Post Office Savings NOT Protected anymore

Mikeyorks

gozomark wrote: »

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

You'll need to correct NS&I then. Top of their Home page :

Because National Savings and Investments is backed by HM Treasury, you can rest assured that all your capital is 100% secure, however much you invest

tomandkath

I bought a growth bond which doesn't mature (if that is correct jargon) for another 8 months. I can't get the money out until then, so why get yet more grey hairs by worrying? :cool:

masonic

Mikeyorks wrote: »

You'll need to correct NS&I then. Top of their Home page :

Because National Savings and Investments is backed by HM Treasury, you can rest assured that all your capital is 100% secure, however much you invest

No doubt they are working to a 1% margin of error.

soulsaver

amistupid wrote: »

But if Ireland sinks Goodhew is the better swimmer.

Lucas's mate is a good swimmer...

ND11

zaksmum wrote: »

I had 25k in a Post Office Instant saver and decided to move it after I got their letter last week about the compensation protection coming from the Irish government now.

I went to my main city centre Post Office (now tucked away inside WHSmith) and asked how I close the account. The clerk said he had no idea, so I asked him to check with someone who had. A manager came out and said I'd have to WRITE to Post Office Savings in Wigan. I asked why I should need to do this, as it's an instant access account. Shrugs all round, "You just do."

I got home and rang customer services, they confirmed I would have to give written notice of my intention to close the account and also if I wished to do a BACS transfer over 15K. I wrote the letter which seems to me to be a security risk, as you have to include not only the full Post office account details, but also full account details of your nominated bank account you want the money transferred to. Any unauthorised person could access those details, and when I opened the account they asked for those same nominated bank account details, so do already have them.

I was told on the phone that the whole thing will take 10 working days.

Hardly instant access!

I was given a 6 digit security number to activate when I opened the account, but when I rang to ask if I needed to activate it, they said only if I intended to do online or postal transactions, which I didn't. Just shred it then, they said, so I did.

I explained this today and all they could offer was to send me another 6 digit number, which again will take 10 working days. How mad is that, for an Instant access account?

I do think people need to be aware of this hassle with Post office Instant saver accounts.

I had exactly the same experience today, and was told they could not transfer the money to my nominated account because it was not on my records, they acknowledged it was on my account application but had not been entered correctly therefore they were going to freeze the account for 5 days to amend it and it would then take up to 10 working days. They would not pass me to a supervisor, needless to say we have requested a complaint form and intend to refer it to the banking ombudsman.
Needless to say I am extremely nervous not to say infuriated and will certainly be withdrawing all my money and closing the account

jack_spratt_2

I would just like to point out that you can remove £1000 a day in cash from your local Post Office on the Instant saver account

You can withdraw up to £1,000 a day in cash (as long as you have money in your account, of course) from over 12,000 branches nationwide, and any one of 60,000 Link ATMs around the country.

Withdrawals up to £15,000 can be made to your nominated account through our Telephone and Internet Banking Service. You will need your 6 Digit Security Number to access this service. Withdrawals made through BACS are transferred directly out of your Instant Saver account and are normally credited to your nominated account after three working days. The cut off time for BACS payments being processed is 4pm.

juicyjude

I closed mine in the beginning of January and you were given incorrect info. I did write a letter to Widnes to close the account, but all I did was quote my Instant Saver Account No, not my own nominated current account number. They rang me up to confirm mothers maiden name and current account (details of which they obviously had) and the BACS went through in 3 working days. It was painless really. Hope this helps

zaksmum

You have to nominate your bank account to which you require any bank transfers to be made, when you originally open the account.

So they already had details of which account they were to transfer to.

But no, that wasn't good enough. I had to put it in writing - that's two bank account full details, sort code, the lot - and post it off to Widnes. Four days later I haven't heard anything, though they did say 10 working days.

I knew you could get up to £1000 a day out, but can you get that much from ATMs? I thought the limit there was about £300 on most of the ATMs?

jack_spratt_2

I knew you could get up to £1000 a day out, but can you get that much from ATMs? I thought the limit there was about £300 on most of the ATMs?

You can actually walk into any Post Office and ask for £1000 in cash

juicyjude

Really dont understand that. They are giving mixed information to people as I say I just gave them my instant saver account number when I wrote to close the account, and it all went through BACS within 3 working days. Good luck anyway