After careful consideration and following a review by our Current Account provider Bank of Ireland UK, a decision has been made to no longer offer Post Office Money Current Accounts.
The Post Office Money Current Account is closed to new applications from today (11 March 2019). All existing customers will be asked to make arrangements to switch their account to a different provider or close their account no later than 11 September 2019.
Only a small number of branches sell our current account and we are speaking to these branches at the moment to support them and provide guidance for customers. Existing customers with specific questions or concerns about their account should contact the customer service team on 0800 917 2749.
The key points are that, from today, customers can no longer open a new Post Office Money Current Account, and we’ll be giving customers who already have an account with us plenty of support to help them switch to a new provider if they need to by the September deadline.
Bank of Ireland UK and Post Office will jointly be writing to all Post Office Money Current Account customers from today to advise them that they need to make arrangements to switch or close their account by 11 September. This gives them six months to switch to a new account provider, and we will help them do this as easily as possible. There is a vast amount of choice today and the Current Account Switch Guarantee means it’s really easy for customers to move their account.
Through our Banking Framework agreement with all the major UK banks, our branches offer personal banking customers and businesses alike access to everyday banking services.
It means most customers will still be able to use their Post Office branch to withdraw and deposit cash and cheques and check their balance after they move their Post Office Money Current Account to a different account provider.
Please be assured we are fully committed to our Financial Services products and strengthening our Financial Services business remains a cornerstone of our strategy and ambition for Post Office.
You can find a Q and A about this announcement for your information here in case you do get any questions from customers.