Press release -
Post Office extends financial services partnership with Bank of Ireland with flexibility to strike new deals with other financial providers
Post Office is today announcing it has extended its financial services partnership with the Bank of Ireland UK.
Post Office and the Bank of Ireland UK will continue to provide a wide range of Savings products online and in-branch including Easy Access Cash ISAs, Junior ISAs, Instant Saver accounts and Growth Bonds. Post Office’s extensive branch network ensures customers who can’t, or prefer not to, go online can continue to access savings products on the High Street.
The Post Office’s new financial services partnership with the Bank is focused on savings and will also enable the Post Office to strike new deals in the future with other financial providers, particularly with regards to personal loans.
The Bank of Ireland and Post Office will no longer provide unsecured personal loan products and mortgages under the Post Office brand. Existing Post Office branded mortgage and personal loan customers are unaffected.
The Post Office’s 50/50 foreign exchange joint venture with the Bank of Ireland continues under the same terms and remains the largest provider of consumer foreign exchange in the UK.
Nick Read, Post Office Chief Executive, said:
“I’m pleased that Post Office continues to provide a range of competitive savings products to hundreds of thousands of customers either online or crucially in-branch. Whilst bank branch closures continue, Post Office remains one of the few places where a customer who can’t or prefers not to go online can access in-person a range of savings products.”
“Our renewed partnership with the Bank of Ireland also gives us flexibility to strike new deals with other financial services providers to bring new products and services to market. Being able to offer personal loans with a provider that understands our long history and the pivotal role we play in communities and for a broad range of customers of all ages and backgrounds is important to us.”
Fenchurch Advisory Partners LLP acted as Post Office’s financial adviser for the partnership extension.
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About the Post Office
- With over 11,500 branches, Post Office has the biggest retail network in the UK, with more branches than all the banks and building societies combined.
- Post Office is helping anyone who wants cash to get it whichever way is most convenient. Partnership with over 30 banks, building societies and credit unions means that 99% of UK bank customers can access their accounts at their Post Office.
- Cash withdrawals, deposits and balance enquiries can be made securely and conveniently over the counter at any Post Office; and the biggest investment by any organisation or company in the last decade is being made to safeguard 1,400 free-to-use ATMs across the UK.
- Post Office is simplifying its proposition for Postmasters with a focus on its cash and banking; mails and parcels; foreign exchange; and; bill payments services.
- Research has found that visits to the Post Office help drive another 400 million visitors to other shops, restaurants and local businesses equating to an estimated £1.1 billion in additional revenue for High Street businesses.
- 99.7% of the population live within three miles of a Post Office; and 4,000 branches are open seven days a week.
