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Mandelson says Post Office should become 'people's' bank

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Lord Mandelson, the business secretary, last week proposed turning the Post Office into a “people’s bank”, adding current accounts and debit cards to the credit cards, mortgages and savings accounts offered by its 12,000 branches. Its products are backed by the Bank of Ireland and deposits covered by the Irish government, not by the UK Financial Services Compensation Scheme. Its short-term fixed-rate savings account is one of the market leaders at 3.7% for one year on a minimum of £500 — second only to State Bank of India at 3.75%.The Post Office cut its mortgage rates by up to 1.3 percentage points last week — its best two-year fix is 3.89% with a £559 fee (40% deposit needed). First Direct’s top deal is 3.64% with a £498 fee (35% deposit).

 

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Mandelson says Post Office should become 'people's' bank - Times Online


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He fails to mention however that as more & more Post Offices are closed down that people would be unable to pay money in etc unless they are prepared to wait in a very long queue at a PO sometimes a long distance from home :-|

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The last thing i want to hear about in the same sentence is 'Mandleson' and 'Banks'.

 

He's the business secretary, he should be trying to create more bleeding jobs. Speaking of which, did anyone see him on BBC News last week talking about the steel industry in Teeside?

 

Creepy.

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