Post Office* Online Saver account - useless

eskbanker

JustAnotherSaver wrote: »

the Post Orifice

What's in your browsing history that caused this textual substitution?

JustAnotherSaver wrote: »

i'd expected them to have pulled their finger out by now

Given the above, dare one ask where that finger's been?

JustAnotherSaver

eskbanker wrote: »

What's in your browsing history that caused this textual substitution?

It's a habit of mine to call it that Not necessarily the Post Orifice but at work i get called in to the orifice

Just a habit

wongryt

Opened a Post Office online saver 1.3% over a week ago as it's the current recommended top account on MSE.

Not impressed. Very quick to setup an online account .... however, I haven't received a clear statement giving me an account/sort code.

Can't find a sort code on the web account and the saver account has the first 4 digits of the account blanked out with asterisks.

I got the account number, but only because it came through in the post because of the direct debit setup. Though even that doesn't give the sort-code!.

The direct debit on the nominated account doesn't have it (the sort-code) either which is weird. Have requested a £1 transfer via direct debit several days ago nothing seems to have changed. Though did get an email informing me that I haven't put in any initial funds, so they may close the account. Useless, am thinking of cancelling it, I'm not about to put money into an account that even I don't have the details to!. Judging by the posts on this forum MSE should remove the recommendation, or at least put up a note to say people have been having issues with the service before people find out for themselves!

AirlieBird

wongryt wrote: »

Judging by the posts on this forum MSE should remove the recommendation, or at least put up a note to say people have been having issues with the service before people find out for themselves!

MSE don't make recommendations or advise on customer service. It simply lists the top interest rate accounts

How this site works

[snip]

This info does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances and remember we focus on rates not service.

a&akay

capital0ne wrote: »

if it's so useless why does anyone open an account?

Because you can use them to replace £1 DDs that are currently set up on Tesco which are being withdrawn Apr 18. This is particularly useful if you already have an existing PO saver as it's instant, I've just opened a 1.3%. You need 10 working days for each DD to register but that's no problem and you can amend the date it's taken in due course eg to the 1st if you want. Each time they offer a new saver then open one if you're in this situation ie needing new DDs. We now have 6 which has solved this issue for us for now. The fact that some may be on poorer interest is of no consequence as you can just cream off the excess to your feeder account every so often, leaving the mandatory £1 in each account.

capital0ne

a&akay wrote: »

Because you can use them to replace £1 DDs that are currently set up on Tesco which are being withdrawn Apr 18. This is particularly useful if you already have an existing PO saver as it's instant, I've just opened a 1.3%. You need 10 working days for each DD to register but that's no problem. Each time they offer a new saver then open one if you're in this situation ie needing new DDs. We now have 6 which has solved this issue for us for now. The fact that some may be on poorer interest is of no consequence as you can just cream off the excess to your feeder account every so often, leaving the mandatory £1 in each account.

Ahhhhh, I see! I may need to be doing this myself.....Cheers

Hydro1

a&akay wrote: »

Because you can use them to replace £1 DDs that are currently set up on Tesco which are being withdrawn Apr 18. This is particularly useful if you already have an existing PO saver as it's instant, I've just opened a 1.3%. You need 10 working days for each DD to register but that's no problem and you can amend the date it's taken in due course eg to the 1st if you want. Each time they offer a new saver then open one if you're in this situation ie needing new DDs. We now have 6 which has solved this issue for us for now. The fact that some may be on poorer interest is of no consequence as you can just cream off the excess to your feeder account every so often, leaving the mandatory £1 in each account.

Interesting. I know their system allows you to open more than one account, but the Online Saver Key Information says this:

You may not open more than one Account in your sole name
and one Account jointly in your name and that of someone else.

I only came across that information after opening a second account with higher interest, and so I closed the first account which had the lower rate.

I had read it as only one account, rather than only one version per account. Have I misinterpreted, or is it a case of opening multiple accounts and hoping that they don't notice ?

a&akay

I'm reporting current reality (for me) not what they say in their T&Cs. You can only have one linked account for each PO saver for DDs, unlike Tesco and YB ((Egg), a lifesaver for me with 17 DDs at one point) where you can have multiple DDs per account. At the moment I have a 0.34%, opened 2016, a 1.26%, opened Oct 2017,and a 1.29%, opened today, showing on my opening page all with 1 pound monthly DDs, the first 2 creamed as described. If they're closed (like Tesco's will be) then I'll try something else, likely much less convenient though, like any MSEer would.

Hydro1

Starting to think I was too hasty in closing mine now. I was worried that if I didn't close the older/low rate account, they might notice I had two and close the new/higher rate account.

djpailo

AirlieBird wrote: »

MSE don't make recommendations or advise on customer service. It simply lists the top interest rate accounts

Could have fooled me:

It's one of our top picks due to its excellent customer service

https://www.moneysavingexpert.com/banking/compare-best-bank-accounts#firstdirect