Two quick questions about the post office instant saver

rubuhoeikanaika

Hi all!

Considering using the post office instant saver as a way to save up for children expenses (the main advantage being ease of deposit for older relatives who don't like doing bank transfers). Just two quick questions, if anyone happens to know:

- do these accounts come with a sort code/number for receiving electronic payments?

- can anyone deposit cash into one of these accounts at any post office, if they have the account details?

http://www.postoffice.co.uk/savings-accounts/instant-access

Cheers!

colsten

Please check the forum for feedback on the PO accounts. Basically, lots of people report that withdrawing money from PO accounts is massively difficult.

There are plenty of places that pay a lot better interest than the PO, and which don't employ ridiculous barriers to getting at your money.

Stubod

..don't touch the post office with a barge pole...lots of problems with getting money out, and very unhelpful staff.....one to avoid....

rubuhoeikanaika

So I don't want to be rude, but should I assume that neither of you knows the answer to my very specific questions?

Archi_Bald

I might be wrong, but I think what they were trying to tell you is that you should - in your own interest - not use the PO for any savings.

rubuhoeikanaika

Archi_Bald wrote: »

I might be wrong, but I think what they were trying to tell you is that you should - in your own interest - not use the PO for any savings.

I'm sure you're right about that, but I've already decided that the benefits (being able to pay in in a certain village over the counter) outweigh the admitted downsides. I posted some really quite specific questions.

Archi_Bald

Just about all banks allow you to pay into their accounts at the Post Office. http://www.postoffice.co.uk/banking-services

You can also be certain that you get your money back out of most banks, w/o the tremendous hassle people have been reporting for the PO.

GreenBitterfly

Presumably with all savings accounts, you are provided with an account number and sort code? All the ones I've have/had, have had account numbers and sort codes attached to them. How else would they know which account the money was paid into?

eskbanker

rubuhoeikanaika wrote: »

- do these accounts come with a sort code/number for receiving electronic payments?

[...]

http://www.postoffice.co.uk/savings-accounts/instant-access

That webpage includes "Make deposits in branch (by cash or cheque), by post (cheques only) or from an account of your choice using your bank’s online/phone banking services" which should hopefully answer the question.

And without wishing to labour the point made by previous posters, one of only five questions on the FAQ page linked from there is "How do I make a complaint?" - if that's in the top five questions asked by [STRIKE]victims[/STRIKE]savers that probably says it all!

rubuhoeikanaika

eskbanker wrote: »

That webpage includes "Make deposits in branch (by cash or cheque), by post (cheques only) or from an account of your choice using your bank’s online/phone banking services" which should hopefully answer the question.

Thanks, that is useful! Don't know how I missed that. I'm guessing that means a Yes answer to both of my questions.

Thanks!

rubuhoeikanaika

Archi_Bald wrote: »

Just about all banks allow you to pay into their accounts at the Post Office. http://www.postoffice.co.uk/banking-services

You can also be certain that you get your money back out of most banks, w/o the tremendous hassle people have been reporting for the PO.

eh, that's a tiny bit misleading. For many banks the stated requirement is 'with personal paying-in slip'. I'm looking for the ability to just walk in and make a payment with the account number and sort code on a scrap of paper.