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

amiehall

Is the Post Office still Bank of Ireland? Is there standard FSCS protection?

agrinnall

amiehall wrote: »

Is the Post Office still Bank of Ireland? Is there standard FSCS protection?

I was going to raise this point, as I thought the answer would be that it's not covered by the FSCS. However, on looking at the T&Cs it appears that it is:

Deposits with Bank of Ireland UK are
protected by the Financial Services
Compensation Scheme. Eligible deposits
are protected up to the value of £85,000
per depositor, per institution. Full details can
found on https://www.fscs.org.uk or by contacting
the FSCS on 0800 6781100.

meatandtwoveg

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. Perhaps someone trying this can report back on that possibility.

Anyone, any experiences?:cool:

innovate

Newbie2saving wrote: »

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.

Same for me. I think it is definitely worth sending off the form with the signature now - - - might save some delays at a later stage, you never know.

epitome

But do they give you an account instantly that you can "faster payment" into?

Dr_Cuckoo3

Yes - sort code and account number are displayed on screen after applying in respect of other Post Office savings accounts (I have the Instant Saver)


One problem I am experiencing at the moment is "Transfer cannot be applied at this time" when attempting to withdraw as noted by others in this thread https://forums.moneysavingexpert.com/discussion/3543127

hmsfrog wrote: »

My Wife has a On-line Post Office Savings account and she is having problems getting any money transferred out from her account.
Having successfully logged on to their system and attempted a withdrawal the site simply states 'Transfer cannot be applied at this time.'

epitome

Thanks, that would not bother me, a few days delay getting money out would be something I could live with.

Gromitt

epitome wrote: »

Thanks, that would not bother me, a few days delay getting money out would be something I could live with.

Indeed, I have a couple of K in a Halifax Online Saver @ 2.8% for any cash I want instantly (as in, right there and then). Don't know if the OS supports FPS (being a savings account), but combining it with the reward account works a treat (and gives an extra £75/year to the gross interest).

innovate

epitome wrote: »

But do they give you an account instantly that you can "faster payment" into?

Dr_Cuckoo3 wrote: »

Yes - sort code and account number are displayed on screen after applying in respect of other Post Office savings accounts (I have the Instant Saver)

You will have the sort code and account number instantly, but if it is your first account at the PO, you have to wait a few days before you get login information.

If you want to make a small initial transfer, just to make sure you got everything set up correctly before transferring thousands, there's a few days wait involved. Shouldn't be a problem though because it's likely to be just pennies of "lost" interest.

OnlyMe_08

It seems you have to fund the account to activate the online saver. I'm guessing for those new to the PO, you have selected the debit card option with a nominal £1?

That's what I did anyways - what happens if you choose not to fund at this point though?