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Post Office Card Account

Volume 447: debated on Monday 12 June 2006

To ask the Secretary of State for Work and Pensions if he will make it his policy to retain the Post Office card account beyond 2010 as an option for those who wish to continue using it; and if he will make a statement. (63316)

No.

The Post Office card account will be funded by the Government until 2010 as always planned. Every customer who currently collects their benefits from the Post Office will still be able to do so if they wish—around 25 different bank accounts can be accessed at Post Office branches now, and we hope that there could be more in the future.

We are working with Post Office Ltd. to develop a joint strategy to move customers from the Post Office card account with the best interests of our joint customers in mind. Post Office Ltd. has already introduced one new savings account, and is developing other savings and banking products, which are likely to be more attractive to many of their customers than the current Post Office card account.