Savings Stamps (Waste of Money?)

Joe_Bloggs

It appears that the post office is to sell £5 savings stamps over the Post Office counter. No interest is payable and they won't lick the stamp for you. You have to save £100 before you can do anything with them.
Is this a poor scheme for savers or an interest free loan to the Post Office ? What happens if your dog eats your card of stamps.
Lets hope Martin answers these questions on Tonight with Sir Trevor McDonald. 8:00pm (after a few dozen adds).
J_B.

jaybee

Better to open a 'savings account' and get a paltry bit of interest.
I've worked out what my bills are on a monthly basis and then transfer that amount every month to my Sainsbury's Savings a/c and draw out what I need when the bill comes in. Useful for things like Road Tax, Car Insurance, TV Licence, AOL etc which occur annually.
It's working for me!

Tim_L

It is a bizarre idea, but quite a neat little stealth tax if you think about it.

Milarky

Yes, heard Martin on the Today program yesterday having a mini rant about it, so clearly he doesn't think it's a good idea either!

Do you think this is one of those: "we've asked our customers what they want..." schemes used to justify someone's fancy 'Director without portfolio' job?

Paul_Varjak

I cannot understand why the Post Office is re-introducing saving stamps - which were abolished about 30 years ago I think.

People these days are encouraged to save in an account that makes interest; after all, the Post Office introduced personal banking which is supposedly their 'saviour' and those on benefits are strongly encouraged to have their benefits paid into an account accessible at the Post Office.

So you can now go to the Post Office and operate any one of six current acccounts - one of which (A&L) can pay up to 5.5% - and about a dozen 'basic' accounts which have inherent security despite what much of the population may think!

And, now, the Post Office is to re-launch saving stamps with no interest or security. Are people expected to get their benefit out of their Post Office-accessible account and use it to buy saving stamps? What a ridiculous idea!

Does the P.O. still offer TV licence stamps as well? Perhaps they will also offer quadruple Green Shield stamps next - which can be used on postal items - hate to think how big the envelope would have to be though!

tiff

I realise this is an old thread and I do see your point, paying money into a savings account towards your bills does make sense - IF YOU'RE DISCIPLINED. I buy the Vehicle Licence Savings Stamps which are £5 each. No, you dont get any kind of bonus but it helps me save for the annual car tax and I cant use it for anything else.