Consumers could start shunning post offices

A recently released report has suggested that consumers are going to start shunning post offices and the services that they offer, adding that the whole post office service could ‘go the way of Woolworths’. The report raises concerns that the Post Office Service is offering poor products, poor service, and poor accessibility due to branch closures, and that this will lead to more and more people shunning the post office altogether sending what has become a national institution the same way as Woolworths. Read more

Tags: Consumer Focus, United States Postal Service, post office, Woolworth, David Cooper

Increased safety for money of Post Office savers

As a result of changes to the Irish banking system some savers in the UK, including those with Post Office savings accounts, will see their savings guarantee almost double compared to that of savers with other financial institutions. Post Office savers will be offered a safety net of up to almost £80,000 on their savings. Also included will be savers that have money with UK branches of Irish banks, such as Anglo-Irish Bank and the Bank of Ireland. Read more

Tags: Alistair Darling, post, meantime, post office, chancellor of the exchequer, savings, Anglo

Savers worry about where to put their cash

The world of finance has been thrown into complete turmoil over the past year, not just for borrowers and lenders but also for those looking for a safe place to stash their hard earned cash. It seems that until around this time last year we all had a pretty good idea of where we wanted to put our cash in order to make it work for us, but since the chaotic situation with Northern Rock threw the banking world into turmoil many of us have no idea what to do with our savings, and seems to be running from one bank to another clutching our precious cash in the hope that we will finally find a safe resting place for it. Read more

Tags: hbos, icesave, northern rock, lloyds tsb, post office, savings

Many savers could move their money into Irish banks and Post Office

Following a change in the Irish banking industry it seems that many consumers in the UK could be looking at shifting their savings into UK branches of Irish banks or into the Post Office in order to increase the security of their heard earned money. Earlier this month the Irish government changed regulations so that all of its banks offered a 100% guarantee on all savings. The Post Office savings account is run by the Bank of Ireland, so this too will benefit from the increased safety net. Read more

Tags: Brewin, pressure, underwritten banks, Brewin Dolphin, bank of ireland, irish government, post office

Good news for those with Post Office savings accounts

Many people in the UK have Post Office savings accounts, with many preferring these accounts because they are part of a trusted name. According to recent reports those with Post Office savings accounts will now be able to enjoy greater peace of mind than ever, and this is as a result of changes to the banking system in Ireland. Read more

Tags: result, consumers, savings accounts, savings, post office, peace of mind, News, greater safety net

Richest and poorest Brits hit by credit crunch

People at extreme ends of the wealth scale are being affected the most by the current economic turmoil, according to MGM Advantage.

The richest and poorest people in the UK are feeling the pinch from the credit crunch the most, the retirement income specialist has said.

According to research commissioned by the company, 20 per cent of people who are in debt and 25 per cent of those who have assets worth more than £1 million prefer to stash their cash at home rather than putting it in a savings account.

In the survey of more than 3,000 people round the country, it was found that women tend to be more likely to put their hard-earned cash in a savings account than men – 60 per cent of women said they used savings accounts compared to 48 per cent of men.

The Post Office recently reported that people who leave their money in accounts that pay a low level of interest are losing a total of about £8 billion every year.

Tags: uk, money, cent, GBP, post office, post, credit crunch, poorest people

Prepaid currency cards “more competitive” than credit cards

Holidaymakers are likely to favour prepaid currency cards over traditional travellers’ cheques, according to industry experts.

The currency cards are on offer from the Post Office, Barclay’s and Lloyds TSB and allow travellers to withdraw cash abroad. Travellers load the currency they need on to the card before setting off on their holiday.

Moneysupermarket.com explains that currency cards have the edge on credit cards because there are no fees for transactions. They can also be used by individuals who have difficulties acquiring credit.

Steve Willey, of Moneysupermarket.com, said: “In terms of their use, effectively they’re a traveller’s cheque replacement.

“Once people have got comfortable with the concept and realise that there are savings to be made, then I think this will become just ‘the way to do things’.”

