An Post readies revamp to its current account offering

An Post is readying the launch of a range of new features for its banking customers as it pulls back from its money back current account scheme.

The postal services provider, which offers a number of financial services products through its An Post Money arm, including credit cards, loans and current accounts, as well as being the agent for State Savings, says it is revamping its current account offering. It will be launching a number of new product features in the coming weeks.

A spokesman said the new features would help “customers and their families control their spending, save and generally make life a little easier for current account users”.

Money back account

An Post's current account offered money back on a host of providers such as Lidl, where you could get 5 per cent back on all transactions of €25 or above, or Sunway, where you got 5 per cent back on all holidays, as well as Supermac's, where customers got 5 per cent back on all transactions. The money back offer meant that shopping worth €120 a week with Lidl, for example, would earn you €24 back a month.

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However, the account has a steep monthly fee of €5, with additional charges such as 60 cent on every ATM withdrawal, which means a typical cost of about €8 a month according to Bonkers.ie. The account is one of the more expensive on the market – more so now that the money back offer is coming to an end.

The spokesman said the decision to end the scheme was taken as part of a review of its products. Customers will continue to earn money back until the end of this month. The final money back payments will be made at the end of May.

An Post is not the only current account provider to offer money back on payments, with both Permanent TSB and Bank of Ireland also operating different schemes.