Post Office Bonds with Bank of Ireland

Richchad

As the Post Office have written to me to tell me about changes to the compensation arrangements will this allow me to close my account and take interest up to the closing date as the terms and conditions have changed from the ones I entered into last September?

Or should I try not to worry and stick it out until until this September and hope that if the BOI goes bust, the government of Ireland has enough to cover the compensation, and if not would the UK government really let down all those savers who put there money in the good old British Post Office..:rolleyes:

dunstonh

As the Post Office have written to me to tell me about changes to the compensation arrangements will this allow me to close my account and take interest up to the closing date as the terms and conditions have changed from the ones I entered into last September?

No.

and if not would the UK government really let down all those savers who put there money in the good old British Post Office..

Tough one. Theoretically, as its Bank of Ireland and not a UK institution, they shouldnt bail out above and beyond. However, they haven't let that stop them in the past and as people dont seem to realise the difference between BoI and Post Office it would be politically hard for them not to.

Post Office products are generally associated with the poor and aged. The media would SPIN that against the govt if they didnt protect the money.

jack_spratt_2

I fully understand what you are saying !!
And I am sure the point you are making is that you can take out an investment and check the levels and the type of compensation which is applicable to your investment and then suddenly it is changed to what you consider is a less favourable scheme!!

Would you have taken out the bond if the compensation scheme is how it is at present.??
I understand from other posters that the Post Office scheme has always been part of the passport protection arrangements but the Post Office have always made a great play on the fact that they were part of the UK Financial compensation scheme !!they now state since 20th September 2008 the Post Office is now under the Irish depositor protection scheme.