More than one Post Office online Saver

7sefton

Hi - does anyone know if you can open more than one Post Office online Saver (with different linked accounts by direct debit)? I’m needing more direct debit accounts to suppprt bank account requirements. Thanks!

Vortigern

Yes, you can have a different linked account for each online saver.

hgt

Yes, you can certainly open multiple accounts with different issue numbers... they tend to launch a new issue every few months, I'm up to 5 accounts with PO now. Each one has a different linked account, and hence a different regular DD.

I've also heard it's possible to have 2 accounts of the same issue by having one with monthly interest and the other with annual interest... though I've not tried that myself.

hgt

Oh and don't forget Birmingham Midshires for more DDs too, there appears to be no limit to how many of them you can have!

PRAISETHESUN

Check this thread for more ideas:
https://forums.moneysavingexpert.com/discussion/5734632

As for the PO Saver, if you read the T&Cs they state that you can only hold one account - but they seem to be somewhat lax about enforcing this. The general feel from the forums here is that you can open up one account per issue (with a new issues appearing every 4-8 weeks or so). I've also heard people having mixed success opening up two accounts from a single issue where they elect one to receive interest annually and the other monthly - but the general idea is to open the accounts slowly as multiple applications all at once tend to get flagged and not approved.

[Deleted User]

PRAISETHESUN wrote: »

Check this thread for more ideas:
https://forums.moneysavingexpert.com/discussion/5734632

As for the PO Saver, if you read the T&Cs they state that you can only hold one account - but they seem to be somewhat lax about enforcing this. The general feel from the forums here is that you can open up one account per issue (with a new issues appearing every 4-8 weeks or so). I've also heard people having mixed success opening up two accounts from a single issue where they elect one to receive interest annually and the other monthly - but the general idea is to open the accounts slowly as multiple applications all at once tend to get flagged and not approved.

I opened 4 accounts of Issue 26, all with annual interest, in November 2017 on the same day, no problem. Each account has a different linked current account. All have yielded monthly (or, in one case, weekly) direct debits for approx a year now. I would have refrained from opening so many accounts of the same issue back in Nov 2017 if I had realised back then that there might be a problem with this or that it was not allowed (i should have read the t and c's more carefully).. But absolutely no problem has arisen on any of the accounts for a year, so I will keep going with them until a problem arises or until I don't need the direct debits anymore,