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Bank claim: Post Office current account challenges banks

The Post Office will be laying down a challenge for Britain’s major banks as it plans to unveil a current account.

It promises to present a current account with “simplicity, transparency and good value for money,” according to director of financial services at the Post Office, Nick Kennett.

The government has been hoping to stimulate competition between banks in the UK. It says that major banks are not offering as good deals as they could due to the fact that so many consumers tend to look automatically towards the most major banks.

One of the ways it has done this is by saying that newer banks do not need to hold as much capital to trade, while it told major banks that they need to have £25 billion behind them. This is so that smaller banks will be more able to grow in prominence on the high street.

It is also making it easier for customers to switch current accounts, which could help Post Office to compete more easily with the major banks.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.ADNFCR-2776-ID-801569916-ADNFCR

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