post office savings...not safe now? time to bail?

chickmug

steveo3002 wrote: »

ive posted the letter first thing this morning...who knows but i cant afford to gamble with my savings

any suggestions on who to save with instead? or is it time to keep in a old shoe box

I don't blame you and I sent my letter to close my ISA and have it transferred about 7 days ago. What really annoyed me is the paperwork I was given when opening the account last Septemeber which said about the backing of the British government. Apparently this was changed within a week or so of the account being opened and they never saw fit to tell their customers.

When I called to complain the attitude is we can't afford to let everyone know everytime something happens and you will get told with your annual statement.

The last straw was not being able to check things online and when I tried to telephone two weeks ago they said I needed to set up telephone password. I had set it up just after the account was open and had note of details but the idiot on the phone said it would need to be started agin and I just said forget it and closed the account.

Richchad

steveo3002 wrote: »

ive posted the letter first thing this morning...who knows but i cant afford to gamble with my savings

any suggestions on who to save with instead? or is it time to keep in a old shoe box

Thought you might, but as you say where to put it, the best alternative for a fixed account is 3%, which won't be for long after the last rate cut.

I stand to lose about £600, being the difference between the rates, but maybe that is better than possibly loosing it all or worrying about it for the next 6 months left before it matures.. :rolleyes:

steveo3002

im reluctant to set up a online account ...but egg sounds like the best bet at the moment

post up any thoughts as i havent got a clue really..and like you say sooner loose the intrest than the whole lot

23rdian

If you're considering it, so are others. Get out now!

i.e. Don't panic but if you have to panic FIRST

libra10

We've ditched! Spent more than three-quarters of an hour on the phone first thing this morning without getting through. Decided to transfer online instead. There is still a little money left in the PO account and when the transfer hits my bank, I will close the account of the remaining money.

Lost too much value with BBS and HBOS shares to mess about. I don't know where we will put the money just yet though.

Richchad

libra10 wrote: »

We've ditched! Spent more than three-quarters of an hour on the phone first thing this morning without getting through. Decided to transfer online instead. There is still a little money left in the PO account and when the transfer hits my bank, I will close the account of the remaining money.

Lost too much value with BBS and HBOS shares to mess about. I don't know where we will put the money just yet though.

Unfortunately mine is a Growth bond and cannot transfer online, have to send a letter which all takes time..:( not sure if they can do a CHAPS transfer as it would be quicker than BACS, even if it costs me £20-£25.

Hungerdunger

Richchad wrote: »

Unfortunately mine is a Growth bond.

Isn't this a fixed-term account? If so, can you close it early? Will there be penalties to pay?

Richchad

Hungerdunger wrote: »

Isn't this a fixed-term account? If so, can you close it early? Will there be penalties to pay?

Yes it is a fixed term account, I wrote to them last month asking what the 'Breakage fee' would be if I close my account and mentioned change of compensation guarantee from UK to Irish scheme and that this was an important part of my decision to go with the Post Office, they replied and said no fee was due, interest will be paid up to closure date and to let them know if I wanted to go ahead and where to transfer the money..

yorkiegal

I only opened the post office isa just over a month ago. There's only £100 in it but I can't afford to lose that. Is it really feasible though, that Ireland will go bust?

gozomark

yorkiegal wrote: »

Is it really feasible though, that Ireland will go bust?

yes, its also feasible the UK will go bust, just very unlikely either will happen