The Post Office is about to introduce a new set of banking services especially for people who belong to low-income category.

The plans to reorganize the institution, supported by £180 million from government, are expected to ensure the future of the group’s 11,500 branches.

Future accounts will have a “weekly budgeting account”, created to help people with low earning capacity save money by paying their bills through direct debit.

It has been estimated that such a way of paying bills can bring about discounts of up to £100 per year.

In addition, there are plans to introduce children’s savings accounts, as well as a Post Office mortgage meant for first time buyers.

Business minister Pat McFadden commented that the Post Office had the power to provide a range of e financial products for every category of consumers. The plans to introduce services, which would be beneficial for people on low income is a great step towards turning the Post Office into a sustainable neighbourhood banking service.


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The cultural transformations that have made people accept life in debt have had a direct impact on the approach youngsters take to money matters, which could lead to negative consequences in the long run as many of the next generation would resort to IVAs to cope with serious financial issues.

When we put efforts into our work and get paid for this, we get an amazing feeling of satisfaction. Our hard hard work seems to have been remunerated financially. We go shopping and buy the items we need and the items we simply want.