New accounts ‘help eliminate exclusion’

Another 107,000 Post Office accessible accounts were opened in the three months to June this year, according to the British Bankers’ Association (BBA).

Such accounts offer basics banking services to those classed as financially excluded and who otherwise would not have the ability to use various services.

The figures also revealed that 21,000 such accounts were upgraded to provide more facilities, while there are now 3.5 million people with Post Office accessible accounts.

BBA director of statistics David Dooks remarked: “Nearly eight million basic-functionality accounts is a clear commitment to financial inclusion by banks and the second quarter of this year saw another 107,000 new accounts opened.”

The number of people in households without access to an account has more than halved since 2004, a development welcomed earlier this month by spokesperson for the Money Advice Trust Beccy Boden-Wilks.

She said that having an account can help save money, as transactions such as bill payments are often cheaper if done by direct debit or standing order.

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