48 Year Old PO Savings Account

NessaA

Hi Everyone,

This is my 1st post so please be gentle

My mum has given me an old Post Office Savings Bank pass book. My parents deposited £1 for me way back in July 1967. There have been no other transactions.

Bearing in mind the account was in my maiden name (I was 10 months old at the time) & also at my old childhood address, I'm guessing the post office will need copies of my birth & marriage certs before they could check the account or discuss anything with me. And because I'm probably the most disorganised person on earth, I have no idea which 'safe place' I'd have put my documents in so would need to order new ones.

So my question is, should I go to the expense of obtaining birth & marriage certificates just to find out whether the account still exists or is worth anything? The back page of the book says that interest of 2.5% or half a shilling (!) would be added to the principle each month.

Or should I just keep the pass book as a lovely keepsake (it's immaculate despite being 48 years old)?

Thanks for any advice

redux

I have no idea if it will have transmuted into different accounts but if the interest rate had stayed constant the account would now be worth £3.27

There is a so-called National Savings Investment Account, currently paying 0.75%, but I don't know if it's the same thing and yours would have carried through.

Interest rates have been higher and now lower in the intervening time, but I don't know what it would work out to overall. I'd be a bit surprised if it was much over £10.

I'd say make enquiries, and see what proofs they would need. Maybe some sort of declaration by your mother, who presumably still has the same name, but maybe they wouldn't count that as all that is required.

https://www.nsandi.com/how-do-i-track-down-unclaimed-or-forgotten-investments-with-nsi

alanq

Post Office Savings since before 1969 are National Savings (NS&I) accounts not to be confused with current Post Office Savings which is a brand of the Bank Of Ireland.
https://en.wikipedia.org/wiki/National_Savings_and_Investments.

2.5% each month? Inflation in 1967 was about 2.5%. I find it hard to believe that the account paid 30%pa (34.5% pa compound). Are you sure it was not at a rate of 2.5% pa paid monthly?

£1 in a National Savings account 1975-2010 would have grown to £1.94. (an average interest rate of under 2%)
http://www.thisismoney.co.uk/money/experts/article-1688545/How-much-has-my-1-grown-over-35-years.html

NessaA

Thanks for the replies. The text re interest actually reads '2 1/2%, or 1/2d. per completed £1 per calendar month is added to the principle at the 31st December.' So yes, you're right about it being annual, not monthly.

I don't think I'll make any more enquiries - the sentimental value of the book itself is worth more than the account so I think I'll just hang on to it & pass it on to my own children as a reminder of how things used to be done.

Newly_retired

I had one of these books and as far as I recall, there was a moment when I had a letter informing me that these accounts were no longer available but could be transferred into something else, presumably with N, S & I.
I think that if you did not do that then or cash it in, it would be null and void.
Given its likely low value anyway, I think you have made the right decision.

I also recall discovering my PO book when I was about 8. It hadn't even got one pound in it! This meant that it accrued no interest at all, whereas my sister's account had grown as it was started with £1.

Apodemus

One halfpenny (1/2d) per month equals £1/480 per month or £12/480 per year, which equals 1/40, which equals 2.5% per annum.

alanq

NessaA wrote: »

2.5% or half a shilling (!) would be added to the principle each month.

NessaA wrote: »

The text re interest actually reads '2 1/2%, or 1/2d. per completed £1 per calendar month

1/2d is half an old penny not half a shilling.