POST OF­FICE OR BANK?

YOURS (UK) - - Good To Know -

The Depart­ment for Work and Pen­sions (DWP) has been crit­i­cised for telling pen­sion­ers who get their State Pen­sion paid into a Post Of­fice card ac­count that they need to open a bank ac­count for their pen­sion pay­ments in­stead.

It can’t force you to do this, but card ac­counts may not be avail­able af­ter 2021 be­cause the Post Of­fice’s con­tract with the govern­ment will be re­viewed.

The main banks are obliged to of­fer a fee-free ba­sic bank ac­count. It doesn’t let you go into the red, but does let you set up things such as Direct Deb­its (which the Post Of­fice ac­count doesn’t). You can also take cash out from most bank ac­counts at Post Of­fice branches.

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