Travellers are also protected against fraud because the card is frozen if it is stolen and the balance and card holder’s details remain protected.

Last year statistics from APACs revealed an increase of 77 per cent of fraud associated with cards stolen abroad.

Tags: way, favour, traditional travellers, post office, statistics

Online shoppers one step ahead in the Christmas sales

An estimated 60 per cent of consumers used the internet on Christmas day to pre-empt the festive sales, say industry experts.

According to a survey of over 2,000 shoppers, the Post Office said that one in five of festive online users would make a purchase over the internet.

Post Office Broadband manager Stewart Fox-Mills, said: “Whereas families traditionally fought over the TV remote control on Christmas Day, the growing popularity of computers and the internet means more people will be fighting over the mouse this year.”

Marks & Spencers launched its online sale at midnight on Christmas day and reported busy trading into the early morning.

The retailers reported particularly busy trading between midnight and 1am.

Meanwhile, shoppers are still expected in the shops in the traditional post-Christmas sales.

Industry experts are expecting some retailers to offer discounts of up to 70 per cent in an attempt to make up the slow build-up to the festive period.

Tags: online sale, step, Fox, day, post office

Holidaymakers take care of cash

Almost half of British tourists fear for the safety of their holiday cash and are prepared to go to any lengths to protect it, new research has found.

In a run-up to the Easter break, 45 per cent of people questioned in a survey for Lloyds TSB Money Card said they feared their holiday money would go astray, with 16 per cent even prepared to wear a bum bag to avoid having their cash stolen.

Of the 1,000 people questioned, a further 19 per cent said they hid their money in secret pockets of bags while soaking up the sun, while 23 per cent admitted to stashing cash away under their clothes to keep it safe.

In addition, 22 per cent said they spread their foreign currency across different places on their person in a bid to thwart pickpockets.

Despite fears about losing their money, over a third (36 per cent) of holidaymakers said they took between £400 and £1,000 in cash away with them.

“In a bid to keep our cash safe it seems that we are willing to go to embarrassing fashion extremes but, in this day and age, taking huge amounts of cash abroad just isn’t necessary,” said Jatin Patel, head of foreign transactions at Lloyds TSB.

The bank has just launched a new Visa-style money card which can be topped up with euros or dollars by travellers as they need it.

Meanwhile, research published by the Post Office this week shows that the pound is stretching further abroad this year.

Poland, the Czech Republic, Thailand and Hungary were found to be the only nations out of a total of 16 countries to offer poorer exchange rates to Britons than at the same time last year.

Tags: post office, card, run-up, Hungary, Lloyds TSB.The bank, holidaymakers, czech republic, foreign currency

Post Office wants end to aggressive PPI tactics

The Post Office is calling for aggressive payment protection insurance (PPI) sales tactics to be stamped out.

It follows the news that credit card company Capital One has agreed to pay a fine of £175,000 following an investigation by the Financial Services Authority (FSA).

The firm was lambasted for its poor sales and administration in regards to PPI and the Post Office has welcomed the FSA’s decision to issue a fine.

However, it also calls upon the industry as a whole to improve its standards or risk losing the trust of customers.

“If we want customers to trust our industry, these aggressive sales tactics must cease to allow for a more transparent and fairer marketplace,” said Claire Oldstein, head of communications at the Post Office.

“The Post Office has long been calling for an open market for PPI sales, where providers are honest with customers that other, cheaper standalone products are available.”

Ms Oldstein also pointed out that few customers know a great deal about PPI, with many unaware that they even have it.

In addition, aggressive sales tactics are leading to many people feeling as though they have no choice but to take out a PPI policy when they get a loan or credit card, even though this is most certainly not the case.

PPI is a voluntary insurance which is designed to protect borrowers should they be unable to work and cannot afford the repayments on their loan.

Many borrowers find that it gives them peace of mind, but it is recommended that you shop around for the best deal and do not feel as though you must take the policy offered by your lender.

Tags: capital one, mortgage, credit, post office, administration