post office online saver account

greenglide

Wheres_My_Cashback wrote: »

PO also do not use Faster Payments, funds are usually moved moved the next day ! I'd steer well clear of them.

So they do use faster payments then.

BACS payments take three days. Faster Payments are often completed "instantly" are not guaranteed to be. Many institutions use the "next working day" model which is fine, generally, for a savings account but is less than we have come to expect (in a very short time) from the major banks.

lisyloo

Wheres_My_Cashback wrote: »

PO also do not use Faster Payments, funds are usually moved moved the next day ! I'd steer well clear of them.

I don't see this as an issue to steer clear of a savings account.

AirlieBird

Wheres_My_Cashback wrote: »

PO also do not use Faster Payments, funds are usually moved moved the next day ! I'd steer well clear of them.

Just because payments are not instantaneous does not mean they do not use Faster Payments. There are many access options to Faster Payments, some of which involve file transfer to the system via a sponsoring agency to initiate payments in bulk.

colsten

lisyloo wrote: »

Does anyone have experience of opening this account .

Yes. I wouldn't touch it with a barge pole because it's easy to pay money into a PO account and a massive PITA to get it out again.

lisyloo

Thanks will look for something else.

badger09

lisyloo wrote: »

Thanks will look for something else.

What sort of account are you looking for? Instant access, notice, fixed term etc?

coyrls

[FONT=&quot]On the other hand, if you already have a lower interest Online PO savings account, moving to a new higher interest account is simplicity itself. You just go through the application process, it matches your details and gives you your existing customer ID. You then login to your account and you will see the old and new account. You then do a transfer between the old a new account and tick the option to transfer the entire amount and close the account. Your balance plus any interest is then transferred to your new account and the old account closed. I’ve done it twice and it takes less than five minutes; less time that it took me to write this post.[/FONT]

Over62

On the other hand, if you already have a lower interest Online PO savings account, moving to a new higher interest account is simplicity itself. You just go through the application process, it matches your details and gives you your existing customer ID. You then login to your account and you will see the old and new account. You then do a transfer between the old a new account and tick the option to transfer the entire amount and close the account. Your balance plus any interest is then transferred to your new account and the old account closed. I’ve done it twice and it takes less than five minutes; less time that it took me to write this post.

I use the Post Office accounts to generate direct debits to other accounts now that Tesco is stopping them. Would transferring to a new account also transfer the direct debits?

lisyloo

badger09 wrote: »

What sort of account are you looking for? Instant access, notice, fixed term etc?

I want instant access and no limit on withdrawals and needs to stay joint as savings are declared to DWP (since she went into a care home DWP consider them 2 seperate individuals fincially even though married). As their joint capital is slightly over threshold it's important it's kept joint (half each).
FIL is 89, MIL is 90.
This year MIL had a fall, went into hospital then a nursing home so financial circustances changed.
There is no immediate need for cash but at their age financial circumstances could change at any point - death, hospital, him going in a care home etc.

Fixed term would not be suitable as they are both on borrowed time.

I do not want any faff with putting minimum amounts in every month and having DD. With one in a home and the other housebound the whole family are tied up with their every need (and I mean EVERY). My neice (their grand daughter) is set up as third party with their current account so we don't want to change that because it's a lot of faff.

Have applied for bank of cyprus.
FIL has failed electonic ID (expected as he hasn't handled money for 60 years so has no credit history), but that's ok as they (bank of cyprus) accept DWP paperwork that I have plenty of.
In common with a lot of elderly people he doesn't have a valid passport or driving licence as he's not in a state of health to drive or travel.

AirlieBird

lisyloo wrote: »

Have applied for bank of cyprus.

Be aware that you need a mobile to make a withdrawal from bank of Cyprus. They text you a validation code you need to enter