GET SMART! An Post to launch Smart Current Account

15/06/2017

An Post to launch An Post Smart Current Account – a game-changing, new current account that pays the savvy shopper-MoneyBack option can save families an estimated €660 a year¹-

Dublin, Thursday, 15th June, 2017: An Post today announced its intention to launch An Post Smart Account, a new current account product where customers can make substantial savings on their annual household spend. The account will be available across its network of Post Offices later this year following a roll-out programme schedule which commenced this week at larger post offices nationwide.

A game-changer in the current account market, the Smart account will combine a MoneyBack feature, along with other innovative features such as the Smart Account Wallet, a household budgeting tool. Account holders will be provided with a Smart Account Debit Card in partnership with MasterCard® which is accepted across the full MasterCard® network internationally, along with access to online payments and a user-friendly Smart Account App where customers can manage their money.

The An Post Smart Current Account gives Irish consumers access to a current account backed by a trusted financial services provider with the largest nationwide branch network. Aiming to shake up the current account market, An Post Smart Account holders will be able to earn money back, along with other smart features such as saving ‘wallets’ to put money securely aside for future spending needs such as holidays, Christmas or other significant household spend, while managing the money within the same account.

The MoneyBack feature has been designed to maximise opportunities for savvy shoppers to earn money back by creating partnerships with businesses where a large portion of the household budget is spent – on groceries, clothing, sportswear, electricity, insurance, leisure and holidays. At launch stage nine partners including Lidl, SSE Airtricity, Intersport Elverys and Oxendales will participate, with more to be announced in the coming months. Current opportunities to earn MoneyBack are:

  • 5% back on all Lidl transactions of €25 and above
  • 10% back on total bill costs with SSE Airtricity MoneyBack
  • 5% back on all Post Insurance car and home insurance products
  • 8% back on in-store and online spend with Intersport Elverys
  • 5% back on all holidays with Sunway
  • 10% back on direct payments to Oxendales
  • 5% back on hotel bookings with GreatBreaks; book purchases online with Kennys.ie and garden furniture purchases with OutdoorLiving.ie

The An Post Smart Current Account will keep track of monies spent at participating retailers and will make a MoneyBack payment into users’ accounts the following month. There is no limit on how much account holders can earn, as long as consumers meet any minimum spend thresholds which apply. Users can check on their MoneyBack total at any time via the Smart Account App or online. The table below provides a worked example of how, through an average household spend, a family could save €660 annually.

How users can earn €55 a month with the An Post Smart Account¹

Retail Partner

Monthly Spend

% Money Back

Money Back into account

Lidl

€560

5%

€28

SSE Airtricity
(Energy & Energy Services)

€170

10%

€17

InterSport Elverys
(Leisure Wear)

€50

8%

€4

Oxendale (Clothing)

€40

10%

€4

Post Insurance

€40

5%

€2

Total Money Back earned in
sample month

€55

Total potential annualised savings

€660

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

To open an An Post Smart Current Account customers will need to be 16 years of age or older; reside in the Republic of Ireland; provide original documentation to verify proof of name and address; complete the application and bring it to a Post Office – a listing of ‘live’ Smart offices will be available at smartaccount.ie. A Smart Account Welcome Pack, including the Smart Account Debit Card will be delivered in 5-7 working days.

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. Other functions include contactless payments; credit transfers; direct debits; mobile App and online payments. Additional charges will apply for certain transactions – full details at smartaccount.ie

Speaking about the An Post Smart Account which will be made available to customers as it is introduced to branches over coming months, John Daly, Retail Operations Director of An Post said:

“The An Post Smart Account was built with consumers’ needs in mind by creating a simple concept which is easy to use and can generate significant savings through MoneyBack. Our partnerships have been selected carefully to help consumers maximise opportunities to generate savings by ensuring they include retailers in the major areas of household spend such as groceries, utilities, clothing and sportswear. 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. Roll-out has commenced in our branches and the product will be available nationwide over the coming months.”

Welcoming the planned launch of An Post’s Smart Account, consumer advocate John Lowe, The Money Doctor said:

“The new An Post Smart Account is a simple and transparent current account which allows shoppers to earn actual money back and not just points on a broad range of products and services that customers buy regularly. Having partnerships with retailers, for grocery, clothing and other household items along with utilities and leisure products means that account holders will be easily able to make considerable savings on their everyday household spend. 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. One particularly helpful feature for those budgeting that I like is the Smart Account Wallet which will allow the account holder to set aside money for special purchases but with the ease of having full transparency of all their funds within the one account.”

For further information on the An Post Smart Current Account and daily updates on Post Offices where the Smart Current Account is available, please visit smartaccount.ie

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