In response to the Post Office announcing it is to enter the current account market, Which? executive director, Richard Lloyd, said:
“It’s good to see more choice in banking on the high street and the Post Office must now show they can deliver a genuinely consumer-friendly alternative to the dominant big five banks. If they offer widely accessible, competitive products and good customer service, the Post Office could become a force for change in retail banking.
“People will welcome the commitment to providing straight-forward bank accounts without hidden charges. But while ‘free banking’ has always been a myth, anyone thinking about paying for a packaged account with insurance included should carefully consider whether it does represent good value for money for them. The monthly charge for the new basic bank account might put off people who need this service the most and the Post Office should think again if they find evidence of this.”