Post Office savings account

britblue

Just opened Post Office instant access savings account. When I tried to tfr. money into it from my bank - I got error msg. from my bank saying cannot confirm destination account details. I phone Post office & their explanation was because Post Office is registered in Republic of Ireland. Seems little strange to this moneysaving novice - can any wise forumites on here confirm validty of this statement or should i just ignore this account as "dodgy"! - Thanks in advance

wmb194

https://forums.moneysavingexpert.com/discussion/6664317/post-office-savings-account

You mean for confirmation of payee? Try again tomorrow, it sometimes takes a day for the central database to be updated with your new account's details.

Another option would be to check and triple check you've entered the correct account numbers and send a small test payment.

I'm assuming you've opened an account via:

https://www.postoffice.co.uk/savings-accounts

eskbanker

https://forums.moneysavingexpert.com/discussion/6664317/post-office-savings-account

Post Office savings products are operated by Bank of Ireland UK, so "Post Office is registered in Republic of Ireland" isn't a particularly accurate representation of the facts!

flaneurs_lobster

I phone Post office & their explanation was because Post Office is registered in Republic of Ireland

Not quite, the Post Office's financial products are provided by a UK subsidiary of The Bank of Ireland.

As @wmb194 says, try again tomorrow.

friolento

After some awful experience with them a few years ago, I wouldn't put any money into a Post Office savings account ever again. Lots of other people also had unsatisfactory experiences.

They don't have the best rates, either. You can do much better elsewhere, without the problems that come with the PO accounts. https://moneyfactscompare.co.uk/savings-accounts/

mills112

it can take a day or two for your account to be fully set up before you can put money into it. so you need to be patient when it comes to the post office. it may take them a week to even set up your account!

Section62

https://forums.moneysavingexpert.com/discussion/comment/81964439#Comment_81964439

An inaccuracy which sums up every dealing I've had with Post Office savings. They aren't very good with basic information. Or anything else really.

SacredStephan

My experience is also that these Post Office savings accounts are best avoided.

britblue

Update - transferred £50 to my newly opened account - as a "test" - took about a week before account registered the tfr!. I think the Post Office must be using coal powered software!. Tfrd money back out & sacked of the Post Office - Thanks for the advice above!

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81975031#Comment_81975031

Not sure they've got as far as using software yet… 😉

subjecttocontract

My local Post Office gives me the impression they are 30 years behind the times but they are very good at selling postage stamps and submitting passport applications.