MSE News: Post Office cuts rates, but only tells savers after

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
58 replies 5.8K views
Former_MSE_JamieFormer_MSE_Jamie
98 Posts
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
"Returns fell on 17 January, but some savers only received emails and letters outlining the bad news last week ..."
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  • innovateinnovate
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    No s**t Sherlock.
  • veryintriguedveryintrigued Forumite
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    This article isn't giving us much extra info or exactly 'fighting our corner' IMO.

    I'd like some champagne for raising this on here some three weeks ago.

    (Or chocolate)

    Cheers
  • please correct me if I'm wrong but I don't think it makes much difference when they told me. I opted for annual interest to get the better deal so as I understand it I can't switch my account til 12 months is up anyway as I wouldn't get any interest?

    Just for info purposes. I got my email from Post Office on 23rd Jan.
  • gwapenutgwapenut Forumite
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    No, you'll get your interest pro rata until the day you leave
  • pennymakespoundspennymakespounds Forumite
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    i've been caught with this as well.

    Guess one easy solution is just to open the "post office instant saver " account ... currently 2.1% and transfer the money in to it.
  • Gordon_the_MoronGordon_the_Moron Forumite
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    please correct me if I'm wrong but I don't think it makes much difference when they told me. I opted for annual interest to get the better deal so as I understand it I can't switch my account til 12 months is up anyway as I wouldn't get any interest?

    Just for info purposes. I got my email from Post Office on 23rd Jan.

    You are wrong :)

    If you leave the account open but move the money you'll earn the interest at the end of the year, so lets say you put £1000 in the online saver at 2.1% and have it there for 6 months, you will earn £10.50 interest (half of 2.1% interest because its only there half the year)

    If you close the account before the year is up, you will get any interest due paid on closure.
    If you don't like what I say slap me around with a large trout and PM me to tell me why.

    If you do like it please hit the thanks button.
  • badger09badger09 Forumite
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    This article isn't giving us much extra info or exactly 'fighting our corner' IMO.

    I'd like some champagne for raising this on here some three weeks ago.

    (Or chocolate)

    Cheers

    Thank you

    :EasterBun :beer:
  • The_BookmanThe_Bookman Forumite
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    Before I jump ship as a result of this "Online Saver issues 1 to 8 tumbled from 1.65% to 1.15%.", I vaguely recall that there was a bonus linked to this which brough the rate to just over 3% (I took the monthly interest option).

    Can anyone recall/confirm that, and if so, what does it make the rate now? I'd guess it's still better than the 2.1% Instant Saver they're offering now?
    If in doubt - do something. (With fond memories of Harry Chapin)
  • roddydogsroddydogs Forumite
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    Yup 2.7%...............still better than you can get elsewhere for I.A.
  • LaffLaff Forumite
    13 Posts
    Got my email on 23rd at 21.48!
    Had just invested a windfall and now I'm going to take it all back out again!
    How annoying are those websites which are online only but then send you forms in the post and want the first payment as a cheque, eg BM, the current top IA provider.
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