January 27 ,2017 | by Erin O’Neill

Small businesses to benefit from new banking scheme

Over 40 banks and building societies in the UK have signed a deal with the Post Office to provide personal customers and small businesses with easier access to banking services.

The new scheme will benefit 99 per cent of personal banking customers and over 75 per cent of business customers in the UK by providing a more simplified service.

Access

The personal and business customers of nearly all banks in the UK will be able to access services for longer as the Post Office extends its opening hours and keeps 4,000 branches open on Sundays.

Customers will be able to make cash withdrawals, bank balance enquiries and cheque deposits.

The banks and building societies involved include Lloyds Bank, Nationwide Building Society, HSBC, NatWest Bank, Halifax, Santander, Barclays Bank, Metro Bank, Virgin Money and Royal Bank of Scotland.

Benefits

Business Minister Margot James said:“Millions of consumers and small businesses across the UK will now benefit from unrivalled access to banking services, including on Sundays, thanks to the Post Office.”

She added that it is the largest expansion in branch banking services in a generation, and she is happy that the network can offer its services to such a great number of customers.

Erin O’Neill

Erin O’Neill is an LSBF News Writer who reports on small business, careers, technology and education news.

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