Post Office easy access 3.17% AER account (now closed to new applications)

SnowMan

The Post Office have brought out an easy access account (online saver issue 5) paying 3.17% AER (link to Post Office website here).

This thread has been set up to discuss this account.

Summary of account
- 3.17% AER variable (including 1.52% AER fixed bonus for 12 months)
- minimum deposit £1
- unlimited withdrawals
- online only account

Note the monthly and annual interest options both pay 3.17% AER.

Says in terms and conditions (in the first of the questions and answers) that you can only hold one online saver (although you can have a single and joint accounts). I can't immediately see any restriction on holders of earlier issue accounts such as the issue 4 transferring to the issue 5 and closing the issue 4 to meet that condition. However this post by VfM4meplse suggests it requires writing in to close the old account first by which time this account may have been withdrawn.

talexuser

Hi, thanks for the info

I'm currently in the West Brom at the same rate but with only 4 withdrawals per year so am tempted to swap just for the convenience. Only thing putting me off - do they have any previous of soon dropping rates too far once the account is closed off?

Edit: it's Ok read T&Cs and account is opened already

SnowMan

epitome wrote: »

Has anyone got a post office online saver 3.17% ?

What's your sort code please? I'd like to check the faster payments accepted.

My sort code is 90-78-68.

Faster payments can be sent to that sort code.

Reading the FAQ you would think it takes 2-3 working days to pay money back to your nominated account see here. However I think that is wrong as it suggests here that transfers back will be by end of the next working day (note the online saver is listed as one of the accounts to which the Payment Services Directive applies).

Gromitt

I wonder if this is similar to Saffron. ie, everyone gets the same sort code and account number and just gets told to use a different reference?

SnowMan

Gromitt wrote: »

I wonder if this is similar to Saffron. ie, everyone gets the same sort code and account number and just gets told to use a different reference?

Probably not. I think each saver gets a unique account number with the Post Office online saver account judging by the account number I was given when I applied. But can't say for certain.

VfM4meplse

The PO is notoriously slow with it's payments.

I've just accessed my a/c - have had it for over a year so the rate has dropped. The alternative product they are offering is 2.85% (inc a 1.1% annual bonus) with a loss of 30 days interest on the amounts withdrawn, obviously I''d prefer the 3.17%.

I really should be looking for something else that is easy access - any recomendations?

Lokolo_2

VfM4meplse wrote: »

I really should be looking for something else that is easy access - any recomendations?

I'd Recommend the Coventry BS saver, its 3.15% AER and instant access (only snag is max of 4 withdrawals a year before you sacrifice interest)

I found it really quick to open and it accepts faster payments in after it's set up and it has online banking :beer:

VfM4meplse

Lokolo_2 wrote: »

I'd Recommend the Coventry BS saver, its 3.15% AER and instant access (only snag is max of 4 withdrawals a year before you sacrifice interest)

I found it really quick to open and it accepts faster payments in after it's set up and it has online banking :beer:

Thanks, that suits me fine!

Newbie2saving

Just in the process of going through all my accounts - closing and opening accounts / shifting monies. I have closed my IF account and opened this one instead; 2.49% to 3.17%, good 20mins work! Thanks SnowMan for this rather timely thread!

epitome

What info did the PO use to open instantly for a new user? i.e UK drivers licence UK passport or anything else?

Newbie2saving

epitome wrote: »

What info did the PO use to open instantly for a new user? i.e UK drivers licence UK passport or anything else?

Nothing. Just at the end they asked for a signature form to be printed and signed and sent off freepost, but not even sure if that was mandatory.