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I-LOV-MONEY

3.2% wow .. you are rich !!!

Mr._H_2

I-LOV-MONEY wrote: »

Don't hold your breath on Post Office Savings. It is NOT instant. It takes at least 3 days for funds to arrive in your account ... When I enquired with them, about the Faster Payments scheme, she said they were using it.

How are you doing the transfers? By logging into your Post Office account and "pulling" the money from elsewhere, or logging into the "elsewhere's" online banking and "pushing" the money to the Post Office?

Only the latter would be done by Faster Payments. The former is effectively an on-demand direct debit instruction and takes a few days to happen.

I-LOV-MONEY

I tried one transfer by going to the external account and creating a Faster Payment to PO Savings, that took several days to show up. Then last week (I think Wednesday or Friday) I 'asked' the PO account to pull money from an external linked account.

Mr._H_2

I-LOV-MONEY wrote: »

I tried one transfer by going to the external account and creating a Faster Payment to PO Savings, that took several days to show up.

Is that the only "push" payment you've done? Sometimes the first one will take a long time to clear (depends on sending bank rather than receiving bank) - try another for a small amount like £1 to see if it goes faster now.

You may also like to check the PO's sort code with the Payment Council's sort code checker to see if it really does accept Faster Payments or they were telling you porkies.

I-LOV-MONEY

Yes, the sort code accepts Faster Payments.

I will try another payment.

Edit : (Just tried, and there is no sign of it - I will check tomorrow morning to see if has credited the account)

andruflick

Thanks you all, I also check it out and i was told it would stay at 3% for account life

typistretired

10_66 wrote: »

Had a letter from them today stating the same. Fed up about it, but I suppose it was to be expected. I've got a Santander esaver (issue 5) which I haven't used and it expires in June, I'd like to think will stay at 3.20% until then, but again, I won't hold my breath . Anyway, I'll be transferring the proceeds from Coventry into the Santander account as long as it doesn't drop before February (Coventry's reduction date).

I've got the Santander issue 5 too, like to spread around after the ICESAVE problem. Suddenly with all these rates dropping, my IF account, which only has a pound in it, is looking good at 2.49% with all the banks dropping their rates

typistretired

Post Office reducing their esaver 5 rate from 3.17% to 2.67% from 17th January 2013.

They do use faster payments I sent a payment to my bank account and it arrived same day.

typistretired

andruflick wrote: »

Thanks you all, I also check it out and i was told it would stay at 3% for account life

Sorry but what is 3% for account life???

frugalmike

I've just closed a Post Office online reward,I sent closure letter on Monday and received funds in my nominated account Wednesday night so no complaints there :beer: