post office online saver account

lisyloo

AirlieBird wrote: »

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

No worries. I will be operating the account, but thanks for the warning, you are correct in thinking that MIL and FIL do not operate a mobile phone or computer.

Wheres_My_Cashback

lisyloo wrote: »

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

I do, I want instant access, not delayed access.

Wheres_My_Cashback

AirlieBird wrote: »

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.

But you can't get access to your money instantly which you can elsewhere.

coyrls

Over62 wrote: »

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?

I don't know the answer to your question but I suspect that direct debits would not be moved, I think a new direct debit would be set up with the new account, as it will have a different account number.

Eco_Miser

lisyloo wrote: »

I do not want any faff with putting minimum amounts in every month

That could be as minimal as setting up two monthly standing orders, one in and one out.

lisyloo

Wheres_My_Cashback wrote: »

I do, I want instant access, not delayed access.

That's up to you, but many of us don't need to access savings accounts very much or hardly at all, so I don't think it will be a major point for most other people.
The bad customer service is a concern though.

lisyloo

Eco_Miser wrote: »

That could be as minimal as setting up two monthly standing orders, one in and one out.

I think it's more than that (2DDs?), but things are especially difficult for us because MIL lost capacity without setting up a power of attorney. So speaking technically we can't actually do that.

I've had a gutful with pension credit, attendance allowance, carers allowance, home care fees, council tax benefits, warm front grant, apointeeship with DWP, BT, care home bill, financial care assesement (twice).

I have zero appetite for making anything more complicated than it needs to be, especially as I don't live near them which makes everything more difficult.

Apart from that it's also hardly any more.

Just want a clean and simple savings account.
But thankyou anyway :-) and meery christmas.

ceredigion

lisyloo wrote: »

I think it's more than that (2DDs?), but things are especially difficult for us because MIL lost capacity without setting up a power of attorney. So speaking technically we can't actually do that.

I've had a gutful with pension credit, attendance allowance, carers allowance, home care fees, council tax benefits, warm front grant, apointeeship with DWP, BT, care home bill, financial care assesement (twice).

I have zero appetite for making anything more complicated than it needs to be, especially as I don't live near them which makes everything more difficult.

Apart from that it's also hardly any more.

Just want a clean and simple savings account.
But thankyou anyway :-) and meery christmas.

Tesco's , Internet Saver . 1.2% and easy to operate

Wheres_My_Cashback

greenglide wrote: »

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.

If you want to be pedantic then yes they do, but they don't move money until the next day. My expectations of FPs is that funds should be moved instantly as it is in the majority of cases with other institutions, however it's never the case with PO as they don't move funds immediately.

Wheres_My_Cashback

lisyloo wrote: »

That's up to you, but many of us don't need to access savings accounts very much or hardly at all, so I don't think it will be a major point for most other people.
The bad customer service is a concern though.

Judging by comments on previous threads regarding PO savers I'd say it is a major point for most