Post Office Savings

chugbug

I have just opened a new Post Office online account provided by the bank of Ireland because it pays 2.99 % interest on easy access. Unfortunately on the first day of use the Post office website lost two sets of my personal banking details. Their Help desk are not very helpful in trying to resolve the problem, possibly due to lack of training. In my opinion the website may have some security problems which they are unable to resolve at the moment. So I suggest caution if considering transferring any of your hard earned cash to the somewhat unprofessional Post Office Online saver. Bank of Ulster still pays around 2.5%

saver9999

I tried at the end of Oct to open a Post Office savings account. I could not be 'electronically verified' (don't know why), so sent off two original documents as requested plus a cheque. A little later the documents were returned with a letter which began 'Please find enclosed the return of your original documents.' followed by assurances that my application was being progressed. I heard nothing until an email saying that I was running out of time to send the documentation. A long expensive 'phone call on my part eventually told me that my documents had been recorded as copies and were rejected. After some consultation with management, a computer crash with their system, I was finally told that I would have to take the documents to a post office to be countersigned. At this point I gave up and asked for the return of my cheque. Whether this happens remains to be seen.
Don't trust the Post Office is my advice.

A._Badger

I can only speak as I find and, after a bit of clunky start, my account now seems to be operating just fine. I transfer money in via DD and, after a bit of an unnecessary delay, it gets there.

Now all I have to decide is whether to leave it there. I've no desire to be thrown on the tender mercies of the guarantee scheme if the worst comes to the worst. Come to that. I'm not absolutely convinced the scheme itself would resist a major collapse.

Mezzo_Bill

Tried to set up a P.O Online Saver account on the 1st Nov. Had the same problem with the email address limit as others so set up a webmail address with my ISP and tried again. Told there were 'technical problems' and to try again later. Tried three more times the following day before I got it to complete process. Discovered on the following Friday that four accounts had been set up and received altogether a dozen or so automated letters over the next week with a variety of customer, account, security ids and service user numbers which I could not directly match up. Customer services tried to be helpful but only managed to match up two of the sets of numbers for the accounts, not the valid one. Tried twice more calling them when subsequent letters involving the fourth account security number and the reset security number for the valid account arrived only to find that the user id and the security numbers provided for this account still did not match. Told them I was giving up and wanted all four accounts closed and was told I had to do this by letter. I have just discovered that they have now taken the original deposit money out of my bank account and put it into the savings account to which I do not have access before I could close it. In fact, it might have gone to one of the other three accounts as I no longer have access to them as I was told to destroy all the letters appertaining to them. It seems to me that the computer systems for these accounts have serious problems and the customer services staff do not know how to deal with them properly, giving out incorrect information and leaving customers like me with an unresolved mess. I am now going to have to try and get my money back and then find a more sensible home for my instant access savings. My advice is don't set up a Post Office Online Saver Account until they have managed to work all the teething problems out of their systems.

LesU

After transferring a largish sum of money into the PO and then changing my mind and taking it back out due to the unfolding events, I am now convinced that my money is better put elsewhere.
Adding up the delay due to DD and then the 4 day access delay imposed and then the 4 days to get the money back out, I realise it has taken 14 days using the PO savings account to achieve what I could have accomplished in under an hour!! between my bank and Tesco. i.e. I transferred some money in and then ASAP I transferred it back out again.
All for an extra 0.3%. It's not worth it, especially with the uncertainty added in.

soulsaver

D1zzy wrote: »

Well have to admit that I didn't take a note -'cos they always confirm it in an email and multiple follow up documents don't they.......NOT!

The only thing they confirmed in writing was my linked account details.

Not liking this lot already especially when it took 6 days (inc a weekend) to collect my £1 (I know BACS 3-4 working days - but haven't used it for a very long time) -£1 maybe all they get!

On the confirmation of my linked ac detail letter it had:

Reference INT SAVER 12345678

The eight numbers are my ac no. Hope this helps.

D1zzy

soulsaver wrote: »

On the confirmation of my linked ac detail letter it had:

Reference INT SAVER 12345678

The eight numbers are my ac no. Hope this helps.

Thanks - they did eventually send it to me once I had managed to pay in the £1.

The whole thing took so long tho - I'm still undecided as to whether to put in any more - if it takes that long to get money in god knows how long it takes to get it out

soulsaver

PO difficult? Wait 'til you try getting money out of the Kent Reliance:needs visit to branch with a balaclava & a sawn off... and then they're likely to ask for proof of identity !

MikeTheSaver

Since I last posted on 13-11-2010, nothing has happened. I've telephoned twice, receive assurances that proved empty. I GIVE UP!

MikeTheSaver

Setting up a Coventry BS online account was a breeze.