Post Office Savings NOT Protected anymore

gozomark

no.................

luvpump

Andrew64 wrote: »

My dad asked me if was possible to sue. I told him I didn't think so, but he asked me to look into it. I can now say that I have!

More importantly, should everyone now take their money out?

YES !! .. See my earlier posts on this thread ..

zaksmum

If your dad has the Instant Saver account he could possibly ask why this is trumpeted as Instant Access yet clearly is NOT!!

You cannot gain instant access to an amount over 15K - not cash, just a bank transfer - this has to be requested by letter and takes 10 working days, making it a notice account in my opinion.

Neither can you have instant access if you wish to close the account - this too needs to be done by letter and also takes 10 working days,
.

Their leaflet says "Instant access to your money. It's your money, we're just holding it for you. So whenever you want to get to it, you can. 24 hours a day, 7 days a week. There are 5 ways to access it. By phone, by going online, by post, at 60,000 Link ATMs, at over 12,000 Post Office branches in the UK."

This, I think, IS misrepresentation. I am totally unable to either transfer over 15K or close my account in any other manner except by letter.

alared

gozomark wrote: »

my advice is to get your money out of UK Banks...NOW !!!! .... Give it 6 months & UK will be in a similar position to Iceland

Dont believe the Bull xxxT you will hear from the Banks themselves..or indeed one or two other posters on MSE, I will repeat myself...get your money out NOW !! You have been warned

and put it where?

under the bed

LTSB/HBOS,RBS are half owned by the government who can`t let them fail.
Barclays are just keeping their heads above water but may need gov. help.
HSBC is probably the strongest in the UK.
The building societies are mergering left,right and centre to keep solvent and there`s the £50k FSC guarantee for UK institutions.

Hardly Iceland

juicyjude

I had a post office instant saver account but closed it in the beginning of January due to the bonus finishing and the interest rate being diddly. It was quite easy to close the account I just wrote to Widnes quoting my account number (not my linked account number) and the whole process via BACS took 3 days from receipt of the letter. They rang me up to confirm details, mother maiden name etc and the whole of the account monies were in my bank account within 3 working days. I felt it was good service myself, but that was before the compensation issue reared its ugly head. Good luck anyway, closing it was less painless than I had anticipated.

gozomark

alared wrote: »

and put it where?

under the bed

LTSB/HBOS,RBS are half owned by the government who can`t let them fail.
Barclays are just keeping their heads above water but may need gov. help.
HSBC is probably the strongest in the UK.
The building societies are mergering left,right and centre to keep solvent and there`s the £50k FSC guarantee for UK institutions.

Hardly Iceland

look back at the post before the one of mine you quoted.....

the UK is about as likely to renege on its promises as Ireland is - very, very unlikely

zaksmum

Thanks juicyjude, I feel a bit more reassured now.

juicyjude

Glad to be of some help, I know how awful it is if you are worried about money safety in an account and access. I spent the entire summer worrying about my fixed rate bond with B n B (over the compo figure). Thankfully it all came right, but it gave me sleepless nights.

zaksmum

Well funny enough it was Bradford and Bingley I moved the money FROM...!

Seems you move it from one place because you're worried about financial security, then there's trouble at the next place too.

With this current situation, it's only those who have never scrimped and saved (or never been able to) that have nothing to lose or worry about.

juicyjude

How true is that comment:rolleyes: