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Banking on your local Post Office

Posted by Martin Kearsley, Banking Services Director at the Post Office

As the country’s largest small business retail network with 11,500 branches across the UK and as a driver of local economic activity, Post Office is uniquely positioned as a true local partner to small business.

As more and more banks close their doors, the Post Office is providing vital access to banking services to local businesses and customers throughout the UK.

Through the Banking Framework Agreement (January 2017) 95% of small business banking customers can now access their usual High St bank account for everyday cash banking services at their local Post Office branch. In total, last year the Post Office carried out 125 million banking transactions, that is around half a million banking transactions every single day.

With business cash deposits ranking as Post Office’s fastest growing area for banking services (up by 25%) – it is clear many local businesses now value the services their local Post Office offer, over half of SMEs deposit cash with their Post Office once a week or more. With thousands of Post Offices open for longer from early in the morning until later in the evening, and 4000 open seven days a week, cash banking can be done after a full day’s work in the SME’s own business – without the need to close early ‘to get to the bank’, increasingly in the next village or town.

Further growth in the number of customers accessing banking services through Post Office branches is expected, as work with UK banks and Government to raise awareness of the services available to customers who require face-to-face branch services continues.

Banking services - What can the Post Office provide?

Withdrawals - customers can withdraw any amount up to their bank’s daily ATM limit, though banks may vary this limit if customers give notice. With its large network, which includes ATMs, Post Office offer the UK’s largest fee free cash withdrawal network – larger than all the bank branches combined.

Deposits - All branches can accept deposits up to £2,000 per transaction - this covers 90% of the deposits received. Larger branches can take £20,000 and special arrangements can be made for even larger transactions where required.

Change – all branches can supply pre-ordered change on a regular or ad hoc basis. This can include any combination of notes and coin, ideal for opening float, temporary workers pay, and till change.

Cheques and balance enquiries - there are no limits for these transactions, though cheques may take one extra day to clear.

Services are provided for virtually all banks -including HSBC, First Direct, Lloyds Bank, Halifax, Santander, Smile, Royal Bank of Scotland, Bank of Scotland, NatWest, Bank of Ireland, Nationwide, TSB, Barclays, Danske Bank, Ulster Bank, Allied Irish Bank, Virgin money, Co-op Bank, Metrobank, Handelsbanken, Clydesdale Bank, APS, ThinkMoney, First Trust Bank, Yorkshire Bank and CAF.

Martin Kearsley, Banking Services Director at the Post Office, said: “With a trusted network of 11,500 branches, with almost 93% of people within a mile of their local post office, and around 99% living within three miles we are uniquely placed to bring vital services to small businesses right across the country. It’s a responsibility that we take very seriously, we know how important cash is to many small businesses, money that is available in a community stays in the community, so it remains the lifeblood of many businesses nationwide as you continue to serve your customers in your local economy. It's why we have secured continued access to almost every UK bank account through all of our branches, in partnership with the banking industry.”

“So whether there is still a bank nearby, or whether a community is struggling with limited access to a bank, we are right there to offer a range of every day banking services in all our Post Office branches. From cash and cheque deposits and withdrawals, to balance enquiries or change, we want to make life as easy as possible for our customers who use us every day nationwide.”

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