Change in Interest % Between Sending off Form and Account Opening

PTurner_2

Hi there, I recently sent off for a 3 year Post Office savings bond. The offered interest rate was 5% for 3 years. They said it had to be opened with a cheque. By the time they opened the account and cashed the cheque, the interest offered was only 4.5%. Do I have some cooling off period to still get my money back before it's stuck there for 3 years?

grumbler

Online Bond key information

If you change your mind, you have 14 days
from the day you receive notification of
your account being opened to call us on
0800 169 7500* and cancel. If you do this,
we’ll help you switch to another of our
accounts or we will give you all your money
back with any interest it has earned.

PTurner_2

grumbler said:

Online Bond key information

If you change your mind, you have 14 days
from the day you receive notification of
your account being opened to call us on
0800 169 7500* and cancel. If you do this,
we’ll help you switch to another of our
accounts or we will give you all your money
back with any interest it has earned.

Thank you! That was just what I was looking for. Blind as a bat!

35har1old

PTurner_2 said:

Hi there, I recently sent off for a 3 year Post Office savings bond. The offered interest rate was 5% for 3 years. They said it had to be opened with a cheque. By the time they opened the account and cashed the cheque, the interest offered was only 4.5%. Do I have some cooling off period to still get my money back before it's stuck there for 3 years?

I posted my application just before the rate dropped through I was not using a cheque to fund
payment was by transfer from a post office savings account I had missed answering one of the questions the application was returned  for me to add my answer just checked today and I recieved the bond at 5% I think the transaction was on the 26th
My application was dated 09/01/24
What date was on your application 

PTurner_2

35har1old said:

PTurner_2 said:

Hi there, I recently sent off for a 3 year Post Office savings bond. The offered interest rate was 5% for 3 years. They said it had to be opened with a cheque. By the time they opened the account and cashed the cheque, the interest offered was only 4.5%. Do I have some cooling off period to still get my money back before it's stuck there for 3 years?

I posted my application just before the rate dropped through I was not using a cheque to fund
payment was by transfer from a post office savings account I had missed answering one of the questions the application was returned  for me to add my answer just checked today and I recieved the bond at 5% I think the transaction was on the 26th
My application was dated 09/01/24
What date was on your application 

I sent my form off on 10/01/24, and they opened the account on 19/01/24. Maybe that one day made a difference!

35har1old

PTurner_2 said:

35har1old said:

PTurner_2 said:

Hi there, I recently sent off for a 3 year Post Office savings bond. The offered interest rate was 5% for 3 years. They said it had to be opened with a cheque. By the time they opened the account and cashed the cheque, the interest offered was only 4.5%. Do I have some cooling off period to still get my money back before it's stuck there for 3 years?

I posted my application just before the rate dropped through I was not using a cheque to fund
payment was by transfer from a post office savings account I had missed answering one of the questions the application was returned  for me to add my answer just checked today and I recieved the bond at 5% I think the transaction was on the 26th
My application was dated 09/01/24
What date was on your application 

I sent my form off on 10/01/24, and they opened the account on 19/01/24. Maybe that one day made a difference!

Mine was dated 09/01/24 but there is a possibility that it was not collected until the 10th and as I said it was returned to me to complete a missed question and the deposit was not made to the 26th 

surreysaver

Its the Post Office. 'Nuff said