We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Post Office investments at risk?

With headlines in the news today that the Post Office risks insolvency over the compensation bill due to the Horizon scandal, do I need to close out any investments and move my money elsewhere?  TIA for any advice
«13

Comments

  • friolento
    friolento Posts: 1,966 Forumite
    1,000 Posts First Anniversary Name Dropper Photogenic
    If you have less than £85K in your PO accounts, you are covered by FSCS
  • Exactly what investments do you think are under threat? 

    You do know that the The PO is owned by the government?
  • Stubod
    Stubod Posts: 2,480 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Besides, I am sure there will be sufficient funds to pay their tax bill once all their chief execs have repaid all their bonuses???
    .."It's everybody's fault but mine...."
  • Aretnap
    Aretnap Posts: 5,612 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 14 January 2024 at 11:16AM
    The Post Office don't actually run bank accounts. If you have a "Post Office" savings account, if you read the small print at the bottom of your statement you will likely find that your money is held by the Bank of Ireland; they have an agreement with the Post Office which allows them to use the Post Office logo and sell their accounts via the Post Office website.

    So it's the Bank of Ireland that you need to worry about going bust - the Post Office going bust would just mean that they had to start putting the BOI logo at the top of your statements instead of the PO one. In any event, so long as your savings with them are less than £85000 then you are completely protected by the FSCS, regardless of who goes bust.
  • Swipe
    Swipe Posts: 5,516 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    At risk of terrible customer service
  • Mosef41
    Mosef41 Posts: 17 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    masonic said:
    Mosef41 said:
    With headlines in the news today that the Post Office risks insolvency over the compensation bill due to the Horizon scandal, do I need to close out any investments and move my money elsewhere?  TIA for any advice
    Post Office Limited is owned by the government. You can't invest in it. If you mean that you've opened Bank of Ireland savings accounts through Post Office, then Bank of Ireland has nothing to do with the scandal and the Post Office has no recourse to your savings.
    Thank you - that's what we've done.  Very helpful and appreciated reply 
  • jaypers
    jaypers Posts: 1,001 Forumite
    500 Posts Third Anniversary Photogenic Name Dropper
    I think I will now try to avoid Post Office for everything I can. They will certainly never have any of my savings. More disgusted by the day at the revelations being revealed. 
  • jimjames
    jimjames Posts: 18,410 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    jaypers said:
    I think I will now try to avoid Post Office for everything I can. They will certainly never have any of my savings. More disgusted by the day at the revelations being revealed. 
    Just be aware that Post Office and Royal Mail are 2 different entities. Seen someone ripping up a book of stamps in protest at the actions of the Post Office without apparently realising that Royal Mail have nothing to do with the current situation.
    Remember the saying: if it looks too good to be true it almost certainly is.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 349K Banking & Borrowing
  • 252.4K Reduce Debt & Boost Income
  • 452.7K Spending & Discounts
  • 242K Work, Benefits & Business
  • 618.6K Mortgages, Homes & Bills
  • 176.1K Life & Family
  • 255K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.