BEWARE : Post office easy access savings account recommended by MSE

jameseonline

jameseonline said:

Hahaha Post Office have emailed me tonight saying they haven't received a deposit yet & need one by 10/5 or account will close.

Erm you only opened my account today Post Office don't think Royal Mail etc works that quick.

Had my 6 digit number in post today, used it to login, changed it, sent £1 to the account 

TBC15

Mrnkar_2 said:

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.

Try transferring £10 back to your bank, and set your calendar. The post office appears to offer an old fashioned service with extremely by today’s standards long lead times.

jameseonline

So I checked my account seems the £1 got there.

Now I'm confused by the letter I got in the post about my savings account.

It says any deposits I make from my nominated account will have a direct debit number and reference.

What The Fudge?

Direct Debit?

I send via fast payment why is Direct Debit being mentioned?🤔

Bridlington1

jameseonline said:

So I checked my account seems the £1 got there.

Now I'm confused by the letter I got in the post about my savings account.

It says any deposits I make from my nominated account will have a direct debit number and reference.

What The Fudge?

Direct Debit?

I send via fast payment why is Direct Debit being mentioned?🤔

Years ago Post Office savings allowed deposits by direct debit. It could possibly be a legacy of that? I know their branch/phone ISA still does.

jameseonline

Bridlington1 said:

jameseonline said:

So I checked my account seems the £1 got there.

Now I'm confused by the letter I got in the post about my savings account.

It says any deposits I make from my nominated account will have a direct debit number and reference.

What The Fudge?

Direct Debit?

I send via fast payment why is Direct Debit being mentioned?🤔

Years ago Post Office savings allowed deposits by direct debit. It could possibly be a legacy of that? I know their branch/phone ISA still does.

Ahh maybe just confused me, like I don't remember direct debits being mentioned when I signed up for the online saver.

Mind you I recently found out that PayPal use direct debit to fund PayPal balance from bank accounts so not completely out there I guess.

(Took ages to fund via my Santander account in that way, probably won't try again, think you can fund PayPal quicker by actual card details too)

GPJC

I wanted a new savings account as I have just closed my Chase account since they have withdrawn cashback that is useful to me.

I transferred £1 that disappeared in to the clouds as it wasn't sent from my linked account. I didn't notice any instructions that it needed to be, at the time.

That never appeared again! Luckily I didn't send more.

Having sent another £500 from my linked account that took ages to appear. It is obvious that they do all transfers and withdrawal by hand.

I needed an INSTANT access account. That bit wasn't clear either from what I read on MSE.

Once I realised that it wasn't what I needed, I tried to withdraw, only to be met with a statement that I had to wait EIGHT days.

Eight days have just come and I have closed the account.

No signs of my money yet in my linked account! 

This account is nowhere near "instant".

There are automated accounts that work as they should do with similar rates. Try a proper bank, not a post office that uses third party human staff to function instead of computer code.

CliveOfIndia

GPJC said:

I wanted a new savings account as I have just closed my Chase account since they have withdrawn cashback that is useful to me......

You'd be better off starting a new thread rather than resurrecting one that's a year old (which is against forum guidelines).