Post Office Online Saver

bobfredbob

I received no confirmation email and have not yet received anything through the post, which made me slightly worried, whereas with Coventry BS I received both.  But, everything appeared legit to me.  I went back to the postoffice website and logged in via there.

Just be aware that I think you can't withdraw from the account for the first eight days.

ThePirates

I did get a letter but it was about 10 days after I opened the account. Transferred money in without any issues before that though.

surferstar

Opened yesterday and they didn’t recognise my funding account (starling). They said they’d contact me for more documents and I got an email asking to post them some stuff. Can’t stand old fashioned banks asking for hard copies to be posted. 

Anyway, I sent £5 to the account last night anyway yet get an email tonight chasing up my funding deposit or they’ll close the account in a month. Surely the £5 should’ve turned up?

if it doesn’t I hope it’s returned to my bank and I won’t touch this pathetic institution with a barge pole. I regret even trying. 

Snafu57

Hi, I opened a Post Office Online Saver 72 in April. My account balance show no interest has been earned. Has anyone experienced the same?

badger09

Snafu57 said:

Hi, I opened a Post Office Online Saver 72 in April. My account balance show no interest has been earned. Has anyone experienced the same?

Did you select monthly interest?
If not, and assuming the T&Cs are the same as issue 73 (apart from interest rate?) annual interest will be credited between 20 & 25 March. 

Snafu57

Hi, Thanks for the explanation. I'm not sure if I opted for year or monthly interest.  How do I find out??? Also, if I did opt for yearly interest. Is interest worked out on what ever the balance is in March?? 

Middle_of_the_Road

Snafu57 said:

Hi, Thanks for the explanation. I'm not sure if I opted for year or monthly interest.  How do I find out??? Also, if I did opt for yearly interest. Is interest worked out on what ever the balance is in March?? 

No, both annual and monthly interest is calculated daily and paid accordingly.
It's not based on a snapshot of the balance in March, or at any other time.

Snafu57

Hi, Once again thank you for your explanation. So why is there zero interest added to my account balance, the funds were deposited in April?

refluxer

Snafu57 said:

Hi, Once again thank you for your explanation. So why is there zero interest added to my account balance, the funds were deposited in April?

If you opened the account in April this year and opted for annual interest then, judging by the comment above, interest won't be added until March 2025. 

badger09

Snafu57 said:

Hi, Once again thank you for your explanation. So why is there zero interest added to my account balance, the funds were deposited in April?

Because, as per my earlier post, if you selected annual interest, it will be credited between 20th & 25th March 2025. That interest will be calculated on the balance in your account at the end of every day but you won’t see it until end of March, or if you close the account before then. 

I don’t have a PO account so can’t check, but if you look at your account online it should tell you both the interest rate & whether this is credited annually or monthly. Annually is usually the default method.