Don't the post office do simple savings accounts anymore?

MrsE_2

http://www.postoffice.co.uk/portal/po/product1?catId=19100174&mediaId=19300206

I want to open a saving account at the post office, something I can pay cash into, from £1 to whatever, withdraw when I like (not often, but don't want to wait either).

Don't the post office do simple savings accounts anymore?

All i can find are online accounts & £500+ accounts......

Where are the simple savings accounts?

lisyloo

well it's not a great rate, but here's one

http://www.nsandi.com/products/easa

MrsE_2

lisyloo wrote: »

well it's not a great rate, but here's one

http://www.nsandi.com/products/easa

Thank you, so they do, do them. I'm surprised they don't have them on their website.

I also saw this one

http://www.nsandi.com/products/invac/isitrightforme

VT82

The one with the '£500 minimum' might let you put in less than £500, but not get the advertised 2.10% interest unless you have over £500 in there?

lisyloo

It is on their website here
http://www.postoffice.co.uk/portal/po/content1?catId=95800881&mediaId=72400740

I didn't look at the "investment account" as (strangely enough) I thought it would be investments and not savings, but it looks like a straightforward savings account.

dzug1

nsandi and the Post Office are different organisations - and increasingly nsandi are not selling through the Post Office.

alanq

lisyloo wrote: »

I didn't look at the "investment account" as (strangely enough) I thought it would be investments and not savings, but it looks like a straightforward savings account.

You cannot just walk into a Post Office and make a withdrawal. First you must make a withdrawal application to NS&I so this is not what I call a straightforward account.

"Taking money out You can take money out at any time with no notice and no penalty. You can pick up a withdrawal form at any Post Office® branch along with a pre-addressed envelope. Simply complete the form and return to us - we'll send you your payment within a few days of receiving your request...."
http://www.nsandi.com/products/invac/howitworks

This inconvenient account pays just 0.2% AER (paid gross but taxable!) or 0.3% for £25,000+.

lisyloo

I would say their website is misleading

Why choose this product? If you want a straightforward passbook savings account with easy access to your money

martinman3

I am assuming that the OP only has access to a Post Office and no banks/building societies.

There is another option which has not been mentioned as all Post Offices have card readers. You can use certain accounts which have an ATM card to deposit cheques and withdraw money at the counter. I don't know why it doesn't let you deposit cash.

My mother has a Co-Operative bank savings account which has a Link card. Although that particular account is not available to new customers, there is the Smart Saver account which seems to allow the same
http://www.co-operativebank.co.uk/servlet/Satellite/1193206367079,CFSweb/Page/Bank-Savings?WT.svl=copy
only 0.25% AER though.

MrsE_2

martinman3 wrote: »

I am assuming that the OP only has access to a Post Office and no banks/building societies.

There is another option which has not been mentioned as all Post Offices have card readers. You can use certain accounts which have an ATM card to deposit cheques and withdraw money at the counter. I don't know why it doesn't let you deposit cash.

My mother has a Co-Operative bank savings account which has a Link card. Although that particular account is not available to new customers, there is the Smart Saver account which seems to allow the same
http://www.co-operativebank.co.uk/servlet/Satellite/1193206367079,CFSweb/Page/Bank-Savings?WT.svl=copy
only 0.25% AER though.

I don't care about the interest, won't be saving that much.
Their is a PO in the village & its handy, on a Saturday morning I can pop in & pay the cash in.

alanq

martinman3 wrote: »

There is another option which has not been mentioned as all Post Offices have card readers. You can use certain accounts which have an ATM card to deposit cheques and withdraw money at the counter. I don't know why it doesn't let you deposit cash.

As far as I am aware withdrawals are only possible for certain types of current account with certain banks. With some of those accounts both cash and cheque deposits are also possible.
http://www.postoffice.co.uk/portal/po/content1?catId=19400181&mediaId=19700174