Post Office Savings Transfers: How Long Do Deposits Take?

6am

I've opened a Post Office Savings account and made a test transfer of £1. It's been 20 minutes, and I still don't see the deposit. Are transfers always this slow? The online banking website seems quite basic and doesn't inspire much confidence. What has been your experience with depositing into and withdrawing from a Post Office Savings account? How long does it usually take?

refluxer

It's been a good few years since I held one of those accounts but, from memory, it's not an instant account when it comes to deposits. Faster payments sent via the sending bank varied from as little as 30 mins to next day to be credited and payments into the account via debit card on the PO site showed up the following day. The deposit option to avoid is the transfer request from the PO site if they still offer that option - the small test payment I tried via that method took over a week, for some unexplained reason.

FWIW, other than the variation in deposit times, I never had an issue with the two Online Saver accounts I held and a phone call to customer services to request an interest summary for a closed account was answered fairly quickly and dealt with promptly, with a letter arriving through the post around a week later.

It's fair to say there are much better options for savings accounts available these day though, with faster banking times and higher rates. 

 

ThePirates

In my experience deposits took up to an hour, withdrawals are next working day.