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

SnowMan

Will update this post with my experience as a new Post Office savings customer to help others following behind:-

26th May (Saturday morning) - applied for account online and chose option for opening deposit (£1) to be taken by debit card. Was given account number and sort code. I posted back signature form to their freepost address.

26th May (Saturday evening) - received email to say account was open and that I will receive username and security log in details (separately) within 4 working days

28th May (Monday) - £1 debit card payment taken

31st May (Thursday) - user ID and security number arrived by post in two separate envelopes. Able to log in and all seems to be up and running.

Newbie2saving

OnlyMe_08 wrote: »

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?

I funded the account with a lump sum from a nominated account. Saves me messing around as I wanted the funds in there asap.

PS. Thanks for the update SnowMan!

OnlyMe_08

So did you skip that section, then initiated a faster payment to account details provided, or select direct debit?

I assume former, as you wanted funds in there ASAP?

amiehall

AAAARGH! This is not their fault but since I moved house, I've not been able to get electronic ID verification to work for me at all. Forever getting flipping certified copies of this and that.... I can't decide if I can be bothered now.

innovate

Are you on the electoral roll at your new address? And is this correctly reflected in your credit files?

amiehall

innovate wrote: »

Are you on the electoral roll at your new address? And is this correctly reflected in your credit files?

Yes I am registered and all my banks are updated with my current address. I move quite often and haven't had problems before but since moving here, everything from Barclays Pingit to a savings account has needed me to go in with ID.

Anyways I don't feel it's worth chasing up right now as I'm moving again in a fortnight hopefully my ID problems can be left behind.

Actually having had a look, the electoral role isn't showing on my record. I am definitely registered as I voted this month. At any rate, I will reregister at new address and hope this comes up.

innovate

My userid and security code arrived this morning, on the 4th working day after I applied for the account. Separate envelopes but same postal delivery.

Security looks quite flimsy - - you just need the userid, DOB and security number to log in. No additional security questions to be set up, and it doesn't force (or recommend) that you change the security code to one of your own choice.

When you log in first time, you have to accept some terms and conditions, which include:

Due to the payment cycle it currently takes a minimum of two working Days for a Transfer to reach your Nominated Account

A bit annoying if that is true. Also no commitment on the max it will take.

Trying out deposits

• If you use the "transfer in" option to pull money from your nominated account, it says: "Deposits into your account by this method will take 3-5 working days to show in your savings account from the transaction date.". I passed on that one.
• if you use a Debit Card to deposit money, the card transaction gets confirmed but is not reflected immediately on the online display.
• have made a test payment (FP) from my nominated account about 20 mins ago - as yet, it hasn't arrived; I will update when I can see the money. UPDATE: an hour and a bit later, money is showing, so that worked very well!

My opening deposit of last Saturday, made by Debit Card, is showing ok

Gromitt

Thats a bit faster than Saffron then, transferring money in on a Monday doesn't show up until Tuesday.

Newbie2saving

Like innovate my pin and id arrived this morning in the same post. All going well to date.

neilsedaka

I have today opened a Post Office online saver 3.17% account and questioned the statement on their website that says "It normally takes 2-3 business days for withdrawals to reach your nominated current account". The person that I spoke to on the phone initially said that the 2-3 business days was correct but after he went off to double check he confirmed my suspicion that withdrawals before 5pm now go by faster payments. He said that their website is out of date on that issue.

Link updated to
http://www.postoffice.co.uk/finance/savings-investments/using-your-post-office-online-saver-account