Post Office Online saver issue 5 - monthly interest

LeoC

Hello

Please correct me if I am wrong, but I thought I could receive the monthly interest from my Post Office Online saver issue 5 directly into my nominated account (so into my current account held with another bank). Isn't that so?

I thought I had set it up like so when opening the account, but my first monthly interest was paid into my Post Office online account itself. But maybe I am just confused as I also opened other savings accounts recently.

I can't check the T&C online any more as the Post Office have now closed this account for new applicants.

Thanks

Leo

gkerr4

I didn't think that the interest could be paid into a different account - i thought that the nominated account was simply for when you want to make withdrawals.

oldvicar

LeoC wrote: »

....
I can't check the T&C online any more as the Post Office have now closed this account for new applicants.
...

What a disgrace.

The Bank of Ireland UK should be ashamed that its customers cannot see T&Cs after they have opened the account.

Gromitt

oldvicar wrote: »

What a disgrace.

The Bank of Ireland UK should be ashamed that its customers cannot see T&Cs after they have opened the account.

Indeed, so I guess this will have to do:

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

(Yes, this is for Issue 5, despite the filename)

‘Nominated Account’ means an account in your name(s)
with a UK branch of a bank or building society to which you
can ask us to pay interest and make credit transfers. Only
one Nominated Account can be registered for each Account
Holder. For joint Accounts, each Account Holder may register
a Nominated Account.

LeoC

Thanks for the document, as always with these T&Cs, they have contradicting rules, because it also states:

Where is
interest paid?

Interest will be paid to your Online Saver account.

So I guess I need to call them and pay for the call...

MaxHeadroom_2

Don't pay for the call

0800 169 4955