Post Office ISA - 6.25%*

oliver_m_2

weaver wrote: »

Ive just called to request a form and been told because Id already made the full £3600 allowance for this year into my existing ISA, I cant open an account with them as they need an initial amount to open it with i.e £1 - they dont class the transfer as the initial deposit.

I don't know - maybe you've talked to the "wrong" person. I've also used up my full allowance for this tax year and wanted to transfer my cash ISA from a previous tax year. When I've phoned them up, the first person I've talked to, said that he wasn't aware of this new ISA and didn't know that it was already available on the internet. As it was "a brand-new product" for him he has to transfer me to a colleague. That other colleague took then my details for the ISA transfer form package to be sent to. However, also that one couldn't answer all my questions. I was asking when to send off the transfer form as my ISA will mature in October. He had to double-check but gave me a call-back afterwards.

SparciaM

I was going to open this account up, but you can only pay money in at a Post Office or via the post.

I usually do a BACS transfer of funds every week, month or so - basically when I have money. So going into a Post Office to do this will be a pain. I guess I'll have to stick with my 6.02% ISA at the moment

YorkshireBoy

SparciaM wrote: »

I was going to open this account up, but you can only pay money in at a Post Office or via the post.

I usually do a BACS transfer of funds every week, month or so - basically when I have money.

You can make deposits by direct debit (as good as BACS, but not as good as FP's), according to the FAQ.

flossy_splodge

:eek: :eek:

SparciaMI was going to open this account up, but you can only pay money in at a Post Office or via the post.

Actually , if my experience today at a main Post Office is anything to go by, they don't really want anyone to open one of these! The options for payment in fact include payment by debit card over the counter. HOWEVER, do you all know that the Post Office, so I am told, will NOT accept this method of payment from either a Cahoot account OR a Royal Bank of Scotland account! Apparently "they are not signed up to internet banking!!!:rotfl: When I picked myself up I explained that Cahoot is ONLY an internet bank so what on earth were they talking about. The answer finally appears that the Post Office does not have a "special" banking relationship with either of these two banks so tough luck. This strikes me as a load of cobblers. Anyone throw any light on this before I waste more time writing to them?

flossy_splodge

****Bump****

flossy_splodge

An update to the info above. I went into my local, tiny village Post Office and complained about what had happened. The Post master there said "oh no, its just that there was a systen fault on that day and no-one could put money into or take money out of these accounts." And that has proved to be correct. I have now assisted my father to open his mini cash ISA and all well.
If this isn't a prime example of why we need our local Post offices. They know their customers and bother to check the information properly, not just spout any old bunkum. Rant over. So the Post Office ISA is still a contender for people like my elderly father who want to remain in control of his own money but can't or won't use the internet.:T

CompletelyLost

Will I be able to transfer my Icesave ISAs into this account, or can you just transfer money from other Post Office ISAs that you have? Sorry if that's a daft question :S

edit: NVM I think I've figured the answer out.