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

SteveG321

Thanks again Innovate. I had seen the Issue 9 T&C but couldnt find the Issue 5's online either. I may ask The Post Office to supply them if I cant find them. Looks like I will just have to wait until 25 Feb then transfer the lot to my Natwest easy access at 2.85%! which runs until Oct. After that I think I shall just spend the lot before inflation consumes it all :-)

innovate

You know you can atm get 3% in current accounts at Lloyds, BoS and Santander? It's variable too, so no idea how long it lasts. Also the absolute max you could stash away in these is £50K in total. The Santander costs £2/mth but you might be able to get cashback for Direct Debits. And Quidco/TCB might still do cashback for opening a Santander 123.

SteveG321

Yes thanks for that. The problem is I am already maxed out at £85K with other cash products at those three. One of the reasons I went for the Post Office was that I was trying to spread cash assets to avoid exceeding the magic number at any licenced entity. I also use HSBC, Nat West/RBS and Marks and Spencer. Running out of places to put it!

innovate

I know the feeling.....if you don't need all the cash anytime soon, there is always investments. Good luck, anyway!

SteveG321

Innovate, Many thanks for the help, advice and clarification.

albo2002

does anyone know how you close the Post Office savings account?

It's easy to withdraw money, but I cant see on the site how you close the account and have everything, including all interest, transferred to your nominated current account?

shaungjones

Their online offer is limited and I believe you need to contact the call centre or write to them to effect a closure.

bubblesbonbon

Shaun is right-

Call them on 0845 602 3409

or write to

Post Office Savings
PO Box 5179
Brighton
BN50 9UY

(Taken from thier Guide to Savings Booklet - PDF Version here..
http://www.postoffice.co.uk/sites/default/files/Premier_Cash_ISA_KIP.pdf )