Neil Brocklehurst, the newly appointed CEO of the Post Office, has announced a ‘landmark new banking deal for postmasters’ on his first day in the role (April 30).
The new five-year partnership agreement with the UK’s banks and building societies underpins access to cash for millions of individuals and small businesses at Post Office branches from January 2026 until December 2030, securing the vital role of postmasters up and down the country in providing critical face-to-face banking services to their communities.
Known as ‘The Banking Framework’, and first established in 2017, the new banking deal enables customers of 30 banks and building societies to use their local Post Offices to withdraw and deposit cash, make balance queries and deposit checks. For local businesses, having a nearby Post Office that allows them to deposit daily cash takings is essential, and the ‘Banking Framework 4’ deal announced today (April 30) provides the confidence that this will continue.
As part of the framework, Post Office is improving the remuneration postmasters receive for handling cash transactions and is also making a major investment in the automation of cash services in-branch to reduce postmasters’ cost-to-serve and to give customers the experience they have come to expect from modern retailers.
Determined to deliver
Brocklehurst commented, “Post Office is an organization that needs change, and I am proud to have been appointed the new CEO with a mission to deliver this. I am determined to deliver a ‘New Deal for Postmasters’ that drives up postmasters’ incomes and strengthens their voice in the day-to-day running of the business.
“This new five-year agreement with banks and building societies ensures our branches remain vital hubs for cash access and provides certainty for businesses and individuals nationwide when it comes to their everyday banking. This agreement also means that we will be able to increase the income postmasters receive for delivering banking services, a key pillar of our transformation plans.
“We’ve worked hard to secure this new agreement through reinforcing just how important the framework is to communities across the UK, and why Post Office and our postmasters are the best fit to continue to provide cash services, securing a commitment from the banks that is substantially longer than those previously agreed.”