Post Office* Online Saver account - useless

edited 30 November -1 at 1:00AM in Savings & Investments
82 replies 31K views
welshmike_2welshmike_2 Forumite
92 Posts
edited 30 November -1 at 1:00AM in Savings & Investments
I spent time today attempting to pay into my new account with the above.
System was down then server timed me out. Phone line on hold with useless noisy recording. Total incompetence just for 1.27%.
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Replies

  • surreysaversurreysaver Forumite
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    They're not very good. I've got two online accounts with them, although I can pay money in I can't take money out. After half an hour on the phone, one account got fixed. The other one didn't, so I rang back, and after another 20 minutes on the phone the operator refused to believe there was anything wrong with the other account and hung up on me
    I consider myself to be a male feminist. Is that allowed?
  • chockydavid1983chockydavid1983 Forumite
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    I see they haven't got any better in the years since I last had an account with them! :-)
  • AlexlandAlexland Forumite
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    It's a white label product from Bank of Ireland.
  • bigadajbigadaj Forumite
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    Alexland wrote: »
    It's a white label product from Bank of Ireland.

    I think a brown label might be more appropriate.
  • StubodStubod Forumite
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    ..I had similar problems with the post office "accounts" a few years ago (truly appalling customer service) and eventually managed to get all my money out and put it somewhere more reliable. Can't believe they are still having such basic issues.
    .."It's everybody's fault but mine...."
  • Opened a Post Office on-line savings account Thursday evening and was impressed at how quickly it was set up. Then I transferred a small sum via FasterPayments and it took around two hours to show. No problem, it can take up to two hours with FasterPayments. Last night I transferred a very much larger sum via FasterPayments and now, ten hours later it is still not showing. Just rung them (finally got through just as the awful muzak was threatening to make my head explode) to be told that it can take three working days for the funds to arrive.

    Not happy and as soon as the funds show I will be closing that account. As somebody else said, it is just not worth it for 1.27%.
  • I had a similar experience recently, trying to move a large sum out of a PO account. The three working days had a weekend in the middle of them - not impressed.

    What kind of system are they using, when everyone else seems to be able to do immediate transfers?
  • djpailodjpailo Forumite
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    I thought the rules for faster payments were buy the end of the next working day?
    As a minimum, all financial institutions in the UK must abide by the Payment Services Directive (PSD) - this states that any payments made by mobile, internet or phone banking (including standing orders) must arrive by the end of the following business day at the latest.

    The law also says the beneficiary bank must make funds available to their customer as soon as they receive the instruction (noting that some institutions do not operate on weekends or public holidays).

    I guess post office does not come under financial institution?
  • eskbankereskbanker Forumite
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    djpailo wrote: »
    I guess post office does not come under financial institution?
    But since their financial services are actually provided by Bank of Ireland UK (not the Irish parent), they definitely do need to comply with all UK banking regulations....
  • coyrlscoyrls Forumite
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    eskbanker wrote: »
    But since their financial services are actually provided by Bank of Ireland UK (not the Irish parent), they definitely do need to comply with all UK banking regulations....
    All my withdrawals from my PO Savings Acount arrived the next working day. I just moved my account at the old rate to a new account at the new rate and the money was moved instantly and the old account closed. So I have no complaints so far.
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