Post Office Faster Payments

susanann_2

I am looking at opening Online Saver with Post Office @ 1.11% i have checked the terms and conditions which do say you can do faster payments in and out to nominated account but when you read into it more it does not seem to be a true faster payment which usually goes in immediately or within two hours. It seems you have to set up a direct debit which to me is not a true faster payments i dont want to wait days days to check my money has move okay.

Is anyone using one of these accounts who can tell me how the transfers work in real life not on the terms and conditions which contradict themselves.

ColdIron

Faster payments are only guaranteed by the end of the next business day. Bigger (clearing) banks manage this almost instantly, others sometimes less so. Why not look at a Tesco Internet Saver at 1.16%? Payments are usually instant as well

susanann_2

Thanks Cold Iron have already done that one need to split funds for FSCS. So trying hard to find something else.

YorkshireBoy

susanann wrote: »

Thanks Cold Iron have already done that one need to split funds for FSCS. So trying hard to find something else.

If you already have 'instant' access to c.£85K of funds with Tesco, why the rush to get at your PO cash quickly? You'd pull it from Tesco wouldn't you?

I think you're going to be hard pushed to find something comparable to Tesco, if you want a good interest rate (on a large sum) and speed of withdrawal.

polymaff

Agree with Tesco comments - but isn't it depressing that we regard 1.16% as being a good interest rate.

coyrls

susanann wrote: »

I am looking at opening Online Saver with Post Office @ 1.11% i have checked the terms and conditions which do say you can do faster payments in and out to nominated account but when you read into it more it does not seem to be a true faster payment which usually goes in immediately or within two hours. It seems you have to set up a direct debit which to me is not a true faster payments i dont want to wait days days to check my money has move okay.

Is anyone using one of these accounts who can tell me how the transfers work in real life not on the terms and conditions which contradict themselves.

The direct debit is for payments into the account not out of it. Withdrawals arrive the next working day via faster payments as stated in the terms and conditions.

Malchester

Would agree with comments re Tesco. Very quick and speedy transfer. Only problem with Tesco savings is that when interest rates change they bring out a new account rather than increasing rates on existing accounts. Have had to open new accounts and transfer money several times to keep up with the increases. Have found out by experience that easy access does not always mean speedy access

susanann_2

It's a short term home for the money to earn as much as I can and will then need to get at it for house purchase as soon as I find somewhere. I've become spoilt with certain accounts being able to check when you move money it's gone into the receiving bank, it's just nice to be able to check it's not got lost down a cyber hole somewhere. I move money around the usual current accounts each month and find it very reassuring you can check it all the time. It is near impossible to find anything paying much at all apart from the current accounts. I payed mortgages at 15% I think the lowest was 12% now retired and can't get anything on savings I'm sure a lot of you find exactly the same.