Office branches.

Currently, around 60 per cent of all current account holders can bank at the post office but this figure will increase to around 80 per cent following the agreement.

Posted by Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers ADNFCR-2776-ID-800226257-ADNFCR

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