Post Office Accounts

libra10

We are considering opening Post Office Instant Saver, interest rate 5.75%, which includes introductory 1 year bonus.

I thought that Post Office accounts would be covered by English government guarantee, but reading the website, it seems to be guaranteed by Irish government.

Is this right? And, if so, why would this be? The account seems to be accessible at post office branches.

Any information appreciated.

dreamypuma

libra10 wrote: »

We are considering opening Post Office Instant Saver, interest rate 5.75%, which includes introductory 1 year bonus.

I thought that Post Office accounts would be covered by English government guarantee, but reading the website, it seems to be guaranteed by Irish government.

Is this right? And, if so, why would this be? The account seems to be accessible at post office branches.

Any information appreciated.

I'm sure that the Post Office accounts are run by one of the Irish Banks, so the guarantee seems to ring true.

Not a very attractive rate though, but if your after an over the counter account, I suppose it's not bad.

If your happy to use the tinternet I would suggest egg or Natwest.

Baldur

libra10 wrote: »

Is this right? And, if so, why would this be?

Yes, because the deposit taker is Anglo Irish Bank, which is EEA (Ireland), rather than UK authorised.

libra10

Thank you dreamypuma and baldur for your replies. As OH and I are over the guaranteed balance limit with Nationwide we need to move some money.

When our Nationwide fixed-rate cash ISAs mature next April we will probably transfer them to another provider, depending on rates available. Until then, to keep within guaranteed limits, I have been looking at so many alternatives, my head aches!

We wanted the best available rates, probably monthly interest (which P.O account doesn't provide), joint account (some internet accounts don't allow this option) etc.

had looked at the Natwest e-account, but OH not too comfortable with internet banking.

When we can transfer ISAs, will possibly move some cash back to Nationwide, therefore might not use this account as much then.

Thanks very much for your help.

Lansdowne

Post Office Ltd is marketing savings products provided by Bank of Ireland, which is generally stated somewhere on the adverts. (not Anglo Irish!!)

Post Office Ltd itself, of course is owned by the Government so if any of their account providers failed there would be questions asked.

Icesaver

You need to phone customer services to activate your account for internet/phone access. I've been on hold for over half an hour each time I phone and have given up each time. I've still yet to set up internet access on this account I rate their customer service as very poor. There is no other way to set up internet or phone access to your account other than ringing them to activate the account.

Good luck if you go down this route.

libra10

Thanks very much for further information. Feeling a little negative with your telephone experiences. The website states that they are very busy currently, I suppose with so many people moving money around.

Decisions, decisions!

jack_spratt_2

libra10 wrote: »

Thanks very much for further information. Feeling a little negative with your telephone experiences. The website states that they are very busy currently, I suppose with so many people moving money around.

Decisions, decisions!

It is a case of waiting !!! I have been able to get through each time on the phone !!
There administration system is a chaotic at times especially regarding the bonds .
One good point about the instant saver is you can get your cash withdrawals from the post office counter up to £1000 in cash a day

Fill_7

jack_spratt wrote: »

One good point about the instant saver is you can get your cash withdrawals from the post office counter up to £1000 in cash a day

and at any ATM.

Lynt_3

I didn't have to wait long getting through on the phone to activate my account.
Everything went smoothly, and account now up and running.

juicyjude

I have had an instant saver account for nearly 12 months now and will be closing it and then re-opening in my name only to qualify for a further 12 months bonus. It works well and although the rate isnt brill you can access it in 5 different ways and withdraw electronically up to £15K or £1K at the PO. You can have 6 free withdrawls a year then it costs £1 for every one after that.