The Post Office is to launch into the current account market this spring, as part of plans to beef up its presence on the high street as a major financial services provider.
A new current account, which promises "simplicity, transparency and good value for money," will initially be made available in a small number of the Post Office's network of more than 11,500 branches, before a widespread roll-out planned for next year.
The Post Office's new current account offering has the potential to make it much easier for customers living in rural communities to access their money, as 99.7% of people live within three miles of one of its branches.
The launch also comes at a time when plans are afoot to make it much easier for people to switch current accounts and shake up competition in the sector.
However, other than the suggestion that the new current account will be easy to understand and give good value, the Post Office declined to give any further details on what its current account will look like.
It would not say if the account will pay any in-credit interest, whether it will be a paid-for "packaged" account which comes with certain perks or exactly how people will be able to access the account.
The Post Office also declined to say which branches the account will initially be made available in before the roll-out. It promised to outline its plans fully over the coming weeks.
Almost three million customers already use the Post Office's existing financial services, which include savings accounts, mortgages, motor, home and life insurance, credit cards, 2,100 cash machines and foreign exchange products.
Nick Kennett, director of financial services at the Post Office, said: "We've carried out extensive research into the current account market and the findings tell us that customers want simplicity, transparency and good value for money.
"With over 11,500 branches, which is more than all the UK banks combined, we can provide this through the most convenient and accessible retail network in the UK."