Post Office Instant Saver

codetown

I have just noticed this saving account from the Post Office:

http://www.postoffice.co.uk/portal/po/jump1?catId=19300232&mediaId=23200510

Characteristics:

4.75% gross/AER* on balances of 500 or more

• We offer the same great rate to everyone for balances over £500
• We guarantee to match any increase to the Bank of England Base Rate until January 2008
• You can access your money instantly at over 14,000 Post Office™ branches and 55,000 Link cash machines nationwide. Six free withdrawals per financial year. £1 each thereafter
• You'll have the flexibility to manage your account online, by phone, at any Post Office™ branch or by post
• There are no hidden withdrawal charges or catches
• The account is available to anyone aged 11 or over.
  So make more of your money and apply for your Instant Saver account today.

* Rate includes 1% gross introductory bonus for 12 months from account opening on balances of £500 or more. Introductory bonus available for a limited period.

From the looks, it seems an interesting proposal because of the easy access to the money and the wide spread availability of post offices.
Seems also ideal for those not too keen on online savings.


Has anyone got it? Can comment on how it works?
Is the interest monthly or annual?

kiwigirl

Was going to open an account but noticed it only allowed 6 free withdrawals per annum and I was looking for an account to drip feed per month into another savings account so wasn't feasible for me to do.

There are a few accounts at the Post Office some are better than others, this account looks quite good but it depends on what you want to get out of it.

Have decided to bite bullet and go for an internet based one but will be transferring small amounts first!

codetown

Well, it says six free withdrawals, but you can do as many as you want after the sixth at 1 pound each. I think this is not too bad and much better penalty than loosing a month interest as others (HSBC) do.

kiwigirl

Yes, I know it has 6 free and then a £1 after that but when I know that I definately need 12 and maybe more, it is not cost effective for me that's all I was saying.

I am looking for an account which I can put a lump sum and then drip feed into a regular savings account, for the amount my lump sum can withstand but be able to top the savings account with more money when I am able to do that.

WaltD

I recently opened a Post Office Instant Saver, and I must say I don't think much of their security. I received a telephone call out of the blue from someone who simply identified themselves as "This is The Post Office". They then asked me to tell them my date of birth and my mother's maiden name!

How was I to know the call really did come from Post Office Savings? It could have been anyone, 'phishing' for my security details.