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

roddydogs

Gromitt wrote: »

You don't. Use the tab key.

How do you use the tab key to enter DOB?

Gromitt

roddydogs wrote: »

How do you use the tab key to enter DOB?

What?

Type user id <tab>
day of month <tab>
month of year <tab>
year <tab> <tab> <space>

done. Now use the same method for entering your security information. No clicking required.

Dustykitten

Anybody got an idea as to when the new issue will be out?

Mine drops it's interest on 26th of this month. Would I be best to close and move the money out ready for the new issue or can you open a new one (when available) and transfer over?

veryintrigued

Just been checking when the 1.52 bonus rate disappears on this account

I went onto the Post Office website and it seems that on the 17/1/13 the overall interest drops to 2.67 from 3.17.

I wasnt expecting that. Am I being dafter than normal as I havent been advised of this.

http://www.postoffice.co.uk/interest-rates#Online Saver Issue 5 - monthly interest

WRabbit

Interesting. Looks like the variable rate has varied. ah well guess I'm shifting it to a B of S vantage, and opening another one. Sigh.

innovate

good spot, I certainly had not got any notice either

EDIT: called them just now, they said they had already advertised this in the financial press, but the official announcement was apparently only today and they will be notifying all individual customers "soon". Not sure whether they are supposed to give us a bit more notice?

Seems that NatWest 2.85% one comes into its own a lot sooner than expected.

veryintrigued

innovate wrote: »

good spot, I certainly had not got any notice either

EDIT: called them just now, they said they had already advertised this in the financial press, but the official announcement was apparently only today and they will be notifying all individual customers "soon".

Seems that NatWest 2.85% one comes into its own a lot sooner than expected................

Thanks for the update and the sanity check.

Seems I'm 'stuck' with this as the next highest easy access is 2.25%.

Guess I'll be opening one of those up soon before the bonus rate disappears from the PO one too!

PS on the notice period - I did a quick google and couldnt see what the legalities are on this sort of thing. Am sure other forumites will know.

innovate

FSA says (http://www.fsa.gov.uk/consumerinformation/product_news/banking/know_your_rights/managing)

If your bank wants to reduce the rate of interest it pays you on credit balances on a current account, a card-based account or (in some cases) an instant-access savings account, it generally has to tell you two months before it does.
The exception to this rule is if the interest rate on your account is linked to an official rate – such as the Bank of England base rate – and it moves automatically in line with any change in that rate. This is sometimes known as a ‘tracker rate’.

For other savings accounts, such as those with a notice period or cash ISAs, a bank should give you reasonable notice that it proposes to make a material reduction to the interest rate.

I can't atm find the Post Office T&Cs - - would much appreciate some help tracking them down.

innovate

Found their terms for issue 9. I would be surprised if the issue 5 ones were materially different:

http://www.postoffice.co.uk/sites/default/files/56353_PO_OnlineSaver_Issue%204%20v1.pdf

Interest rate changes are clauses 32-37. A very quick skim suggests they are not complying with their own T&Cs. Need to look into this in more detail a bit later, gotta rush out for a bit.

ManAtHome

Looks like they are complying with T&Cs (but 'doing the minimum'...).

32b lets them reduce rates (competitors reducing their rates), 66 gives any (or all) of 4 ways to 'notity you' - only one of these involves writing to you.

Anyway - good spot Mr Very.