Post Office Instant Saver any good?

thebeak

Hello,
I was wondering if anyone could tell me their experiences with the Post Office's new 'Instant Saver' account with 6% int AER The account pays interest on balances of £500 upwards, and you can withdraw 6 times a year, after that you are charged £1 per withdraw:
http://www.postoffice.co.uk/portal/po/jump1?catId=19300232&mediaId=23200510

Let me know

Ecky-thump

I want to know the answer to that one too! I have read the posts on the first page of this thread. Read them yourself and see; you may find that you might want to avoid them. It's up to you, of course.

I too, like another poster, was approached by an enthusiastic member of the counter staff at our local Post Office to open this account. I mentioned that I would see what Martin Lewis has to say as I get his email regularly and will get back to her if I decide to open an account. She then said that Martin highly praised the Post Office savings account.

Well, I looked and found comments that has made me feel wary, so I'll keep my present account with my bank. I too have noticed that Martin's list of his favourite places to save does not mention the Post Office so what that counter staff member told me was a fib. I may be holding a losers account as Martin has shown us, but I will have to look further than the Post Office.

I hope this helps.

bristolleedsfan

6% pre last base rate decrease changes, only 6 free withdrawals a year + rate only holding for 12 months. ( Rate includes 1% gross introductory bonus for 12 months from account opening on balances of £500 ) is only any good for people who want to keep 500.00+ in an instant access non online account imo.

merlinthehappypig

Poor experience so far from me.

Site is often down, staff generally not prepared to help in branch as it's an internet account and the money takes a long time to reach the account and transfer out again to another account. I've taken mine down to the minimum and will be closing it once the interest is paid. Now at 5.75% I think since the BOE rate reduction.

Milarky

Greasypalm recently started offering £8.25 cashback for opening one of these accounts. That would work out at about £16.50 if the same were available through Quidco (which it is not) So I am biding my time in the hope it will appear there.

caliston

I've had no problems. Search this forum for 'Post Office Instant Saver' for lots of comments on it.

neilp

Doesn't sound like a great deal to me - there are many instant access accounts that offer a more competitive rate without the conditions attached to this account. Most of these are online, but not all. Details can be found in the relevant article on this site.

flutsy

I think these are ok if you dont plan to dip into your savings. There are loads out there though and I think you can get better than 6%

Ecky-thump

Please may I say thank you for all your comments, for, and not, on this savings account that is being promoted by the Post Office.

I am still going to stay with my bank's saving account. I am not greedy enough to want more interest than what is being given on it. I am one of Martin's 'loser account' holders then.

It is plain to see that there is fierce competition between the different services and providers. It would appear that as soon as I changed to another savings scheme that another one would then advertise theirs to be even better!

Thank you all for your help.