Austria In
Austria, the Österreichische Post used to own the
Österreichische Postsparkasse (P.S.K.). This financial institute was bought and merged by the
BAWAG in 2005. In April 2020, Österreichische Post launched a new postal bank, .
Brazil Brazil instituted a postal banking system in 2002, where the national postal service (
ECT) formed a partnership with the largest private bank in the country (
Bradesco) to provide financial services at post offices. The current partnership is with
Bank of Brazil. Today the bank is in a semi-defunct state since 2019, after a decree from the government shut down the branch.
Bulgaria In
Bulgaria, the postal banking system was a subsidiary of
Bulgarian Posts until 1991, when
Bulgarian Postbank was created. In the years that followed, Bulgarian Postbank was privatized and the relationship between post offices and bank offices became weaker. Postal banking services ceased to be available in post offices in 2011.
Canada Canada Post offered banking services via its Post Office Savings Bank, created by the Post Office Act in April 1868, less than a year following the nation's confederation. A century later, the Post Office Savings Bank was shut down in 1968–69. Since at least the early 2010s, postal banking has been discussed and studied periodically, with postal unions backing the idea. In October 2022, Canada Post dipped its toe into the possibility of rolling out postal banking services by offering small personal loans between $1,000-$30,000 in partnership with TD Bank, but no chequing or savings accounts. Less than a month later, in November 2022, the loan program discontinued any new applications. In 2024, Canada Post confirmed it has partnered with
KOHO Financial to bring back postal banking by offering chequing and savings accounts; with a range of different accounts, including a basic no-fee account as well as accounts with fees. The date of public nationwide access to these banking services is planned for 2025. inability to get a bank loan for a business, inability to build credit, great difficulty running a business, inability to deposit or cash cheques, or inability to cash cheques for more than a limited amount at retailers (if there's any retailers cashing cheques in their community) along with cheque cashing fees, or cash larger cheques at extremely high-fee
payday lenders. The number of bank branches in Canada have been steadily on the decline, from 6,350 in 2014 to 5,783 in 2020; as have credit union branches, from 3,603 in 2002 to 2,336 in 2022. Of the 2,620 small towns and rural communities with post offices in Canada, 1,178 (45%) did not have any bank branches; in over 700 indigenous communities in Canada, over 90% did not have any bank or credit union branches. In 2020, 40% of transactions under $15 were conducted with cash.
China In the
People's Republic of China, the
Postal Savings Bank of China (
:zh:中国邮政储蓄银行) was split from
China Post in 2007 and established as a state-owned limited company. It continues to provide banking services at post offices and, at the same time, some separated branches.
Finland In
Finland,
Postisäästöpankki ("Post Savings Bank") was founded in 1887. In 1970 its name was shortened to
Postipankki ("Post Bank"). In 1998 it was changed to a commercial bank named
Leonia Bank. Later, it was merged with an insurance company to form
Sampo Group, and the bank was renamed
Sampo Bank. It had a few own offices, but also
post offices performed its banking operations until 2000. In 2007, Sampo Bank was sold to the Danish
Danske Bank.
France France's postal service,
La Poste, offers financial services through the affiliated bank known as
La Banque postale.
Germany Deutsche Postbank has a postal banking system. Deutsche Postbank was a subsidiary of
Deutsche Post until 2008, when 30% of Deutsche Post's shares were sold to
Deutsche Bank. Postal banking services are still available at all branches of Deutsche Post and Deutsche Postbank.
Greece Greek Postal Savings Bank provided banking services from post offices until 2013 when it was replaced by
New TT Hellenic Postbank a subsidiary of Eurobank Group.
Hungary The postal savings bank of Hungary was established on 1 February 1886 by order of Lex IX of 1885. This act initially only authorized savings accounts, but was later expanded by Law XXXIV of 1889, which authorized "checks and clearing" starting on 1 January 1890. In 1919 the
Postal Savings Bank notes were issued under the
decree of the Revolutionary Governing Council of the
Hungarian Soviet Republic by the
Magyar Postatakarékpénztár (Hungarian Postal Savings Bank).
