Post Office attracts £3 billion in savings

Post Office Financial Services has attracted over £3 billion in savings deposits and has won half a million car insurance customers, strengthening its position as one of the fastest growing financial services providers in the UK.

The success of Post Office’s instant access savings account - Instant Saver - is largely due to the consistently good rate it offers customers (currently 5.75 per cent). And a guarantee to remain within one per cent of the base rate for the life of the account - one of the best deals available on the high street.

Post Office managing director Alan Cook said: “The Post Office is one of the UK’s most trusted brands, and in the current financial climate consumers are looking for financial products that give them a good deal with no hidden catches.”

This week Post Office also reached significant motor insurance milestones. Post Office Car Insurance policies now exceed half a million and Post Office Van Insurance has achieved more than 12,000 sales in less than a year.

Post Office Car Insurance offers drivers great value cover through a panel of insurers to search for the best deal. This, along with offers of £50 cash back or one month free, has resulted in more than 500,000 policies for the Post Office since launch in July 2004.

Post Office Van Insurance - which is aimed at small business owners - is also booming, hitting over 12,000 sales in just under a year, taking it well on the way to having the biggest market share for this product.

Post Office Financial Services is a joint venture between the Post Office and Bank of Ireland, which has strived to offer customers great value with fair and easy to understand products.

Alan continued: “Our aim at launch was to become a major player in the financial services industry and signify how the Post Office is changing. Just under four years on – and with almost 1.4 million customers - we’re one of the fastest growing financial services providers in the UK, and on track to achieve our goals.”

All products are available by telephone or online and information is available at around 14,000 Post Office branches across the UK – one of the largest retail networks in Europe.

For further information, visit postoffice.co.uk.