The Postal Service confirmed Friday that it will offer a checking and savings account in partnership with Koho Financial.
The accounts will launch nationally next year, but Canada Post employees will have early access to the product while it is being tested.
Canada Post spokesperson Lisa Liu said in a statement that there are gaps in available banking and savings products that the Crown corporation is seeking to fill.
The MyMoney offering will consist of a spending and savings account where customers can choose between features such as high interest rates, cash back rewards and credit building tools.
A document briefly posted on the Canadian Union of Postal Workers website said it would include a prepaid, reloadable Mastercard that would use money in the account like a debit card, but offer the functionality of a Mastercard. .
It also stated that there would be a range of account levels, including no-fee accounts and paid accounts with more features.
Canada Post had launched a loan program with TD Banking Group in late 2022, only to close it a few weeks later due to what it said were processing issues.
Ms. Liu said the Postal Service has since been exploring other financial service offerings.
“Using what we have learned, we are making a strategic shift from lending to products more aligned with our core financial services products,” she argued.
The new account will come with financial technology company Koho. A few months ago, the company partnered with Canada Post to allow its customers to deposit money into their accounts through post offices.
Koho is also working to obtain a Canadian banking license to expand its services.
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