Post Office Online Saver

Jazzer

Post Office Online Saver

I was attracted by the 3% interest rate + easy access + no limit to withdrawals promoted on this account. Easy access it is not and neither is it online, well certainly not to start with.

Firstly, as part of the application you have to send a wad of ID stuff (everything but your inside leg measurement and your grandfather's hat size) that's either certified in very few special post offices or by a solicitor or some such. That is sent in the post to Ireland. Do they know how long the post takes nowadays? Could they not use uploaded info and check ID via the passport office or DVLA like other banks? After 14 days I received a letter to inform me my account was open and I was given a 6 digit security number to enable online access. I had not sent a cheque (!) to open the account, hoping that once the initial postal farce was over I would be able to easily transfer funds from my chosen linked account. On no, they then need me to send in the post again, a bank statement from my linked account to prove it was valid. That was going to take however long the post takes and then, 'Upon receipt we will process your request within 2 business days.' I thought banks talked to each other nowadays and money and information was transferred almost instantly.

At this point I gave up - life is too short - and told them to close the account. I said to the guy on the phone, "Do they know we no longer live in the 19th century?". I know there is a need for security but just because things are sent in the post doesn't make them super secure. This account is more like a postal account than an online account. Very disappointing.

Stubod

+1 for never ever using any Post office on line accounts, been there nd done that. Simply appalling system and zero customer support, I would not use them even if they offered double the interest rate!!

poppystar

I opened one online in ten minutes and successfully transferred a deposit from my bank account later that day. They didn’t ask for any other information re ID. Curious about the difference. I did have a PO saver many years ago (not online) but closed that over a decade ago, I wonder if as the address and name etc hadn’t changed this made the ID check easier. 

RobM99

Still, at least you're not moaning about it.

flaneurs_lobster

When I was a kid I had a Post Office Savings Account with it's passbook. I was allowed to deposit and withdraw at my local PO without any problems at all and no need to provide identification.

Probably helped that the Sub-Postmistress was my Auntie Maud.

Swipe

flaneurs_lobster said:

When I was a kid I had a Post Office Savings Account with it's passbook. I was allowed to deposit and withdraw at my local PO without any problems at all and no need to provide identification.

Probably helped that the Sub-Postmistress was my Auntie Maud.

Same here, no idea where that passbook is now and I'm sure there was about £30 in there in 1980. Probably long gone now.

Section62

Swipe said:

flaneurs_lobster said:

When I was a kid I had a Post Office Savings Account with it's passbook. I was allowed to deposit and withdraw at my local PO without any problems at all and no need to provide identification.

Probably helped that the Sub-Postmistress was my Auntie Maud.

Same here, no idea where that passbook is now and I'm sure there was about £30 in there in 1980. Probably long gone now.

If the PO account wasn't closed then the money will be still there waiting for you (and earning some interest in the meantime).

https://www.nsandi.com/help/lost-touch-with-nsandi/track-lost-investments

https://www.nsandi.com/files/asset/pdf/tracing-service-brochure-print-friendly.pdf

Rudyson

You should never slag off the Post Office...



One day, they may find out where you live

adindas

Jazzer said:

Post Office Online Saver

I was attracted by the 3% interest rate + easy access + no limit to withdrawals promoted on this account. Easy access it is not and neither is it online, well certainly not to start with.

At this point I gave up - life is too short - and told them to close the account. I said to the guy on the phone, "Do they know we no longer live in the 19th century?". I know there is a need for security but just because things are sent in the post doesn't make them super secure. This account is more like a postal account than an online account. Very disappointing.

If you are just attracted in 3% interest rate + easy access they are not the top on the market

https://forums.moneysavingexpert.com/discussion/6392978/top-easy-access-acs-ranked-top-of-the-pots-no-chat/p1

https://moneyfactscompare.co.uk/savings-accounts/

About easy access presumption ? Well, read other people experience in the past, especially if you want to withdraws a large sum of money. You save yourself a lot of potential hassles that might happen in the future when you want to withdraw your money.

In the past people here on MSE have a lot of their easy access saving accounts with post office; not for saving but just to generate a small direct debit.