Post Office Online Saver Interest Rates

Sceptic001

Just to repeat the point for the sake of accuracy:

OP's original assertion is wrong.

The PO have not reduced the rate on existing accounts. See Milarky's post #5 and mine #8.

Ark_Welder

Anyone who opens or has opened an account with the Post Office since 1st January this year will have their deposits protected under the UK's FSCS

http://www2.postoffice.co.uk/finance/savings-investments/faqs-deposit-protection-schemes

DragonQ

Just noticed this new issue 4. On the main website it says there's a separate link for existing customers but when you login and choose to apply from there, it just takes you back to the normal application page. I filled it out anyway and just got this:

"Unfortunately, your application was not successful

Thank you for applying for a Post Office® Online Saver account. As you haven't passed the checks we run on all new customers, we won't be able to open an account for you.
We check all new applications using Experian and CIFAS, the UK's fraud prevention service. The results of this check help us decide whether to approve each application.
We are sorry to disappoint you, but thank you again for your interest."

What now? Seems stupid that they won't let me open a new account with them when I already have one.

DragonQ

Just spoken to someone on their helpdesk, who says that it's in the terms & conditions of the account that you can only have one open at a time and that's why it won't let me open a second one. So I'm not sure how some people in this thread were able to transfer the funds from their old account to their new one? Unless they meant they transferred the money out, closed the account, opened a new one, then transferred the money back in?

In any case, I'd lose at least a week of interest if I closed the account and opened a new one (due to BACS transfers) and maybe more than that if they want me to send evidence forms again, so it's probably not even worth it for a 0.11% interest rate boost.

molly_mandy_2

DragonQ - I was told that too last week. The girl said I must close my original online account by post. Also that my money could only be transferred to my nominated bank account, not another online post office account. She confirmed I must then wait THREE MONTHS before I would be allowed to open another online account. I told her I was getting different information all the time. She confirmed her info. was accurate.

Since people on here were opening the new online saver4 and transferring across, I ignored her and went ahead. It worked fine. So my money is now in the new account. The account opening was confirmed by letter so noone checked my other online accounts were still open.

Maybe, they have stopped people now from doing it???

Anyway, once again the Post Office has proved to be in a complete muddle. The website does one thing, the staff haven't a clue. Customer Service is diabolical.

I will probably move away from them when something better appears.

DragonQ

Hmm, that sucks. I did originally want to move to the Leeds Building Society savings account since it was a higher interest rate but I don't have anything on their list of acceptable address verification documents.

ENZO12

I opened an issue four while having an issue one opened, transferred all funds over from issue one to issue four during the opening process of issue four; leaving zero balance in issue one. Sent off the letter to close the issue one account along with my signature proof form for isue four, all done and dusted......... This was Monday this week.

fussy_eater

Hm have just started a thread about opening one of these accounts. Dont know what to do now, there doesnt seem much competition around at all. I want an instant access without penalty account. Was with Saga but the bonus has now expired so here we go again, applying for a new account elsewhere. What a palaver!And I would like monthly interest too.

DragonQ

fussy_eater wrote: »

Hm have just started a thread about opening one of these accounts. Dont know what to do now, there doesnt seem much competition around at all. I want an instant access without penalty account. Was with Saga but the bonus has now expired so here we go again, applying for a new account elsewhere. What a palaver!And I would like monthly interest too.

I'm looking into the "Web Save" from the Bank of Ireland. 3.05% (gross), instant online access, unlimited withdrawals. They have UK banking protection like the Post Office accounts do as well.

Ark_Welder

DragonQ wrote: »

I'm looking into the "Web Save" from the Bank of Ireland. 3.05% (gross), instant online access, unlimited withdrawals. They have UK banking protection like the Post Office accounts do as well.

Bank of Ireland (UK) operates the Post Office accounts, so these will have just the one £85k FSCS limit between them, not one each

http://www.ftadviser.com/FinancialAdviser/Regulation/Regulators/News/article/20100916/479eaa60-bf5a-11df-bbf4-00144f2af8e8/Post-Ofce-savings-to-enjoy-FSCS-benets.jsp