Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • susanann
    • By susanann 10th Sep 17, 11:49 AM
    • 84Posts
    • 8Thanks
    susanann
    Post Office Faster Payments
    • #1
    • 10th Sep 17, 11:49 AM
    Post Office Faster Payments 10th Sep 17 at 11:49 AM
    I am looking at opening Online Saver with Post Office @ 1.11% i have checked the terms and conditions which do say you can do faster payments in and out to nominated account but when you read into it more it does not seem to be a true faster payment which usually goes in immediately or within two hours. It seems you have to set up a direct debit which to me is not a true faster payments i dont want to wait days days to check my money has move okay.

    Is anyone using one of these accounts who can tell me how the transfers work in real life not on the terms and conditions which contradict themselves.
Page 1
    • ColdIron
    • By ColdIron 10th Sep 17, 11:58 AM
    • 3,578 Posts
    • 4,289 Thanks
    ColdIron
    • #2
    • 10th Sep 17, 11:58 AM
    • #2
    • 10th Sep 17, 11:58 AM
    Faster payments are only guaranteed by the end of the next business day. Bigger (clearing) banks manage this almost instantly, others sometimes less so. Why not look at a Tesco Internet Saver at 1.16%? Payments are usually instant as well
    • susanann
    • By susanann 10th Sep 17, 12:01 PM
    • 84 Posts
    • 8 Thanks
    susanann
    • #3
    • 10th Sep 17, 12:01 PM
    • #3
    • 10th Sep 17, 12:01 PM
    Thanks Cold Iron have already done that one need to split funds for FSCS. So trying hard to find something else.
    • YorkshireBoy
    • By YorkshireBoy 10th Sep 17, 12:30 PM
    • 29,536 Posts
    • 17,353 Thanks
    YorkshireBoy
    • #4
    • 10th Sep 17, 12:30 PM
    • #4
    • 10th Sep 17, 12:30 PM
    Thanks Cold Iron have already done that one need to split funds for FSCS. So trying hard to find something else.
    Originally posted by susanann
    If you already have 'instant' access to c.£85K of funds with Tesco, why the rush to get at your PO cash quickly? You'd pull it from Tesco wouldn't you?

    I think you're going to be hard pushed to find something comparable to Tesco, if you want a good interest rate (on a large sum) and speed of withdrawal.
    Last edited by YorkshireBoy; 10-09-2017 at 1:14 PM.
    • polymaff
    • By polymaff 10th Sep 17, 2:47 PM
    • 1,774 Posts
    • 760 Thanks
    polymaff
    • #5
    • 10th Sep 17, 2:47 PM
    • #5
    • 10th Sep 17, 2:47 PM
    Agree with Tesco comments - but isn't it depressing that we regard 1.16% as being a good interest rate.
    • coyrls
    • By coyrls 10th Sep 17, 2:59 PM
    • 919 Posts
    • 961 Thanks
    coyrls
    • #6
    • 10th Sep 17, 2:59 PM
    • #6
    • 10th Sep 17, 2:59 PM
    I am looking at opening Online Saver with Post Office @ 1.11% i have checked the terms and conditions which do say you can do faster payments in and out to nominated account but when you read into it more it does not seem to be a true faster payment which usually goes in immediately or within two hours. It seems you have to set up a direct debit which to me is not a true faster payments i dont want to wait days days to check my money has move okay.

    Is anyone using one of these accounts who can tell me how the transfers work in real life not on the terms and conditions which contradict themselves.
    Originally posted by susanann
    The direct debit is for payments into the account not out of it. Withdrawals arrive the next working day via faster payments as stated in the terms and conditions.
    • Malchester
    • By Malchester 10th Sep 17, 3:55 PM
    • 46 Posts
    • 20 Thanks
    Malchester
    • #7
    • 10th Sep 17, 3:55 PM
    Faster payments
    • #7
    • 10th Sep 17, 3:55 PM
    Would agree with comments re Tesco. Very quick and speedy transfer. Only problem with Tesco savings is that when interest rates change they bring out a new account rather than increasing rates on existing accounts. Have had to open new accounts and transfer money several times to keep up with the increases. Have found out by experience that easy access does not always mean speedy access
    • susanann
    • By susanann 10th Sep 17, 4:07 PM
    • 84 Posts
    • 8 Thanks
    susanann
    • #8
    • 10th Sep 17, 4:07 PM
    • #8
    • 10th Sep 17, 4:07 PM
    It's a short term home for the money to earn as much as I can and will then need to get at it for house purchase as soon as I find somewhere. I've become spoilt with certain accounts being able to check when you move money it's gone into the receiving bank, it's just nice to be able to check it's not got lost down a cyber hole somewhere. I move money around the usual current accounts each month and find it very reassuring you can check it all the time. It is near impossible to find anything paying much at all apart from the current accounts. I payed mortgages at 15% I think the lowest was 12% now retired and can't get anything on savings I'm sure a lot of you find exactly the same.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

5,070Posts Today

8,568Users online

Martin's Twitter