DWP coming to end of contract with Post Offuce

Jenanni

I don't know if this is the right thread but if not my apologies. Apparently in the near future I am not going to be able to collect my state pension in cash from my local post office. I am not good with money and cash suits me better than having it paid into the bank. My work pension goes into my bank but I am afraid that I would be tempted to take out more than I need if the state pension, which I use for day to day expenses were to ve oaid into this account. Can anyone suggest an account that I could open to have my pension paid into which will allow me to take it all out each week.
Thanks for your help

swindiff

You are worried about taking out too much cash from your state pension if it is paid into the bank rather than having it all paid to you in cash in the first place. I must be missing something here because this makes no sense to me at all ???

Zanderman

swindiff wrote: »

You are worried about taking out too much cash from your state pension if it is paid into the bank rather than having it all paid to you in cash in the first place. I must be missing something here because this makes no sense to me at all ???

I assume the OP wants to continue to keep their state pension separate from their bank account and work pension, and to keep treating it as simply cash independent of that account. Seems fair enough to me.

OP, virtually any bank account would do - if you want a high street bank then go to whichever still has a branch near you, open the simplest current account they have, specify you don't want an overdraft facility, get your pension paid into there and withdraw it all in cash (by machine if it's easier than branch) every time it's paid.

colsten

If you want to keep your SP separate from the rest of your money, simply open another current account elsewhere. Most banks let you do that online. All current accounts will let you withdraw all of the money you have in them. Many even offer that via the Post office, so you can continue to go there and get your money if you choose the right bank.

Wellard_Mann

IF I understand the question correctly the OP wants to withdraw all their pension in cash. I have no personal experience of this but there is something called the Payment Exception Service which offers the facility to do this at Pay Points. This is apparently "only available in very limited circumstances" but maybe worth the OP investigating further.

https://www.gov.uk/payment-exception-service

xylophone

It seems that you like to keep your state pension separate from your occupational pension.

You can do this by opening another current account and telling DWP to credit that account with your SP.

You can then use your debit card to withdraw cash as best suits you.

You should be able to open a new account on line.

swindiff

Ah I see, makes sense now. You could also open an account that allows withdraws and deposits from the post office. Quite a few banks offer this service.

Jenanni

Thank you all for taking the time to read my post. Yes I prefer to keep my state pension for day to day expenses and my work pension for bills. I wasn't aware that current accounts would let you take everything out. I have always understood that a small amount had to be kept in to keep the account open. Obviously I was wrong and will investigate basic current accounts. Thank you again

colsten

Jenanni wrote: »

I have always understood that a small amount had to be kept in to keep the account open.

If regular deposits are made into the account, which in your case they would be, there is no problem with running the account down to zero, not even immediately after a deposit has been made. Having a permanent balance of £0 might lead to account closure but even that would be rare, and would not happen without prior notification.

Blackbeard_of_Perranporth

Open a cash account at the local building society, and draw your money out in branch. Simple.

No more to see here, move along now!

colsten

Blackbeard_of_Perranporth wrote: »

Open a cash account at the local building society, and draw your money out in branch. Simple.

My local Building Society is Nationwide. How do I open a cash account with them?