Post Office Savings

shaungjones

Here I am again. Having finally got a Joint Names PO Online Saver account up and running I have discovered another niggle. This concerns payment of interest gross. I am a taxpayer but may wife is not. With other providers I have been able to register one party as a non-tax payer and effectively only 10% tax is deducted at source. I think for the PO Online Saver is it an all or nothing scenario. Both parties have to elect to receive gross interest for any change to take effect on the account. I have called in too but failed to get them to understand !! If any other MoneySavers have succeeded where I have failed I would be pleased to know. The upshot is that I will have to reclaim the tax from HMRC which is a real bind when all other interest bearing accounts we have jointly can manage this.

libra10

I would download the R85 form from here -

http://search2.hmrc.gov.uk/kbroker/hmrc/forms/viewform.jsp?formId=835

send it to the Post office with your wife's account details.

They should be able to set it up in order that your wife doesn't have income tax taken from her part of the interest.

vector

vector wrote: »

my post office account was fully opened the other day but when i try to move money via my linked account i get a message telling me that a direct debate has not been set up. does the post office set this up or is it down to me to do it? if it's down to me then what do i need to do? thanks in advance.

No one have an answer???

johnmoney05

vector wrote: »

my post office account was fully opened the other day but when i try to move money via my linked account i get a message telling me that a direct debate has not been set up. does the post office set this up or is it down to me to do it? if it's down to me then what do i need to do? thanks in advance.

It will be set up automatically. And you will receive a letter from them telling you about it being set up.

drjones

I applied for one of these accounts on the 01/11/2010 and it's up and running with my initial deposit in it (~5days for everything to arrive). It says you can chose whether to have the interest paid monthly on annually, but how? Is there an option to select either in the account management online?

Cheers.

barak

vector wrote: »

my post office account was fully opened the other day but when i try to move money via my linked account i get a message telling me that a direct debate has not been set up. does the post office set this up or is it down to me to do it? if it's down to me then what do i need to do? thanks in advance.

It will be set up by the PO but may take up to 10 days. The quickest way to fund your account is by setting up a BACS payment online from your current account.

Mr_K

drjones wrote: »

I applied for one of these accounts on the 01/11/2010 and it's up and running with my initial deposit in it (~5days for everything to arrive). It says you can chose whether to have the interest paid monthly on annually, but how? Is there an option to select either in the account management online?

Cheers.

Monthly or annual interest is an option to choose during the account application. I guess you might have overlooked it; if so you'll get whatever the default option is (not sure what that is..)

wheelybin_2

MikeTheSaver wrote: »

I get to the end and a message says, "Your application: We are currently processing your application and will be in touch in due course." but I get no confirmation email and nothing happens.

I have the same problem - did you manage to get it working?

MikeTheSaver

No - I'm stuck. Glad (in a way) it's not just me. I will telephone again and post the results here; if that doesn't work I'm giving up ...

drjones

Mr_K wrote: »

Monthly or annual interest is an option to choose during the account application. I guess you might have overlooked it; if so you'll get whatever the default option is (not sure what that is..)

Ah ok thanks, I had a vague memory that it might have been (I've applied for a few new accounts recently an they all blur into one!).