Post Office Savings Accounts Very Poor Experience

pevilc

Opened a PO Online Saver 17 account just over a year ago. As it neared end date, I got prompted to 'View My Offers' which had a number of options to transfer the Online 17 account into. One was an account called PO Online Bond 9 which I opted to transfer into. So far, so good. Except when I logged into the account, the PO Online Bond 9 account showed the starting balance as it was when I opened the Online Saver 17 account. Stay with me here - also showing was the Online Saver 17 account interest amount.
When I rang to query why ? I was told the PO Online Saver 17 interest was paid after the start date of the Online Bond 9. Furthermore, the interest now languishing in the Online 17 account was earning 0% interest. What kind of lunacy is that ? I was sure the transfer of one PO account at their prompting would result in the total proceeds INCLUDING the interest. Apparently not. Appalling.

Stubod

..as per some previous posts....I have also had some very bad experiences with the Post Office savings accounts when a bond was due up, they really screwed me up big time...extremely unhelpful people on their helplines...potentially cost me a lot of money....I will not be using them again any time soon......

bowlesbargain

I have a Bond that matures on the 20th of this month I have had no correspondence about options. I have logged onto my account it does not give me any options what to do once the option matures. I sent them a e mail today they said it would be 5 days before they looked at it.

traineepensioner

"What kind of lunacy is that ?".... Post Office lunacy of course!

One of the most difficult organisations to retrieve your money from on maturity of bonds....Totally useless!

pevilc

Update. Rang the supposed PO 'Helpline' (now there's a Trade Descriptions misnomer) who had no record of my previous conversations or emails. Totally unhelpful; keep clear of this shoddy organisation.

bowlesbargain

I contacted the help desk as my bond matured today, they said I had to set up another nominated account to withdraw the money from as the funds were transferred from the bond to a easy access. They then said I had to wait 5 days to access those funds. Also can only access £15000 each day. So the bond matured today, I cannot access the money till Friday, then it will take me 4 days to withdraw all the funds. Last time I deal with the post office. I will stay with First Bank they have been fine.

isofa

They are absolutely useless. I closed my account with a recorded delivery letter requesting this (long after removing all the funds), and 3 months later it's still active online, which I consider a security risk. I cannot find any direct contact with a staff member showing any level of competence and my written request for confirmation has been ignored. Worst ever online banking experience (had problems during the operation of this account in years past too).

If anyone has a direct email/named contact to write to, I'd be grateful.

bowlesbargain

I went onto the post office site under saving, went to contact us, and found a form you fill in and send they did ring me back. Worth a try.

isofa wrote: »

They are absolutely useless. I closed my account with a recorded delivery letter requesting this (long after removing all the funds), and 3 months later it's still active online, which I consider a security risk. I cannot find any direct contact with a staff member showing any level of competence and my written request for confirmation has been ignored. Worst ever online banking experience (had problems during the operation of this account in years past too).

If anyone has a direct email/named contact to write to, I'd be grateful.

isofa

bowlesbargain wrote: »

I went onto the post office site under saving, went to contact us, and found a form you fill in and send they did ring me back. Worth a try.

Snap! Must have found it an hour or so before you posted, have done exactly that, that's 3 different ways I've made contact now... will post an update, should anything happen!

pearl123

bowlesbargain wrote: »

I contacted the help desk as my bond matured today, they said I had to set up another nominated account to withdraw the money from as the funds were transferred from the bond to a easy access. They then said I had to wait 5 days to access those funds. Also can only access £15000 each day. So the bond matured today, I cannot access the money till Friday, then it will take me 4 days to withdraw all the funds. Last time I deal with the post office. I will stay with First Bank they have been fine.

Interesting to know as I have a bond which is maturing shortly. It look like they hang onto funds as long as possible.

bowlesbargain

Make sure they have a nominated account attached to the easy access account they transfer the money too. They paid my interest to a nominated account for three years then told me I had to set up another this takes 5 days to access. My account matured last week I cannot access the money till tomorrow.