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Post Office Savings Transfers

Can anyone advise if I had a savings account with the Post Office can I transfer that money into someone else's bank account not in my name?

I have borrowed money from a family friend over the years and am now needing to start to pay it back in instalments when I can, not regularly but when I have the spare funds. I don't really want to use my usual bank as I want to keep the transactions separate for a paper trail of proof of payments and receipt. If the PO is not the right place for this is there an easier option to do this please preferably online? It can't be cash as we don't live close to each other now anymore sadly.

Hope this makes sense. Thanks.

Comments

  • wmb194
    wmb194 Posts: 6,527
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
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    edited 8 March at 2:43PM

    In my experience no because PO Savings accounts require a linked account, usually your current account.

    You can definitely do what you want to do from a Chase savings account. To open one if these you'd also need to open a Chase current account. Chase is phone/tablet app only though.

  • Yorkie1
    Yorkie1 Posts: 13,227
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Forumite

    Or you could set up a separate current account for this purpose (any bank), change that to your linked account from NS&I, and then make your NS&I transfers to that account and onwards.

    Probably best to avoid too many immediate receipt and onward payments, just to avoid money laundering suspicions.

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