post office online saver account

dontlikebanks · 20 December 2017 at 1:58PM

This new account sounds great with 1.3% interest. But be aware that once you have put funds into this account just cant make any withdrawals for 8 calender days. This even applies if you transfer funds from another post office account. And their customer service is rubbish.

Notmyfault · 20 December 2017 at 2:01PM

I closed my account down, as all I wanted was a tax certificate, took four weeks to get it. Customer service was rubbish!

eskbanker · 20 December 2017 at 2:04PM

dontlikebanks wrote: »

This new account sounds great with 1.3% interest. But be aware that once you have put funds into this account just cant make any withdrawals for 8 calender days. This even applies if you transfer funds from another post office account. And their customer service is rubbish.

Anyone reading the product's key information document will be aware of the clearly-defined 8 day period:

For security purposes, you won’t be able to make withdrawals for the first 8 calendar days from the date your account is opened.

and anyone searching this forum for other threads about Post Office accounts will be aware of their customer service reputation!

dontlikebanks · 20 December 2017 at 2:18PM

no mention is made of the 8 day period where they give you details of the account before you apply. They only just mention the great interest rate and immediate withdrawals etc. The 8 day period is of course stated in the key information document, but is rather buried amongst all of the other terms and conditions. And lets face it, not many people would trawl through all of this. Very poor

lisyloo · 20 December 2017 at 3:10PM

Does anyone have experience of opening this account and Id.
I would like to open one on behalf of MIL and FIL. It's important it's a joint account and not single as they are both on benefits so it should't go in one name.

MIL used to handle ALL the finances for 60 years, so has plenty of credit history and based on previous experience they won't have an issue verifying her ID online.
FIL on the other hand did not have credit cards and being 89 no-longer has a passport of driving licence (does have a disabled badge). I suspect they cannot ID him on-line.

Anyone any experience? Their savings are currently earning 0.25%.

AirlieBird · 20 December 2017 at 3:18PM

dontlikebanks wrote: »

The 8 day period is of course stated in the key information document, but is rather buried amongst all of the other terms and conditions. And lets face it, not many people would trawl through all of this. Very poor

More fool them. I wouldn't be opening any account or handing over any money until I've read and fully understood how I get access to my money, how they could charge me, the requirements to operate the account and what the closure process is.

Zoea · 20 December 2017 at 3:25PM

At least get a Santander 123 account so you can get (AFAIK) 1.5, % on up to £20k.
There's much better out there that's even compounding (in my experience) but people seem so risk averse I'm not about to argue with this. Well not at the moment lol.

Enjoy.

lisyloo · 20 December 2017 at 3:36PM

At least get a Santander 123 account so you can get (AFAIK) 1.5, % on up to £20k.

Is this one where you have to mess about with putting a min amount in each month?
MIL is in a nursing home and can't even switch on a TV.
FIL hasn't handled money for 60 years so totally unsuitable for them.
Family are very busy handling visits, laundry and all others affairs.

eskbanker · 20 December 2017 at 8:08PM

dontlikebanks wrote: »

The 8 day period is of course stated in the key information document, but is rather buried amongst all of the other terms and conditions.

No it isn't - before the detailed terms and conditions small print there are two pages of non-legalese high-level product information, and the bit I quoted is on page 2 of these.

Stubod · 21 December 2017 at 11:22AM

..after my previous (very bad) experience of PO savings accounts and appalling customer service I would not touch any of their products with the proverbial.... it's just not worth the hassle...