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Post Office banking for the vulnerable

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by David Masters
Post Office banking for the vulnerable

The Post Office is set to launch a new range of banking services aimed at people on low incomes.

The plans the revamp the institution, backed by £180 million government funding, will help to ensure the future of the group’s 11,500 branches.

New accounts will include a “weekly budgeting account”, designed to help people on low incomes save money by paying their bills using direct debit.

Paying bills by direct debit can result in discounts of up to £100 per year.

Also to be launched is a children’s savings account, and a Post Office mortgage targeted at first time buyers.

Pat McFadden, business minister, said: “The Post Office can provide a range of good value, simple financial products for everyone.

“These are the clear messages that people have given us and we are acting on them – a major step towards making the Post Office a sustainable neighbourhood banking service.”

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News posted: March 31, 2010

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