Friday 19 January 2018

The new Smart Account from An Post is set to shake up Irish current account market

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Louise Kelly

Louise Kelly

An Post is launching a new current account that will be available across its network nationwide later this year.

The Smart Account combines a number of features geared towards helping customers make substantial savings annually.

These include a MoneyBack feature, a collaboration between An Post and business; the Smart Account Wallet, a household budgeting tool, and the Smart Account App where customers can manage their money. 

The new product is likely to act as a disruptor to the Irish current account market.

"It’s a smart product for smart consumers and with our nationwide reach and track record in providing financial services, we anticipate significant interest from our customers," John Daly, Retail Operations Director of An Post said.

"Roll-out has commenced in our branches and the product will be available nationwide over the coming months."

Already, nine partners including Lidl; SSE Airtricity; Intersport Elverys; and Oxendales are in partnership with An Post to help consumers gain savings on groceries, clothing, sportswear, electricity, insurance, leisure and holidays.

Monies spent at participating retailers will be tracked by the Smart Account with MoneyBack payments being paid into users’ accounts the following month. 

Customers will be able to lodge, withdraw or check a balance at the Post Office once the new account is introduced to branches - and the Smart Account Debit Card can be used at any ATM, online or at any retailer worldwide, wherever the Mastercard acceptance sign is displayed.

Account holders will be also provided with a Smart Account Debit Card which is accepted across the full MasterCard network internationally.

"The functionality of the product with free Point-of-Sale transactions in the Euro Zone, access to a Smart Money Mobile App, and contactless payments at retailers provides the key account features that customers expect from a current account," consumer advocate John Lowe, The Money Doctor said.

There is no limit on how much account holders can earn, as long as consumers meet any minimum spend thresholds which apply.

The new account has a monthly maintenance charge of €5.00 which includes unlimited point of sale transactions at retailers and online within the Euro Zone and one weekly cash withdrawal at a Post Office.

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