Post Office Online Saver

Money_Grabber13579

d63 said:

Money_Grabber13579 said:

d63 said:

What does it mean exactly when they say: “Post Office Online Saver is provided by Bank of Ireland UK” ?

You are basically depositing money with the bank of Ireland but they have put a post office sticker on all communications etc.

Umm. Ye-es. So who is responsible for the unsatisfactory customer support? Post Office? Bank of Ireland? Or both of them unable to work together perhaps?  A marriage not made in Heaven?

Yep, exactly. Both are probably as bad as each other.

kaMelo

d63 said:

Money_Grabber13579 said:

d63 said:

What does it mean exactly when they say: “Post Office Online Saver is provided by Bank of Ireland UK” ?

You are basically depositing money with the bank of Ireland but they have put a post office sticker on all communications etc.

Umm. Ye-es. So who is responsible for the unsatisfactory customer support? Post Office? Bank of Ireland? Or both of them unable to work together perhaps?  A marriage not made in Heaven?

Bank of Ireland are providing banking services on a 'white label' basis for the Post Office to put their branding all over it. As to exactly who provides customer support is not relevant, your contract is with the Post Office therefore when you receive substandard customer service it's the Post Office you complain to.

All I know is that when things go wrong with Post Office savings account, they go very wrong. Despite the flaws I used them for many years, they had some decent offerings at times but mainly because of the direct debit functionality offered by their savings accounts. Once that functionality was removed there was nothing left on offer that I cared for
Maybe a 10% easy access account might tempt me to tolerate them again, similarly the 8% five year fix I had around 2010.  Anything short of that I'd rather crawl across broken glass, it's less tortuous. 

ThePirates

Just as a bit of balance: I opened an Online Saver 72 account as a new customer, deposited funds from Nationwide and it appeared within minutes. Simple to setup and easy to use. Good interested rate.

Stubod

ThePirates said:

Just as a bit of balance: I opened an Online Saver 72 account as a new customer, deposited funds from Nationwide and it appeared within minutes. Simple to setup and easy to use. Good interested rate.

...I hope your luck continues....

PlatinumChaos

I just opened a Post Office Online Saver account but haven't received any kind of confirmation email - can I expect to receive one (or maybe by post?)? As part of the application process, I set up my nominated account, my online 6-digit security number, and I've got the sort code and account number. I'd now like to make the minimum deposit of £1 in my nominated account banking app, but for that, I need to enter the payee's full name - where do I find this information? Any help would be greatly appreciated, especially as they don't seem to have any kind of chat function.

refluxer

PlatinumChaos said:

I just opened a Post Office Online Saver account but haven't received any kind of confirmation email - can I expect to receive one (or maybe by post?)? As part of the application process, I set up my nominated account, my online 6-digit security number, and I've got the sort code and account number. I'd now like to make the minimum deposit of £1 in my nominated account banking app, but for that, I need to enter the payee's full name - where do I find this information? Any help would be greatly appreciated, especially as they don't seem to have any kind of chat function.

It's been a few years since I held one of those accounts, but I checked for you and I did get a 'Thanks for applying...' email as confirmation on the same day followed by a 'Welcome to your account' email around 5 days later, so it presumably does take them a good few days to fully open the account. I don't remember this being an issue though, as you'll have to wait to receive other correspondence though the post before you can get going in online banking anyway.

IIRC, the account number is personal to you (not the Post Office) so the name you enter on the account when paying in should be yours unless it tells you otherwise.

PlatinumChaos

Thanks very much, refluxer. I'm not panicking (yet), so I'm happy to just sit tight for a few days to see what, if anything, comes through the letterbox. I can already log on to my Online Saver account, so I'm not sure what they might still need to send me. An official confirmation of my account details would be a good start though.

I tried to set up a new payee in my First Direct app and tried to enter various combinations of my name, but it didn't seem to like any of them when it did the recipient check thing. (Maybe it was simply too soon and I need to leave it a day or two.) Anyway, as I say, maybe they'll send me official details of my account in the coming days, including what name it's actually in.

Thanks again.

bobfredbob

The "payee name" is the name in which you opened the account, presumably your own name.

My current account didn't recognize the Post Office account and said that it couldn't verify the payment details.  But, it all went through ok and showed on the Post Office account in a matter of minutes.

My view is that you're only using the account for savings, so probably only have a couple of interactions with them a year, so you may as well get the best rate you can.

friolento

ThePirates said:

Just as a bit of balance: I opened an Online Saver 72 account as a new customer, deposited funds from Nationwide and it appeared within minutes. Simple to setup and easy to use. Good interested rate.

Hopefully you will have the same smooth ride when you come to making withdrawals.

 

PlatinumChaos

bobfredbob said:

The "payee name" is the name in which you opened the account, presumably your own name.

My current account didn't recognize the Post Office account and said that it couldn't verify the payment details.  But, it all went through ok and showed on the Post Office account in a matter of minutes.

My view is that you're only using the account for savings, so probably only have a couple of interactions with them a year, so you may as well get the best rate you can.

Thanks, bobfredbob. What kind of confirmation did you receive that your account had been set up? Just the notification at the end of the online application process? Or subsequent email/postal information?