According to a research by Consumer Focus, nearly one million of the poorest people in the UK could be lifted out of financial exclusion if a new, simple-to-use bank account is launched by the Post Office, a wholly owned subsidiary of Royal Mail Group.

The statutory organisation that campaigns for a fair deal for consumers in England, Wales, Scotland, and Northern Ireland, has urged the government to introduce a tailored bank account product through the Post Office.

Consumer Focus has found that seven out of 10 of the financially excluded, those with no bank account or just a Post Office Card Account (POCA), said that a new, easy to use, convenient to access bank account would suit them better than their current arrangements.

72% said they would consider opening such an account if it was available at any of the Post Office’s 11,500 branches. 48% distrusted the high street banks to look after their money, with many reporting problems meeting banks’ identification rules when trying to open an account.

Consumer Focus said that, if all the financially excluded actually opened one, almost half of the 1.2 million people with a POCA and 360,000 of the 900,000 consumers with no account at all would be lifted out of financial exclusion.

Andy Burrows, postal expert at Consumer Focus, said: “Millions of consumers miss out on even the most basic banking services and face daily hardship as a result. Many on low incomes feel poorly served by the banks, but trust the Post Office.

“This is a golden opportunity for the Government to lift thousands out of financial exclusion. The Post Office network is well placed to offer, not just this targeted account, but a range of neighbourhood banking products with wider appeal.”

Consumer Focus is calling for the Post Office to introduce a similar product to the blueprint banking product designed in the consumer champion’s research³. The product should have functions not offered by the POCA, such as the ability to receive payments such as wages, universal ATM access and debit card capabilities.