Post Office Budget Card - good idea??
Tupperware_Queen
Posts: 1,794 Forumite
Having just done BR, and been told by OR that I can only have one bank account, I have been thinking about how to manage my money in terms of irregular bills, such as car tax. In the past I have had numerous accounts, eg one for car, one for clothing, one for repairs etc etc, and just put small amounts in each one - maybe not the best way to get high interest, but it helped me to budget. This option appears to be a none starter if OR won't let me have more than one account ( I have been given a month to close the other one and leave myself with just one)
I have been looking at the Post Office Budget Card. Has anyone used these? From the look of it, its not an actual account, its the replacement for the old saving stamps. You can check balance online and stuff, which would be helpful, and you can use it to pay the bills at the post office.
My reservations are that it is backed by the Irish bank - is this safe in the current climate? and will I have to tell the OR about it, as its not really a bank account?
I have been looking at the Post Office Budget Card. Has anyone used these? From the look of it, its not an actual account, its the replacement for the old saving stamps. You can check balance online and stuff, which would be helpful, and you can use it to pay the bills at the post office.
My reservations are that it is backed by the Irish bank - is this safe in the current climate? and will I have to tell the OR about it, as its not really a bank account?
Getting fit for 2013 - Starting weight 10.1.13 88.1kg
Weight 27.3.13 79.1kg
weight 2.4.13 79.9kg Weight 24.4.13 77.8kg. 4.6.13 76kg
BSC member 331
Weight 27.3.13 79.1kg
weight 2.4.13 79.9kg Weight 24.4.13 77.8kg. 4.6.13 76kg BSC member 331
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Comments
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Tupperware_Queen wrote: »My reservations are that it is backed by the Irish bank - is this safe in the current climate?
Why would this be a problem, they have the taxpayers to bail them out !!0 -
I'm just not sure if its covered by the protection thingy or not, you can only have a max balance of £1500 on it anyway, so if its covered, then it will be well within the limit - I just can't make the small print sit still so I can read it...I think I have a migraine coming on
maybe I'll leave it till tomorrowGetting fit for 2013 - Starting weight 10.1.13 88.1kg
Weight 27.3.13 79.1kg weight 2.4.13 79.9kg Weight 24.4.13 77.8kg. 4.6.13 76kg
BSC member 3310 -
i think Irish banks are protected for up to £80k ....0
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You can only have one account? I don't know where that has come from, I had two during bankruptcy for that very reason - budgeting. Although you can only have basic accounts and each bank will probably only let you have one account with them.
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i've got 2 with the co op and a saving one with YBS
and i was only discharged last weekTotal Weight Loss - 28lb and countingAD 17/11/20100 -
Tupperware_Queen wrote: »Having just done BR, and been told by OR that I can only have one bank account, I have been thinking about how to manage my money in terms of irregular bills, such as car tax. In the past I have had numerous accounts, eg one for car, one for clothing, one for repairs etc etc, and just put small amounts in each one - maybe not the best way to get high interest, but it helped me to budget. This option appears to be a none starter if OR won't let me have more than one account ( I have been given a month to close the other one and leave myself with just one)
I have been looking at the Post Office Budget Card. Has anyone used these? From the look of it, its not an actual account, its the replacement for the old saving stamps. You can check balance online and stuff, which would be helpful, and you can use it to pay the bills at the post office.
My reservations are that it is backed by the Irish bank - is this safe in the current climate? and will I have to tell the OR about it, as its not really a bank account?
Go to the Coop and YBS for internet savingsIf you woke up this morning congratulations, you have another chance :j0 -
I think you have been misinformed? You can have more than one account as long as they are basic ones. I have 2 with co-op, one with barclays and YBS. Mainly for budgeting so I know how much I really have at any given time. My OR was aware of this. By the way I was discharged yesterday. The year flew quickly:T0
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Why is the OR saying you can only have 1 account?:pB&SC No. 298
Life`s Tragedy is that we get OLD too soon
and WISE too late!0 -
One problem is that not all bills can be paid at the Post Office - and many of those that can attract a fee.
The Irish bank is a red herring. The accounts are now run by a UK bank and come under UK rules. OK the UK bank is owned by an Irish bank - but that shouldn't matter.0 -
I have been told 3 times now by the OR that I must cancel one of my accounts, I have a coop cashminder, and a lloyds (been with lloyds for years, and they are happy to continue ). I don't know why. Should I just leave it and see if they say anything, only I don't want to cause trouble for myselfGetting fit for 2013 - Starting weight 10.1.13 88.1kg
Weight 27.3.13 79.1kg weight 2.4.13 79.9kg Weight 24.4.13 77.8kg. 4.6.13 76kg
BSC member 3310
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