PO Online Saver..opening a new issue?

The_stingemeister

The bonus has ended on my Post Office Online Saver, and the new one (Issue 4) is paying 3%. It states that you can only hold one Online Saver at a time. How do you go about transferring from one to other, or do you have to close the old account and transfer it to somewhere else and then apply for the Issue 4 account, transferring the money back again?

meatandtwoveg

Good question, my bonus runs out in August, i will not be here in the UK, i hope i can roll it over to a new issue without a UK address for corespondence. I know last time i closed an old issue and opened a new issue all in one go, i just went to open a new issue, and used the full balance of my old issue as the opening deposit, but i had to write to them to close the old issue. Problem for me in the future, is they did send me a closing issue letter, and a opening new issue letter....Next time i have, or will have no correspondence address in the UK..

The_stingemeister

For me its further complicated by the fact the bonus (due 13 days ago) has not been paid in yet. The annual interest was paid in March. Can't see away 'round phoning up about it, as obviously not going to close account until bonus + interest (accrued Mar-Nov) has been added.

oldvicar

If PO accounts are so difficult, would the above posters be better off with a different deposit taker ??

smallfry27

oldvicar wrote: »

If PO accounts are so difficult, would the above posters be better off with a different deposit taker ??

At the moment, it looks like the best rate for a non-ISA easy access account with no withdrawal penalties. Except for Santander.

meatandtwoveg

smallfry27 wrote: »

at the moment, it looks like the best rate for a non-isa easy access account with no withdrawal penalties. Except for santander.

INGDirect.....3.00%

savetilibleed

The_stingemeister wrote: »

The bonus has ended on my Post Office Online Saver, and the new one (Issue 4) is paying 3%. It states that you can only hold one Online Saver at a time. How do you go about transferring from one to other, or do you have to close the old account and transfer it to somewhere else and then apply for the Issue 4 account, transferring the money back again?

I opened the Issue 4 whilst I still had Issue 1 open (as 4 was paying slightly more interest). This was back in about July this year. I simply transferred the bulkk of what was in iss 1 to iss 4 which was instant. Then I had to apply by post to close the iss 1 and the remaining balance + interest was paid to my bank account.
I see the PO site is down just now so can't check it out. Am thinking of moving my money out anyway and I maybe will once I can.