MSE News: Post Office unveils new current accounts

innovate

ses6jwg wrote: »

The flexplus looks a better option for £2 a month more you get mobile phone cover, extra warranty on certain goods and a better breakdown service.

£2 a month? What have I missed? I pay £10 a month for my FlexPlus Well, a bit less than that because I get 3% AER interest on £2.5K, and it is less than the £8 a month the PO want, but how do I get to £2? Best I can make it for the FlexPlus is £5 a month after basic rate tax. How do I shave another £3 off please?

EDIT: DOH! Missed the word "more"in your post! Am with you now on the nummies.

Still, a basic rate taxpayer can get the FlexPlus for £5 a month if you use it as a savings account with quite decent travel insurance, breakdown cover and mobile phone insurance all included.

How?

You pay £10 a month for the account. £120 a year.

You keep £2.5K in the account all year long (skimming off your interest to elsewhere each month). This yields you £60 a year in interest (£2,500 x 2.4% = £60).

Thus £120 - £60 = £60 a year, makes £5 a month.

I am happy to settle for 2.4% interest on £2.5K in the present climate, especially if that pays for european travel insurance, mobile phone insurance, breakdown service, and the extra warranty thingy.

I agree, Post Office can't touch the FlexPlus.

reclusive46

innovate wrote: »

£2 a month? What have I missed? I pay £10 a month for my FlexPlus Well, a bit less than that because I get 3% AER interest on £2.5K, and it is less than the £8 a month the PO want, but how do I get to £2? Best I can make it for the FlexPlus is £5 a month after basic rate tax. How do I shave another £3 off please?

It says for £2 a month more Not for £2.

scooter_

The Standard account sounds ideal for my mother

she lives right by a post office, and her pension is paid into a post account that she uses to withdraw cash, but has no other banking facilities, and builds up cash balances with no interest

She pays energy and council tax direct debits from a Halifax current account, that always has more money going out of it than into it, but she is reluctant to take cash to the bank, so I have to do that or arrange transfers from her Halifax deposit account for her

As soon as this is available, i will be looking to arrange it for her -

has anyone from east anglia actually started using one yet ?

System

All 3 are registered in England and Wales.
You'll find companies can't be registered in the UK.

callum9999 wrote: »

And from my perspective you're an alien from outer-space... Barclarys, HSBC and the Co-op are all UK banks registered in the UK.