You are here: Home - Saving & Banking - News -

Post Office launches £100 incentive to switch current account

0
Written by:
19/02/2014
The Post Office is offering £100 to customers who switch to one of its three current accounts.

It follows hot on the heels of The Co-operative Bank and Nationwide, which both launched ‘golden hello’ incentives earlier this month.

The Post Office entered the current account market in May 2013 with three products including an ‘inclusive’ offering designed specifically for lower income customers.

The wave of offers follow the introduction of new seven day current account switching rules last autumn, which make switching providers quicker and easier.

Charlotte Nunes of uSwitch.com said the offer shows the Post Office wants to be a serious player in the current account market.

“The Big Four – Barclays, HSBC, Lloyds and RBS – have so far retained the lion’s share of the current account market thanks to their hefty advertising budgets,” she said.

“It’s high time that new players like the Post Office stepped up to win customers. It would be good to see other contenders such as TSB, Tesco and Metro Bank follow suit. Consumers have everything to gain by switching their current account with these cash incentives on offer, as well as interest rates of up to 5%. Plus, the Post Office is a brand consumers know and trust.”

However, Kevin Mountford, head of banking at MoneySupermarket, warned current account consumers not to be seduced by ‘golden hello’ incentives.

“If the product is right for you, then by all means take out the account. But look beyond the marketing message. These incentives prove that the industry is hungry for our business so consumers should look for accounts offering the best value for money,” he said.

The Post Office current accounts are now available in more than 100 branches after its pilot scheme was extended to include 81 more branches across the East Midlands and the east of England in January.

The Post Office has a network of more than 11,500 branches, more than all the banks combined. It hopes to offer current account in all branches by the end of this year.

 

Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Damp tops list of biggest housebuyer turn-offs

Damp stains and poor maintenance have topped the list of house-hunters' biggest turn-offs, a new study has revealed.

Close