Post Office current accounts
The Post Office is to offer current accounts in the UK. Initially they will be made available in a small number of branches, before a wider roll-out next year.
Current accounts 'key part' of Tesco Bank strategy
Tesco Bank are planning to follow the Post Office into the current account market in the future.
It has been widening its range of financial products with a push into the mortgage market last year, has also signalled its intention to enter the market after the new rules come in.
Changes to make it easier for people to switch current accounts are being introduced this September by the Payments Council.
They mean that incoming payments will automatically be redirected to the new account and the time it takes to fully change accounts will be cut from around 18 days to seven working days.
A spokesman for Tesco Bank said that launching a current account remains a "key part" of its strategy.
More top news
-
Joe Biden vows to fight racial inequality with economic agenda
The Democratic presidential candidate may also have shown his cards on his choice of running mate.
-
Trump reverts to promoting unproven drug as coronavirus treatment
The US president also shared a post on Twitter accusing Dr Anthony Fauci of misleading the public over hydroxychloroquine.
-
What the papers say – July 29
Fears over an impending second wave of coronavirus dominates Wednesday’s front pages.