Post Office Savings

planemad

I'm thinking of opening a post office savings account early next month when they officially join the FSCS.
Do the post office accounts currently accept faster payments in and out?

Many Thanks

glider3560

Instant Saver accounts are on sort code 90-78-68, which doesn't accept Faster Payments.

Online Savers don't have a sort code, so all deposits must be made through direct debit from the PO website.

martyn4764

glider3560 wrote: »

Online Savers don't have a sort code

My online saver has the sortcode 90-78-68.

psychic_teabag

From T&C you can pay in via BACS. It doesn't go via faster payment, though. Payments are out only to a nominated account, and again only by (slow) BACS.

Can also pay in via a debit card, but seems to take a few days to be credited to the account.

Special_Saver2

I have just applied for one of these accounts (paying 2.9% gross for 12 months on £1+, no strings attached except that withdrawals are to a nominated current account using BACS).

I figure that by the time the account documents arrive, it will be November and the UK FSCS guarantee will then apply.

I often have problems with online identity checks but this one went straight through without any problems and it gave me a sort code and account number.

SS2

Sceptic001

Special_Saver2 wrote: »

I have just applied for one of these accounts (paying 2.9% gross for 12 months on £1+, no strings attached except that withdrawals are to a nominated current account using BACS).

I figure that by the time the account documents arrive, it will be November and the UK FSCS guarantee will then apply.

I often have problems with online identity checks but this one went straight through without any problems and it gave me a sort code and account number.

SS2

That is very impressive compared to the recent NatWest fiasco - 24 days after initial application I can now pay money in, but can't yet withdraw (until receipt of card reader) and don't get bonus interest until 15th November...:mad: Maybe I will leave my £1 languishing in NatWest and have a go with this one instead... :j

Baldur

Sceptic001 wrote: »

That is very impressive compared to the recent NatWest fiasco - 24 days after initial application I can now pay money in, but can't yet withdraw (until receipt of card reader) and don't get bonus interest until 15th November...:mad: Maybe I will leave my £1 languishing in NatWest and have a go with this one instead... :j

The support of Faster Payments in & out of the Natwest e-Savings tends to outweigh the initial delay in opening, etc., for me.

Having experienced the Tesco Internet Saver, which operates in the same way, an alternative savings account would have to offer a significant increase in interest to tempt me back to the Direct Debit in & out model.

Loughton_Monkey

Maybe a small point, but I recently found the Post Office extremely tardy in moving money. They seem to have some sort of "waiting period" for any payment in to be 'cleared' before it can be drawn out.

When a maturing bond matured, they transferred it to an online savings account. Took 3 days for them to transfer it themselves, and well over a week (I think they insist on 6 working days or something) before you can instruct any movement of it. Add the 3 days BACs either end, and I was talking about 3 weeks!

I was told (by their irritated call centre agents - who had to field all these calls) that they were so frustrated themselves, and that they couldn't change this on their systems. They had to revert to an "Emergency" solution which involved them offering payment of maturing bonds as cheques. An archaic method, these days, but infinitely quicker than their 'automated' process.

juicyjude

I was thinking of opening one of these accounts but can anyone tell me if the online application process is easy and quick, and how do they take the initial deposit. Many thanks for any replies.

martyn4764

Very quick, very easy, and the electronic verification seems a bit less exacting than others.

I think you can make the initial deposit by BACS, but I paid by debit card.

juicyjude

Many thanks martyn4764 but does anyone know when you are completing the app form online if there is a section to register for gross interest as I am a non tax payer. Once again, thank you