Saving Gateway, 50p for every pund saved

ahai1

Does anyone know who are the providers? Maybe it is a hint to start saving for an old age.

Baldur

ahai1 wrote: »

Does anyone know who are the providers? Maybe it is a hint to start saving for an old age.

See http://www.theyworkforyou.com/lords/?id=2009-03-17a.118.4&s=speaker%3A13424

There is to be a variety of providers, and important among them will be the Post Office with its wide accessibility for ordinary citizens. I should like to think that a savings gateway account would be an ideal scheme for the proposed post office bank that has been discussed in connection with the Postal Services Bill. Advice will be available from the Government and bodies like credit unions, and as we have heard, no restrictions will be put on the use of the savings accumulated.

The BBA has followed that up in a briefing that noble Lords will have received. It says that it is concerned about the complexity of the whole scheme and adds: "Our second major concern has been the commercial viability for potential providers. Banks are likely to be interested in acting as providers only if the SG design is fundamentally simple, set-up costs were low and if therefore a business case could be made ... No bank has yet committed to acting as a provider".

lynzpower

Interesting that the post offices savings are/ were with the bank of ireland adn they are not underwritten by the FSA :rolleyes:

The peoples bank, wher the government pay you to save

Honestly, Ive had enough

ahai1

I have no romantic view of the post office. The long queues and the shortage of staff.

lynzpower

ahai1 wrote: »

I have no romantic view of the post office. The long queues and the shortage of staff.

A bit like Cuba

Blah99

Search function is great

http://forums.moneysavingexpert.com/showthread.html?t=1309973

ahai1

I know we are getting off track but I somehow doubt it when people see how the post office savings operate there will be many takers for it.