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

Mr_K

Just come across this. I haven't had any notification, and this cut is happening today?? What are the rules on letting punters know ? No doubt they put in the small ads of the Shetland Islands Gazette.

Never did trust those Bank of Ireland shisters, hiding behind the PO's name.

isofa

I have an issue 7, it appears this drops to 2.45% from yesterday 17/1/13 after checking the rates online, yet I've had no e-mail nor letter to state this. Very unimpressed, only had this account a few months, certainly won't use them again.

http://www.postoffice.co.uk/interest-rates#Online%20Saver%20Issue%207%20-%20Annual%20Interest

typistretired

They are not notifying savers they state it is in their terms and conditions to allow the changes without notifying, you have to keep checking online. I transferred bulk of my savings first thing yesterday arrived in current account today. Their cut off time is 5pm for daily transfers.


This is what they say on their site under FAQs.

We are committed to keeping our savers informed about our interest rates. When we change interest rates we will update our website.

isofa

typistretired wrote: »

They are not notifying savers they state it is in their terms and conditions to allow the changes without notifying, you have to keep checking online. I transferred bulk of my savings first thing yesterday arrived in current account today. Their cut off time is 5pm for daily transfers.
This is what they say on their site under FAQs.
We are committed to keeping our savers informed about our interest rates. When we change interest rates we will update our website.

I understand this - and frankly it makes they very poor compared with much of the competition, I have many other accounts, all which write or e-mail when rates change, usual months in advance.

However it doesn't explain why many people on this thread have had e-mail notifications regarding the rate change and many others have not not: inconsistent to say the least.

As soon as I find a decent account which I don't already have, I'll be closing and never returning.

typistretired

I never got an email either only found out on this site in time to move my savings to my current account and then to Santander esaver 5. I bet Santander's balance is high this weekend!! I wasn't defending them just explaining why they have not notified savers. I usually get an email to check my statement from them but didn't get one of them this month.

isofa

typistretired wrote: »

I never got an email either only found out on this site in time to move my savings to my current account and then to Santander esaver 5. I bet Santander's balance is high this weekend!! I wasn't defending them just explaining why they have not notified savers. I usually get an email to check my statement from them but didn't get one of them this month.

No fair enough - jolly annoying though! If I'd not already got a Santander esaver, I'd be moving the balance there! Such slim pickings for us savers who need instant access, the rates are diabolical.

typistretired

I know!! We are all hoping Santander do not drop their rates, checking their website daily, still not updated rates on closed accounts since November. I put a small amount back in October in the Natwest savings account thinking I would never use for big savings but suddenly 2.85% looks attractive.

savetilibleed

Today, six days AFTER the interest rate drop, they get around to emailing me!! Thank goodness for MSE forum!!

Gromitt

Yup, same here.

"We have tried to resist making changes for as long as possible but, due to these current conditions, we are writing to notify you of a reduction to the underlying interest rate on your Online Saver account, effective 17 January 2013."

Thanks for the -5 days notice, Post Office!

Newbie2saving

This is so frustrating. I was only online yesterday and nearly moved a lump sum into this account following the West Brom annual rate drop. I will now move it into my BM online saver account which is still at 3.2% until June and then make a decision then!

Very annoyed, bet it won't let me move it all out in one go now! Also do PO do FP????

Thanks....