India India Post has provided an avenue for managing savings to the people living in rural or the urban poor, underserved by the formal banking system, since 1882 when Post Office Savings Bank was established. Over time, the scope of financial services provided by India Post grew to include other
National Savings Schemes promoted by Government of India. In 2018,
India Post Payments Bank (IPPB) was launched as a regulated bank to provide a full set of banking services, as specialised division of India Post. As of January 2022, the bank was serving around 50 million customers.
Indonesia Postal savings in Indonesia began with the establishment of the
Netherlands Indian Post Office Savings Bank () in 1897. During the
Japanese occupation of the Dutch East Indies, it was replaced by the and savings were encouraged by the military administration to support the
Greater East Asia War. The Savings Office became the
Post Office Savings Bank again () after independence, before renamed into the current
State Savings Bank, or
Bank Tabungan Negara (BTN) in 1963. Between 1963 and 1968, it became the Fifth Unit of
Bank Negara Indonesia during the single-bank system, made to support the
guided democracy. Currently, BTN offers a savings plan that allows its users to deposit in
post offices.
Ireland In
Ireland,
An Post provide a Post Office Savings Bank Deposit Account. It provides an interest rate of 0.15% which is added to the account at the end of the year. Customers are provided with a physical deposit book and can deposit and withdraw from the account using the deposit book at any Post Office Branch. This service is run on behalf of the
National Treasury Management Agency with other "Ireland State Saving" schemes offered by the Irish Government, including
Prize Bond. An Post also provide saving stamps for children, from the 1980s stamps cost 50p/50c, each stamp was place in a card. There were 10 places on each side of the card, you could exchange the stamps for their value at any post office. Prior to this stamps cost 10p and allowed children to save just IR£1. An Post also provide separate commercial banking services. Between 2006 and 2010 it ran
Postbank, a joint venture with Fortis Bank Belgium. It now provides banking service under the brand
An Post Money.
Israel Israel's postal service
Israel Postal Company offers utility payment, savings and checking accounts, as well as foreign currency exchange services from all post offices.
Italy In
Italy, the Postal savings system is run by
Poste italiane, the Italian postal service company. Poste italiane run this service along with
Cassa Depositi e Prestiti.
Japan Japan Post Bank, part of the post office was the world's largest savings bank with 198 trillion yen (US$1.7 trillion) of deposits as of 2006, much from conservative, risk-averse citizens. The state-owned Japan Post Bank business unit of
Japan Post was formed in 2007, as part of a ten-year privatization programme, intended to achieve fully private ownership of the postal system by 2017.
Kazakhstan In
Kazakhstan, national postal operator,
Kazpost, has a banking license and offers banking services in all its branches across the country.
Kenya Kenya Post Office Savings Bank (KPOSB/Postbank)
Netherlands In 1881 the Dutch government founded the Rijkspostspaarbank (National Postal Savings Bank). In 1986 it was privatised, together with the Postgiro service, as the
Postbank N.V. Postbank merged with a commercial bank that would eventually become
ING Bank.
New Zealand Post Office Savings Bank was established in 1867 by the New Zealand government to give New Zealand investors a place to deposit their savings. This included the provision of children's savings accounts known as
Post Office Squirrel savings account. The Post Office Savings bank was split into PostBank in 1987 and was acquired by
ANZ Bank New Zealand two years later ending the bank. In 2002 the New Zealand government created a new state owned post bank called
Kiwibank as part of the
New Zealand Post to again establish a postal savings system.
Norway Postbanken was founded in 1948 after major political battle as Norges Postsparebank, however the maximum amount allowed to be saved per person was set to
NOK 10,000. In 1948 the bank had services provided at 3,600 post offices and post outlets. It was sold in 1999 and became part of the commercial bank
DNB ASA.
