The Post Office

Shineyhappy

Hi everyone,

My OH is thinking of moving some of his savings to the Post Office and I was wondering if it has to follow the normal banking rules and whether or not it would still have the 35k guarentee?

Not that I can see it going under but you never know!

Thanks :T

Stavros_3

If you are talking about National savings and Investments then all their savings products are 100% protected by the government, as they own it, Their rates though are not all that competitive.

dunstonh

As Stavros says, the post office retail NS&I but also bank of Ireland savings accounts (white labelled as post office). NS&I is backed by the treasury but the post office savings are run by Bank or Ireland.

Baldur

The Post Office's savings products, as opposed to NS&I mentioned by Stavros, are provided via Bank of Ireland - the Irish depositor protection scheme is up to €100,000 but the Irish Government has, this morning, announced 100% protection for deposits with that bank, as well as 5 other Irish institutions.

darude

There been little posts about this, does this mean the Post Office is one of the "safest" banks to bank with, and is ideal for those who wants to put more than 50k in a single financial insitution especially for those who do not want to use the internet, i.e. branch access?

amistupid

I applied for a Post Office one year fixed rate bond they received my substantial funds on 3 Sept 08 which was duely acknowledged. 2 weeks later they asked for and I produced identity documents since then I've heard nothing. It is impossible to speak to anyone on the phone you are just told you are in a queue (apparently never ending) Hopefully everything is in order and it is just the enormous demand for this product that is causing the delay.

GeorgeHowell

Found the Post Office to be administratively very poor in the running of their savings account. When the rate was no longer very competitive, we took the money out. Can't imagine that HMG would let anyone lose out if Bank of Ireland failed because the Post Office is government owned.

darude

From your response, I assume issues like this can only be dealt with over the phone. Do you know if the Post Office staff are able to help?

Fill_7

due to the unprecedented demand for PO growth bond, account opening centres have been overwhelmed with new applications. be assured, all deposits will start earning interest as soon as funds have been cleared and passed money laundering checks (about 3 days from when u handed money over at counter). certificates confirming bonds are running approx 2 weeks behind schedule.

hth

ps. growth bond issue 7 has no closed. PO isa and instant saver are sure to reduce their rates soon following the cut in interest rates. jump in while u can!

innovate

Baldur wrote: »

The Post Office's savings products, as opposed to NS&I mentioned by Stavros, are provided via Bank of Ireland - the Irish depositor protection scheme is up to €100,000 but the Irish Government has, this morning, announced 100% protection for deposits with that bank, as well as 5 other Irish institutions.

Unless I am mistaken, that 100% protection is under a passport scheme (i.e. in case the Post Office goes bust, you would have to claim from the Irish Government protection scheme), and currently only valid until September 2010.

Personally, I have gone off the idea that passport schemes are as good as the FSCS scheme and wouldn't put my money under any passport scheme.

Baldur

innovate wrote: »

Unless I am mistaken, that 100% protection is under a passport scheme (i.e. in case the Post Office goes bust, you would have to claim from the Irish Government protection scheme)

Hence why I didn't mention the FSCS, as it's irrelevant to the Irish Depositors Protection Scheme......;)