BEWARE : Post office easy access savings account recommended by MSE

Diana_Mackintosh

Tried to open but apparently there is a problem verifying my linked bank account even though I have had the same bank for many years. Luckily I only transferred a £1 to the account details I was given.    I phoned up to query and been told I have to post a recent bank statement with all personal details . Do not trust post office.  Apparently I will get £1 back by cheque when they locate in a holding account. I was offered £5 in compensation but insisted on £20 which may be put into my bank account in 9-10 days. What a fiasco! Will be saving elsewhere and will be questioning MSE’s recommendations in future.

surreysaver

I wouldn't touch the Post Office (aka Bank of Ireland) with a bargepole. I used to have a load of easy access savers with them, and they were incompetently managed 

Albermarle

Diana_Mackintosh said:

Tried to open but apparently there is a problem verifying my linked bank account even though I have had the same bank for many years. Luckily I only transferred a £1 to the account details I was given.    I phoned up to query and been told I have to post a recent bank statement with all personal details . Do not trust post office.  Apparently I will get £1 back by cheque when they locate in a holding account. I was offered £5 in compensation but insisted on £20 which may be put into my bank account in 9-10 days. What a fiasco! Will be saving elsewhere and will be questioning MSE’s recommendations in future.

The main MSE site does not rate financial providers on customer service, and never has done. Probably because it would be pretty difficult to do it fairly.

However if you had searched this forum for Post Office, you would have seen quite a few similar posts to your own.

masonic

In fairness, the requirement to provide additional documents containing personal information is a risk when opening any savings account.

Linton

Diana_Mackintosh said:

Tried to open but apparently there is a problem verifying my linked bank account even though I have had the same bank for many years. Luckily I only transferred a £1 to the account details I was given.    I phoned up to query and been told I have to post a recent bank statement with all personal details . Do not trust post office.  Apparently I will get £1 back by cheque when they locate in a holding account. I was offered £5 in compensation but insisted on £20 which may be put into my bank account in 9-10 days. What a fiasco! Will be saving elsewhere and will be questioning MSE’s recommendations in future.

MSE never recommends any financial products.  They merely state what interest rates are available.

EthicsGradient

So: you spent a few minutes in a sign up process, transferred £1, were asked for additional identification, and when you refused, they offered you £5 just to go away! Result! This looks like a good recommendation to sign up and get them to pay you money. Worst comes to the worst, they open an account for you. Trying to stretch it to £20 really seems like pushing your luck, though. I'm not sure from your message if they've accepted that or not.

jameseonline

Bit confused by your post to be honest.

Who do you bank with that's causing problems with linking your account with the post office?.

It's standard for banks etc to ask for ID with any new account.

You having problems with the post office and they offer you £5 compo?, that makes you in profit and you only sent them £1.

Don't think you have much to complain about to be honest with you.

Mrnkar_2

I just opened the account yesterday and didn't have a problem. Then transferred £10 into in which appeared about an hour later. Today I have transferred a large sum into it and again it's fine in.
Funnily I tried to open the Kent Reliance ISA account the other day and I had the couldn't verify my linked bank account, which is the same one I have used for the Post Office and they wanted me to send a recent statement by post. I didn't go any further as never had this occur before and have opened lots of accounts.

jameseonline

I'm wondering if the bank that's causing problems is the same one I've had recent issues with & possibly the same one you two are having issues with.

Is it Virgin Money by any chance?

allegro120

I've opened this account two days ago and didn't have any problems. It was very quick and application process was very efficient.  Deposited £1 and it arrived in a couple of hours.  I don't think I will be depositing more money any time soon because I have plenty of backup EA accounts that are currently paying better rates, but it could become useful at some point in future.

SFCooper

Albermarle said:

Diana_Mackintosh said:

Tried to open but apparently there is a problem verifying my linked bank account even though I have had the same bank for many years. Luckily I only transferred a £1 to the account details I was given.    I phoned up to query and been told I have to post a recent bank statement with all personal details . Do not trust post office.  Apparently I will get £1 back by cheque when they locate in a holding account. I was offered £5 in compensation but insisted on £20 which may be put into my bank account in 9-10 days. What a fiasco! Will be saving elsewhere and will be questioning MSE’s recommendations in future.

The main MSE site does not rate financial providers on customer service, and never has done. Probably because it would be pretty difficult to do it fairly.

However if you had searched this forum for Post Office, you would have seen quite a few similar posts to your own.

A little rude.