withdrawing from a post office account

alfiesmum
alfiesmum Posts: 1,171 Forumite
in Savings & investments
HI everyone,
My daughter has a post office Investment account. She would like to withdraw some money, and I can't understand whether to send the passbook with the request form or not! She is withdrawing cash. The instructions say "don't send us your passbook, unless you are applying for deposits not yet entered in your book". This is where I'm a bit confused. Does the post office clerks entry mean that it is entered in the book or do they mean, not yet electronically updated the book? I can't decide. Any help would be great appreciated,
Thanks
xx

Comments

  • Mikeyorks
    Mikeyorks Posts: 10,369 Forumite
    First Anniversary Combo Breaker
    alfiesmum wrote: »
    ....... the post office clerks entry mean that it is entered in the book ....

    ........... is certainly how I would read it (albeit I'm a bit curious as to how you get 'cash' if you're sending it off)
    If you want to test the depth of the water .........don't use both feet !
  • alfiesmum
    alfiesmum Posts: 1,171 Forumite
    They send back a payment advice within four or five days, and you take that to the post office, who gives you the cash amount detailed on the advice note...which, I think (thinking as I type here) is when the book will be uppdated, by the person handing you the cash, which is why you don't send the book.:j Think I've just thought my way through it!:j Thank you! xx

    (doesn't happen very often that I actually 'get' something - can you tell!!?!)
  • Mikeyorks
    Mikeyorks Posts: 10,369 Forumite
    First Anniversary Combo Breaker
    alfiesmum wrote: »
    (doesn't happen very often that I actually 'get' something - can you tell!!?!)

    Just as you would have deduced my lack of familiarity with PO accounts! (What an odd way they have of doing some things).
    If you want to test the depth of the water .........don't use both feet !
  • baldbloke_2
    baldbloke_2 Posts: 236 Forumite
    Taking money out

    You can take money out at any time with no notice and no penalty - we'll send your payment within a few days of receiving your request.
    To take money out, just apply by post directly to us. Ask at any Post Office® branch for an Investment Account withdrawal form and a pre-addressed envelope. Send the completed form and your passbook to us. We can send your money by warrant (like a cheque), or you can ask to collect it in cash at a named Post Office® branch in the UK. There is a limit of £2,000 for withdrawals collected in cash.
    http://www.nsandi.com/products/invac/howitworks.jsp

    For the present day and age the Investment Acct is quite bizarre - it seems to be from another era. If you wish to stay with NS&I then perhaps your daughter might consider the Easy Access Savings Acct which comes with a Link Cash Card. The rates are not that different once you save more than the lower tier.
    I couldn't continue with an Investment Account because the vagaries of the modern day postal service just gave me too much stress. And I like a book that is up to date and accurate. And ... the book only gets updated with cheque deposits and annual interest when you send it away! Extraordinary.!
  • Mikeyorks
    Mikeyorks Posts: 10,369 Forumite
    First Anniversary Combo Breaker
    Pleased you confirmed my suspicion it was 'a bit odd'. Did look at the PO site before I replied, and found nothing ... but didn't consider that it may be an NS&I account!
    If you want to test the depth of the water .........don't use both feet !
  • alfiesmum
    alfiesmum Posts: 1,171 Forumite
    Hiya Bald bloke, I'll look into that, thank you. It seemed the easiest account for us at the time. It's a short term thing, as a fundraising account for a trip she's going on this summer. Any building societys are a three quid bus journey away, so this was a cheaper alterantive for us that had a passbook - but as you say, not a great deal of use if the passbook is never actually up to date unles you post it off to somebody! Still don't understand the account fully to be honest with you ;o)
  • wattoogle
    wattoogle Posts: 3 Newbie
    alfiesmum wrote: »
    HI everyone,
    My daughter has a post office Investment account. She would like to withdraw some money, and I can't understand whether to send the passbook with the request form or not! She is withdrawing cash. The instructions say "don't send us your passbook, unless you are applying for deposits not yet entered in your book". This is where I'm a bit confused. Does the post office clerks entry mean that it is entered in the book or do they mean, not yet electronically updated the book? I can't decide. Any help would be great appreciated,
    Thanks
    xx


    Even i have the same doubt. Can any one suggest me.
  • Fill_7
    Fill_7 Posts: 480 Forumite
    i can confirm it is NOT necessary to send your passbook off to NSI if u are wanting to withdraw cash. i presume the 'unless you are applying for deposits not yet entered in book' could refer to any interest you have calculated on your savings, but hasnt been updated in your passbook? but still, why u would have to send your passbook away for that is beyond me, as all your account details will be available to NSI?

    i have to admit, NSI savings arent very MSE at all. the post office offer an 'Instant Saver' which offer an attractive interest rate (currently 5.50% for 1st year, 4.50% after that), the only drawback being the £500 initial deposit.

    hth
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