Post Office* Online Saver account - useless

smgibson

I have used the Post Office 'Online saver 31' since last July and my fixed 1.32% interest account soon comes to an end... and I will be moving my funds elsewhere.

When you set up the account you have to create a Direct Debit to your nominated account i.e. another bank account to move money In or Out of your Post Office online saver account via your nominated bank account.

When this DD is set up and active, you can log in to the Post Office online account via the details confirmed in the post.

The online banking website portal is very basic and lacks much informative information other that statement details.

The first strange thing to me, someone who has worked in the IT industry for 20 years is, when you log in you have to enter you Online ID and date of birth on the same page, which through the rest of the log in process stays clearly displayed on the screen, I'm not sure why this sensitive data can't be masked as you type it in like on most other log-in pages?

Transferring in or out is via a 'Move Money' option and then using an 'In' or 'Out' tab taking you to the relevant screen. You basically enter the amount and click next. Easy to use? Yes... but you get no confirmation the transfer has been successful leaving you wondering if it has even completed. The first time I used it I waited a day to see if the funds had left my nominated account. At the end of next working day nothing and been removed. I rang the support number, I was told the first transfer will take up to seven days but in the future it will only take 3 days. What a joke. So no online confirmation that clicking the next button to transfer funds has been successful and then it takes 3 days actually transfer.

I tried the App on my iphone which when I tried to log in using my ID and password wouldn't work. After a bit of investigation it turned out it's only for current accounts and not, online only accounts???

The whole experience is outdated.

pafpcg

smgibson wrote: »

The first strange thing to me, someone who has worked in the IT industry for 20 years is, when you log in you have to enter you Online ID and date of birth on the same page, which through the rest of the log in process stays clearly displayed on the screen, I'm not sure why this sensitive data can't be masked as you type it in like on most other log-in pages?

Well, as someone with over forty years in IT, it doesn't seem strange to me at all! If you're trying to login to your account where someone can watch over your shoulder what you're typing, then you do indeed have a problem. But the solution for most Post Office Savings account holders is relatively easy and obvious. It's unfortunate if you don't have that option.

Transferring in or out is via a 'Move Money' option and then using an 'In' or 'Out' tab taking you to the relevant screen. You basically enter the amount and click next. Easy to use? Yes... but you get no confirmation the transfer has been successful leaving you wondering if it has even completed. The first time I used it I waited a day to see if the funds had left my nominated account. At the end of next working day nothing and been removed. I rang the support number, I was told the first transfer will take up to seven days but in the future it will only take 3 days. What a joke. So no online confirmation that clicking the next button to transfer funds has been successful and then it takes 3 days actually transfer.

The problem of transferring funds into the account from your nominated bank account taking three days is an inevitable consequence of using a direct debit facility. Taking funds from a bank account by direct debit is precisely the reason why so many MSE folks are using these Post Office Online Saver accounts!

Transferring funds from the account to your nominated bank account should take only one working day (and it'll be debited from your account immediately, so you can see if it's been actioned).

If you need an account which supports rapid transfers in and out, then the Post Office Online Saver account is probably not, as you've found out, suitable for you. Try the Marcus account instead?

clivep

pafpcg wrote: »

The problem of transferring funds into the account from your nominated bank account taking three days is an inevitable consequence of using a direct debit facility. Taking funds from a bank account by direct debit is precisely the reason why so many MSE folks are using these Post Office Online Saver accounts!

Quite so. If you're not using the account for £1 DDs but actually for reasonable sums to get interest then you should be transferring in by faster payments.

As FP transfers happen the same day and interest is accrued from the date the PO receive the funds then it's a no-brainer to go via FP for larger transfers rather by DD and having the funds "in limbo" and not earning interest.

I just tried this on my recently opened issue 37 1.42% a/c with a small FP yesterday and can see it in my PO a/c today with yesterday's date against it.

Yorkshire_Pud

glaister wrote: »

Is it still possible to set up a regular DD to a PO savings account?

