P.O. Savings account

yorkshireOAP

Hi,
After exhausting the full period of interest period on my account with First Direct regular saver, I opened a new online savings account with the post office to get a miserable 1.27% interest on 26th. Oct. I actioned a transfer of £50 to get it going. There has been no deposit by today (1st. Nov.), so on ringing I was told it would take 10 days to transfer to the new account, then 3-5 days for each payment thereafter. In this day and age this seems a long period of time. Has anybody had a similar experience with the P.O., is it usual? I am now questioning my decision, so are looking at other options.

soulsaver

You do know you can have another rgular saver with First Direct as soon as your existing matures?

PO stuff sounds excessive, how was the transfer made? DD?

yorkshireOAP

You set up a transfer on their sit from your nominated account. Yes, I know about a 2nd account with FD, but I am looking for a home for some lump sums with easy access.

badger09

yorkshireOAP wrote: »

You set up a transfer on their sit from your nominated account. Yes, I know about a 2nd account with FD, but I am looking for a home for some lump sums with easy access.

Then the PO account is probably not for you.

There are several threads detailing problems posters have had getting money out of it.

SevenOfNine

I opened 1 each for me & Mr Seven on 29th. It was made clear that PO would be setting up a direct debit to take the £50 deposit & this would take 10 days.

I then went to both new accounts straight away & actioned a regular direct debit request to scoop off interest from our nominated bank accounts every month, (to meet DD requirements there as Tesco will be withdrawing this useful facility from their savings accounts next year) .

There was a warning to make sure the first of the regular dd's should not be dated before 9 days time to ensure the initial deposit dd had been actioned.

I'm not planning on letting money build up there, only to make use of the dd facility, so not bothered if they are slow coaches whenever I want to transfer my dosh out.