Saving with the Post Office

Loughton_Monkey

Post Office admin is now in complete turmoil.

soulsaver

Well....I WAS thinking of transfering some more now the dust is starting to settle on their BOI bail (bale?), but...

carrottsforlunch

Finally my money transfers of £100 and £55 have gone through ( this was to test the water until i put the lump sum in ). Makes me very wary about depositing the rest of it to be honest .

EDIT TO ADD . Still does not show up in my po account , ill keep you informed

soulsaver

carrottsforlunch wrote: »

Finally my money transfers of £100 and £55 have gone through ( this was to test the water until i put the lump sum in ). Makes me very wary about depositing the rest of it to be honest .

EDIT TO ADD . Still does not show up in my po account , ill keep you informed

Can be funded by debit card, too. And I think it shows up in the account following day latest using debit card.

mark101

I opened this a few months back. Everything was ok and quick. Put £1 in and thats ok also. Not had an issue really.

Now that the UK £50k protection has kicked in I will be transfering some more in.

I have one question though. I opened the account a few months back and called the helpline a few moments ago to ask about the interest rate. They said it didn't matter if it was a lower rate when it was opened as its variable and that the 2.90% applies as long as you are still in the indtroductory period - is this correct?

soulsaver

mark101 wrote: »

I opened this a few months back. Everything was ok and quick. Put £1 in and thats ok also. Not had an issue really.

Now that the UK £50k protection has kicked in I will be transfering some more in.

I have one question though. I opened the account a few months back and called the helpline a few moments ago to ask about the interest rate. They said it didn't matter if it was a lower rate when it was opened as its variable and that the 2.90% applies as long as you are still in the indtroductory period - is this correct?

Sounds feasible. I'd ask again, see if i get same answer; get the contacts full name; make a contemporaneous note of answer and time. Ask if they can point you to documentary confirmation "so as to avoid potential arguments at 'maturity'". Might question: As the 2.9 includes a bonus of c1.5% that is for 12 months, would that bonus be 12 months from when you opened it?
Grandmother to suck eggs, possibly, but: If it's not clear that you get the 12 month bonus from input of significant funds rather than opening date months ago, consider if you could open a new/second account to be certain?

I'll put some more in Jan2 when next level kicks in 'cos I need to rationalize from 'safe' accounts paying lesser interest, if nowt better turns up.

carrottsforlunch

soulsaver wrote: »

Can be funded by debit card, too. And I think it shows up in the account following day latest using debit card.

One step at a time . Well a bit more positive news , seems the account is up and running . From requesting money transfer from my nominated account takes about 2-3 days to leave my current account and shows up in the post office account 2-3 days later . Just transfered the bulk in yesterday , shame i did not know about the protection scheme being raised at the end of the year to 85k or i would have put it all in the Natwest bond .

robbieroy

I opened an Instant Saver account with them a few months back and it all went smoothly. I subsequently opened the higher interest paying Internet Online Saver account and phoned and closed the Instant Saver account - all this went without a hitch. The only downside is that there is not faster payment and transfer of money can take three - five days.
I also received two identical interest payments this month - intend to monitor the account to see if one of the payments gets taken off before contacting them.
I would actually recommend the account, the benefits being unrestricted and "instant" access to your money via your nominated UK bank account.
RR

soulsaver

Edit : NO Daily Withdrawal Limit see later post



..

robbieroy

soulsaver wrote: »

Daily Withdrawal Limit

It's not unusual to have a daily limit but best be aware its £15k, online or over phone. I suspect there's a way to get bigger funds out ... close the account possibly - I'll check later when it costs me nowt to phone.

Maybe not a prob, but worth being aware of if you're saving lots for something big...

That would be useful information to find out - please post when you find out.
RR