I tried to set one up today, but when I click the 'Next' button, nothing happens. The 'Next' button works when making a one-off payment (tried in multiple browsers).

Am I missing anything obvious, or is it just one of the many problems with the PO online platform?

I've recently opened this account and have the same problem, works for a one off DD but not the REGULAR option, Next box stays black and nothing happens.

Phoned CS and they said there's been a problem for a few days and to try again in a few days when the problem should be fixed. Now found this post and its clear its been going on for months, maybe longer!

Using up to date device and browser so 'should' work.

Chooser

I had this problem for months, eventually solved by setting the regular DD date two weeks ahead. Ridiculous but true.

Yorkshire_Pud

Chooser wrote: »

I had this problem for months, eventually solved by setting the regular DD date two weeks ahead. Ridiculous but true.

This problem may be different as it doesn't get off the first page to even see or choose a date!

Yorkshire_Pud

Think I've solved the problem myself whilst waiting for a PO savings CS to answer:(

Trick is/was to enter the £ amount in the box for the one off payment then click on Regular and then the options came up for frequency. Selecting Regular before inputting the £ amount resulted in nothing:(

Then there was lots of malarkey making the dates go in the box.

Title of this thread is tellingly succinct:)

P1Fanatic

Another one who just opened up a PO Savings Account due to the fixed rate for 1 year. Account was easy enough to setup but when adding further funds I tried their Deposit from Linked Account option as seemed straightforward. That was on the 24th and still not seen anything leave my source account nor arrive in the PO account. There is nothing under Money In showing Pending. At first I thought maybe I didnt fully complete it so tried again (small amount) but the same thing.

I've now done a Faster Payment of £1 to see how long that takes - if that works ok I will stick with it. If not will close the account as its a very poor customer experience for an Online only account. It's not the time delays so much - more the uncertainty of did the transaction complete & register as there is nothing in the PO system to confirm that for you.

soulsaver

P1Fanatic wrote: »

Another one who just opened up a PO Savings Account due to the fixed rate for 1 year. Account was easy enough to setup but when adding further funds I tried their Deposit from Linked Account option as seemed straightforward. That was on the 24th and still not seen anything leave my source account nor arrive in the PO account. There is nothing under Money In showing Pending. At first I thought maybe I didnt fully complete it so tried again (small amount) but the same thing.

I've now done a Faster Payment of £1 to see how long that takes - if that works ok I will stick with it. If not will close the account as its a very poor customer experience for an Online only account. It's not the time delays so much - more the uncertainty of did the transaction complete & register as there is nothing in the PO system to confirm that for you.

There's 2 possible issues here:
Deposit from linked ac uses Direct Debit - which takes PO (and most others) 10 working days to set up.

2nd, make sure if you deposit any funds in a fixed account that you may add further funds; sometimes (most times) you can't.
If not, see if your are allowed to open another FT ac.

pafpcg

P1Fanatic wrote: »

Another one who just opened up a PO Savings Account due to the fixed rate for 1 year. Account was easy enough to setup but when adding further funds I tried their Deposit from Linked Account option as seemed straightforward. That was on the 24th and still not seen anything leave my source account nor arrive in the PO account. There is nothing under Money In showing Pending. At first I thought maybe I didnt fully complete it so tried again (small amount) but the same thing.

I'm going to have to dash your hopes - it'll take far longer than you expect!

The Post Office Saver extracts money from your linked account using the Direct Debit facility. It takes time, lots of time (ten working days is a useful measure) to set-up the facility on your linked account. It's only the second working day since you submitted your request so I'd allow at least another week before checking your linked account for the existence of the direct debit in favour of your Post Office account (and your linked account may tell you when the direct debit will make the actual transfer.). Allow a day following receipt of funds for the money to appear in your Post Office Saver account.

Once the direct debit has been set-up, any further transfers will be much quicker, maybe as quick as three working days.

Patience is a non-negotiable requirement when running a Post Office Saver!