Philippines The
Philippine Postal Savings Bank (PPSB), also known as PostalBank, is the state-owned postal savings system in the Philippines. It is the smallest of the Philippines' three state-owned banks and is governed separately from
PhilPost. In late 2017, state bank
Land Bank of the Philippines acquired PPSB at zero value and made it as a subsidiary. It is now known as
Overseas Filipino Bank.
Portugal In
Portugal, the
CTT own 100% of the Banco CTT, which has been operating since 2015 throughout Portugal.
Singapore In
Singapore,
POSB Bank was established in 1877 as the Post Office Savings Bank. Today, it now operates as part of
DBS Bank, after its acquisition on 16 November 1998.
South Africa Postbank (South Africa), operated by the South African Post Office (SAPO). Offers transactional, savings, investments, insurance & pension banking services.
South Korea Korea Post, operated by South Korean government, has its postal banking and postal insurance business since 1982. Banking counter and ATM is available in all post office, excluding postal agencies and delivery centers. Korea Post ATM is connected with all national and regional banks via KFTC. Banking counter is also opened for
Korea Development Bank,
Industrial Bank,
Citibank Korea, and
Jeonbuk Bank customers.
Sri Lanka In
Sri Lanka,
National Savings Bank and
Sri Lanka Post provide banking services through post offices.
Taiwan In
Taiwan, the
Chunghwa Post provides savings accounts and Visa debit card services in the
Free Area of the Republic of China.
Thailand Between 1 April 1929 and 31 March 1947, the Post and Telegraph Department of the Ministry of Commerce and Communications of Siam (before becoming Ministry of Economic Affairs in 1932 before being split to Ministry of Economic Affairs and Ministry of Communications in 1942) has run Saving Office before becoming
Government Savings Bank (GSB)
United Kingdom The
Post Office Ltd offers savings accounts based on its brand, and is operated by the
Bank of Ireland, a commercial bank, and
Family Investments, a
friendly society. The Post Office branded services are similar to some of
National Savings and Investments' services, and include instant savings,
Individual Savings Accounts, seasonal savings and savings bonds. Post Office Ltd also provided a
Post Office card account that accepted only direct deposits of certain state pension and welfare payments, permitting cash withdrawals over the counter. This last account was offered in partnership with the
Department for Work and Pensions until 2010, through investment banking and asset management company
JP Morgan and discontinued in 2022.
United States In the
United States, the
United States Postal Savings System was established in 1911 under the Act of June 25, 1910 (). It was discontinued by the Act of March 28, 1966 (). Fifty years later, Vermont Sen.
Bernie Sanders' 2016 presidential campaign platform included plans for postal banking. In 2018, Massachusetts Sen.
Elizabeth Warren and New York Sen.
Kirsten Gillibrand supported such a program. In April 2018, Gillibrand introduced S.2755 - Postal Banking Act partly in response to the Trump administration's suspension of payday lending regulation imposed during the Obama administration. In 2020, after
Joe Biden defeated Senator
Bernie Sanders in the
2020 Democratic presidential primaries, the
Biden-Sanders "Unity Task Force” policy recommendations for a Biden administration, released in July, included postal banking. In September 2020, Gillibrand and Sanders announced a newer Postal Banking Act. It would help strengthen the Postal Service's financial situation and help unbanked and underbanked people with savings and checking accounts, debit cards and low-dollar loans that they might otherwise be forced to get from payday lenders at high interest rates.
Vietnam Lien Viet Post Joint Stock Commercial Bank or
LienVietPostBank (LPB), formerly known as LienVietBank, is a Vietnamese retail bank that provides banking products and services through its own transaction points across 42 cities and provinces and 1,031 postal transaction offices nationwide. LBP is considered to be in the top 10 biggest banks in terms of assets and equity [2] and ranked 36th in VNR500 – Top 500 largest private companies in
Vietnam in 2013. The Bank is striving to become the bank for everyone in Vietnam by focusing on banking products for households and small and medium enterprises especially in the agriculture sector, and expanding its activities to rural and remote areas via the post. ==See also==