Sunday, 6 November 2011

Yet another blow to the Post Office network

NSI (the former National Savings) is closing its Easy Access savings account. No new accounts may be opened from the end of this month, and it will operate for existing users only until 27th July next year.

Its interest rate may be minuscule, and certainly does not keep pace with inflation, but having access to ones money over the counter at post offices can be a virtual life-saver in areas where there are few bank branches and not many more ATMs. Bank branches are still closing but, thanks to Liberal Democrats in government, there will be no local post office closures during this parliament. A paranoid might suspect clearing bank pressure as being behind NSI's move.

No comments: