Post office card accounts

KYOTOBLUES

Still strongly considering br....

• wondering if i should open a post office card account for my benefits and tax credits?

• has any1 post br had theirs frozen? And will the or let me continue to use it?

• also, my daughter has a rbs revolve account for pocket money and saving, will the bank freeze this account when i do go br? I dont have any control over it, i opened it 4 her at same time as i opened my account.

any advice really appreciated

dojoman

The only 2 BR friendly accounts are the Coop Cashminder or Barclays basic account, I would not recommend any other type of account. You can open a cashminder account over the phone and do all your credits via the PO, also this is the only account that will give you online access.

Not too sure about your daughters account, but if it is in her name I don`t think it will be touched, but I may be wrong (often am )

KYOTOBLUES

i have opened a cashminder already, but not yet using it, not even making deposits until after br, in case its frozen or in case or stops me using it, according to mse thread, i should have waited til post br, i may have to reopen it or a new 1 post br, hoping i wont have to though.

according to fsa, the only restrictions on post office card account is its only for benefits and tax credits, no mention of br being able to get one or not, as i would rather keep benefits seperate from wages. cant find much info on po card accounts, hoping forum may have some experience of this?...........

dojoman

I opened mine 10 weeks before going BR and had it in full use, that was over 12 months ago and the account was not touched. As long as you are not in Brighton you will be fine using the account now. Also there is nothing stopping you having 2 casminder accounts, quite a few of us have done that.

KYOTOBLUES

dojoman wrote: »

I opened mine 10 weeks before going BR and had it in full use, that was over 12 months ago and the account was not touched. As long as you are not in Brighton you will be fine using the account now. Also there is nothing stopping you having 2 casminder accounts, quite a few of us have done that.

and again, thanks so much Dojoman for these gems!
how did you open your poca? ive heard its a bit of a faff?

i thought about having 2 cashminder accounts for piggybanking, as i want to protect my benefits from getting used, if possible, in paying for br.

dzug1

To get a PO card account you ask whoever is paying your benefits to send you an invitation to apply for one.

When you get it you go into the PO, fill in a form and they send it off for you. ID is not 100% essential, but it speeds up the issuing process.

The card is sent to your nominated PO - the one that sent it off. You get a letter saying it's ready to collect and (separately) a PIN. (You can get cash at any PO - it's only the pick up one that's fixed)

When you've got the card you give details to the benefit payer, who starts paying in to it.

KYOTOBLUES

dzug1 wrote: »

To get a PO card account you ask whoever is paying your benefits to send you an invitation to apply for one.

When you get it you go into the PO, fill in a form and they send it off for you. ID is not 100% essential, but it speeds up the issuing process.

The card is sent to your nominated PO - the one that sent it off. You get a letter saying it's ready to collect and (separately) a PIN. (You can get cash at any PO - it's only the pick up one that's fixed)

When you've got the card you give details to the benefit payer, who starts paying in to it.

:Dthanks so much for that info, im going to contact all of them and request a pack asap:beer:

andyf1980

I'm new to this as well but is there any benefit in having a PO account?

I've found the co-op great (and no I don't work for them )I don't have a branch near me but can pay in cheques at the PO.

In terms of benefits I could have had a giro for my JSA and Housing benefit said they could send me a cheque if I wanted.

I have however opened a PO savings account as the co-op pays only 0.25%

KYOTOBLUES

hi, po ca is soley for benefits, coop 1 good 4 wages, your po ia savings account post is interesting and will check it out too, so thanks and good luck saving

alastairq

one can have as many Co-op Cashminder accounts as one wishes...I'm not sure how many one needs to open before one gets onto the Co-op's Christmas card list though.

Also, sign up for the Co-op dividend scheme?

I have all my insurances with Co-op..[simplifies matters tremendously].....and still had £25 credited to my account this year....for doing nothing more than I would do normally!

I have two accounts....one for DD's, SO's, rent etc...in other words, all essential outgoings....

the other is for wages, etc...and non-fixed outgoings like food, petrol, and other expenditures.

Whatever is left at the month-end, is saved... Christmas is a-coming?

When my pay hits the first account, I do an online transfer to the second account [plus, pay online bills like CT]....and cease to worry any more about whether I've left enough for that forgotten DD?

FavDaughter1

Hi, a clever idea to have more than one account,i can see how that helps to keep everything in order. to all of you who posted, do you find it easier to have direct debit's set up or to do the online payments?

i'm not great with maths but with a calculator,pen and paper i am better at budgeting than my hubby, i need to see it down in black and white,it's no good me trying to keep track in my mind.

i'm keen to gain any tips from you all on how you're managing to budget.
thanks