The Top Easy Access Savings Discussion Area

ericpode

My Halifax web saver 3% period is coming to an end very soon, so I'll have to look for a new home for my money - I'll probably put some in my existing AA ISA 3.5% account.

For the rest .... the Top Savings account page says the Post Office 3.17% with unlimited withdrawals is best. Is this still a good deal or has anything better appeared recently? Is there anything to beware of with the Post Office account?

TIA

JoVal

ericpode wrote: »

For the rest .... the Top Savings account page says the Post Office 3.17% with unlimited withdrawals is best. Is this still a good deal or has anything better appeared recently? Is there anything to beware of with the Post Office account?

TIA

The only thing that I find strange is that the Post Office states that it normally takes between 2-3 business days for withdrawals to reach your nominated current account. This is an online account so surely the money should be directly sent from one provider to another! Why does it take so long?

And they also state that "Direct Debit deposits can be withdrawn against 4 business days after the money reaches your Online Saver account."

I-LOV-MONEY

I don't know, but maybe they are using the old Clearing system rather than Faster Payments.

NightStar

I-LOV-MONEY wrote: »

I don't know, but maybe they are using the old Clearing system rather than Faster Payments.

Don't know why they say 3-5 days. It has to be by the end of the next business day now as from 1st January or quicker with faster payments. It is the former for me to and from barclays.

coffeelover65

NightStar wrote: »

Don't know why they say 3-5 days. It has to be by the end of the next business day now as from 1st January or quicker with faster payments. It is the former for me to and from barclays.

I've got a PO account, the previous issue of 2.96%, and they force you to setup a direct debit to a nominated account. By going down the direct debit route they don't have to use the faster payments system meaning the money stays with them for longer. Its a bit sneaky really and its the only account I have where this type of setup is employed.

Littleweedj

I've just opened up the new 3.17% saver with Post Office and already having second thoughts, and very worried indeed. I transferred, by Faster Payments, a substantial sum of money and 2 days later it is still not showing in this new account.

I phoned their help line and, first of all, was advised they do not operate the Faster system payments and it might actually take much longer than via BACS.
They then said "oh I think we kind of do it sometimes"!!!!????????

However, the very concerning part is that, after searching, for any transactions pending, was informed they have nothing pertaining to my account. This does not give me any confidence in continuing with the account, even if it is market leading.

They then suggested it would probably be in my account in 5 days time, but currently, after searching on their system, there is no sign of it.

My other bank has confirmed all details of the transfer and the sort code is Bank of Ireland and suggested I phone them. I thought online accounts were meant to be easy and safe. Now really worried.

I-LOV-MONEY

Please keep us informed as to what happens. If there are 'problems' we ought to all be aware.

Littleweedj

The good news is that my money is now showing in my Post Office Savings Account. The bad news is that it took 5 days. So it was transferred by my bank via Faster Payments and means I've lost five days interest on a major amount. Online banking from one account to another taking this length of time is not acceptable to me and now looking for an alternative. It has to be market leading, including customer service not just the interest rate.

If it takes that long to be recorded how long, I wonder, would it take to get the money out if I needed it urgently (another 5 days???).

Faster payments is excellent but it appears the Post Office do not, in fact, use this system.

I-LOV-MONEY

Have you contacted them to find out why it takes so long?

Littleweedj

I contacted their help line and was informed that using Faster Payments would usually take even longer than using BACS but couldn't give a reason for this. My bank now automatically transfers all payments by F.P. The Post Office needs to keep up or they will lose customers.