Post Office Easy Access Savings

zunky

I opened an account on 3 January using the one offdirect debit facility to make an initial deposit of £500. By 11 January nothing had been taken so I closed the account intending to invest elsewhere. Got an email saying my money would be refunded within a day. When I checked my Nationwide account a day later (12January) I saw Post Office had actually taken the £500 that day, a day after the account had been closed! No refund. I have phoned Ireland four times since then. Long holding on each time. Each time being promised that my £500 would be refunded within 5 days, then 10 days...Today, 1 February I received a letter saying the amount had been paid to me by cheque. No cheque enclosed!

Alexland

Yeah we get lots of feedback on these forums on how poorly PO/AA savings accounts from the BOI are run. I had an AA account from BOI and it was a painful experience.

AirlieBird

OP you need to allow at least 10 working days for an initial DD to be taken. It needs to be set up and you notified of the DD before it can be taken. You closed the account in the middle of the process - a payment debited on the 12th would have been submitted on the 10th.

zunky

Thanks. Yes I realise that now but it wasn’t mentioned at the time of opening the account otherwise I wouldn’t have gone down that route.. My main complaint is the length of time it has taken to get the money back. My latest call today was even worse. The person I spoke to seemed unable to understand what had gone wrong and all they could say was that the cheque should arrive by next Tuesday 6 February. He said they had tried to teturn the money by faster payments but that it had been rejected. I cannot understand this as they obviously had the correct details in order to be able to take the money in the first place. So I will just have to see if a cheque arrives!

metrobus

How does the DD get set up?

Do they send forms out to be signed?

How do they notify you it's been set up?

Thank you

zunky

Metrobus - all done online with an email confirmation that account is open .

zilla6

I opened one of these accounts at the weekend. Only after I opened it, I found you can only pay money in/out from one nominated account, and that it takes 3-5 working days to pay money into the PO account.
I paid in some money from my nominated account which hasn't yet arrived after 3 working days. I also paid in £10 from a debit card and that did arrive.
As soon as all the money is paid in, I am closing the PO account.

Another strange thing is I don't know my full account number, only the 4 last numbers, the rest is just *****

Katiehound

zilla6 wrote: »

I opened one of these accounts at the weekend. Only after I opened it, I found you can only pay money in/out from one nominated account, and that it takes 3-5 working days to pay money into the PO account.
I paid in some money from my nominated account which hasn't yet arrived after 3 working days. I also paid in £10 from a debit card and that did arrive.
As soon as all the money is paid in, I am closing the PO account.

Another strange thing is I don't know my full account number, only the 4 last numbers, the rest is just *****

But this account is very handy if you are scratting around looking for the vital 2 x DDs to comply with t&cs for various current accounts which pay a reward or interest. (Since the withdrawal of Tesco savings DDs is lurking on the horizon.)

zilla6

Thanks Katie........ but that's not really what I am looking for, so I don't think it's the account for me!

Katiehound

zilla6 wrote: »

Thanks Katie........ but that's not really what I am looking for, so I don't think it's the account for me!

In which case what about Tesco easy access online saver?

zilla6

Thanks again Katie. But Tesco rates are too low!
I'm currently using Ulster @ 1.25% but they are reducing to 1% in April, so was looking for something over 1.2%. That's why I looked at PO and ICICI, but neither are suitable. Now looking at Bank of Cyprus UK.