Post Office Online Saver 16 Account

Mearns

I opened this account having seen it as one of the highest rates in Martin's email. It is basically operated by the Bank of Ireland UK. There were three points which did not become apparent until after I had opened it and which made it not acceptable to me......but this is only because a) they cannot transfer money from the account using the faster payments system, b) one part of their website says payments should reach your nominated account within one day and another part says it could take 2 to 3 days and c) you cannot schedule payments from the account using a date ahead.

I use a savings account to minimise funds in a bank account and schedule payments to that bank account 24 hours before the due date of any one-off bills. It would appear you can't trust that this would happen with this account. If that's not a problem for you then go for it. It was a problem for me so after a week waiting for the paperwork so I could access the account I found it was no use to me and I closed it. Hopefully the above could save someone wasting as much time as I did - not one of my a) b) and c) points were obvious to me before I could access the account.

Archi_Bald

Why don't you just use another current account, one that pays a multiple of the PO savings account?

Dimmy_Doom

AVOID the Post Office Online Saver at all costs!....even though it is paying a current variable rate of 1.61% gross variable (As at 10/11/15). The application process is a complete shambles!. Even though I already have an account with the Post Office they still insisted on my producing my ID at the Post Office then sending certified copies of to County Antrim. Several weeks later the account has still not been opened!...and every time I phone them the reason for the delay is " complications merging my new account with my existing account using the same online log in passwords"!...and there still working on it in the "back room"!. .Even when I first applied I received no notification that it had been received by them. And I was told at first that I could deposit by bank transfer,,,now I am told by cheque only!...in this day and age ...?...crazy!. I have now opened an online account with a major high street bank which took literally 40 seconds to open , then show the account number and make the initial deposit. I think the staff at Bank of Ireland (which operates Post Office Savings) must still be sitting at high desks using quill pens!!!....we are in the 21st Century not the 19th!.