Post Office Savings NOT Protected anymore

Mikeyorks

Closing any account with PO is a bemusing activity. I've had to close (as Exor) two separate State Pension accounts in the last 18 months and they tie themselves in knots. You just learn to roll with it. Having said that - they're no worse than the back office staff in a lot of the Banks.

But I certainly wouldn't close an account because of the Ireland association. Otherwise you finish up leaping from trough to trough. Leave it where it is ..... the pixies will care for it.

RayWolfe

zaksmum wrote: »

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

Cor, I bet it was difficult living on bread and dripping and hand-me-downs that didn't fit.

Sorry!

It just amuses me how people talk in tabloid headlines:
scrimping? been stealing apples?
hard earned? been working down the mines at a tanner a week?

alared

To sum up this country,you`ve got one half paying and the other half taking.

bjorn_again

What protection if any do Premium Bonds have?

Mikeyorks

bjorn_again wrote: »

What protection if any do Premium Bonds have?

Via NS&I, which is a Treasury agency, so it's as good as it gets .... 100%.

Mikeyorks

In the context of this thread - worth reading Martin's article at the top of his blog :-

http://blog.moneysavingexpert.com/

...... albeit he's playing safe and sitting with one leg either side of the fence! But the first sentence of the final para is apt?

It’s worth taking a step back here, and not panicking. Ultimately it’s likely we’re talking about the Irish government needing to go bankrupt for there to be a problem – and Ireland is an Euro country interlinked with all the big European countries. If it did there would be a calamitous impact on the world economy, so it seems a relatively small risk this would be allowed to happen. Yet in our current world, where the capitalist system seems to be on trial, nothing is impossible

F2KSel

I've just applied to get my money out, not just because of the lack of FSA cover but mostly because of the 0.75% rate for older account.

Also dealing with the post office is a waste of time, if I go into the post office they haven't got a clue what to do, it gives you no confidence in them.

gozomark

Mikeyorks wrote: »

Via NS&I, which is a Treasury agency, so it's as good as it gets .... 100%.

which is NOT 100%, but very close to it.

zaksmum

RayWolfe wrote: »

Cor, I bet it was difficult living on bread and dripping and hand-me-downs that didn't fit.

Sorry!

It just amuses me how people talk in tabloid headlines:
scrimping? been stealing apples?
hard earned? been working down the mines at a tanner a week?

I think you'll find the stealing of apples is called scrumping, not scrimping, Ray!

Seriously though, most of us who have tried to save HAVE gone without, to some extent. My husband works long hours at his job and I'm disabled. We did use hand me downs, most people did in our area. We economised wherever we could, didn't have much in the way of holidays or nights out, drive an old banger of a car. Our first mortgage, in 1978, crippled us financially, when interest rates rose to 15% and the mortgage payment we started with in March78 almost doubled by the end of that year.

But we just cut back and coped, never once missed a payment. That's just the way it was, everyone was in the same position.

I think it makes you realise the value of money, so you do try to save for retirement, which will probably be this or next year, not voluntary either.

It just hacks me off that those who did spend whatever they had with no thought of provision for the future are finding this financial crisis little more than a joke.

luvpump

yEP...GET YOUR MONEY OUT NOW !!!