The Top Easy Access Savings Discussion Area

Just a note to advise of my experience with Post Office Savings. I re-visited them today given their current 1.27% rate, which is competitive as we speak.

I first had dealings with them a couple of years ago. Customer Service wasn't great then ( I recall I made a complaint at the time). There was an issue then whereby it took 10 days to get funds into my, newly opened account and there were other hiccups at the time. The rate was decent then, but dropped subsequently and I withdrew all but a couple of pounds, thinking that if the rate improved - and if the service improved - then I might return.

Today I called twice and waited 10 and 20 minutes respectively, listening to a painfully distorted racket being played to me whilst on hold (the machine that plays "music" was evidently not working correctly and it sounded like psychedelic running water.

The 10 day situation still exists - something to do with the two different banking systems (UK and Ireland) causing the delay in getting the first payment in to your account. However I was told that if my bank dies a transfer in then it's quicker. I will try that shortly and see how it goes.

I really wanted to boycott them on principle and go to the other provider also paying the same rate (Kent Reliance, who I have been with in the past and they weren't too bad) but as the Post Office account is up and running and passwords in place I decided to stay (and as I recall Kent Reliance Customer Service was in Bangalore so I might not be any better off).

We shall see.

malc_b wrote: »

MSE might want to add a note to post office account as "instant" is stretching the point. According to FAQ withdrawals < £10m will be next day. Deposits via DD is 3 working days, via debit card is immediately but can take 4 working days. On the other hand Tesco which is 1.20% today compare to 1.27% at post office is faster payments. Well to be fair I have a tesco current account for the 3% in that so I have transfers set up to and from that. I then move money to and from tesco saver as needed to keep current account at maximum. I've just opened a post office account and it's like going back in time.

To be fair, the MSE article linked from OP (despite the thread title) doesn't actually refer to any accounts as 'instant', just 'easy' access, i.e. it refers to lack of notice needed or penalties/restrictions on how many withdrawals can be made, not how long they take.

And Faster Payments is essentially a 'next working day' service, even though many banks are now able to transact even faster than this.

Note also that deposits into the PO Online Saver can be made by direct transfer initiated from your bank account, as per https://www.postoffice.co.uk/dam/jcr:148d19fd-ca62-4604-9560-3548d9f74ca9/online-saver-key-information-pack.pdf:

Faster Payment – using your Bank or Building Society’s telephone or online banking service. Simply provide your Online Saver account number and sort code (we’ll send you this once your account is open) together with the amount you’d like to deposit.

these being "Credited to your Account on the same Business Day on which the funds are received by us"

If you've just recently applied for the Birmingham Midshires 1.25% account, they'll automatically increase it to the currently on offer 1.30% rate.

That's good of them. Never known that before!

http://www.birminghammidshires.co.uk/existing-savers/interest-rates/available-accounts/?WT.ac=BMESIRAA3

Quote:
'If you have applied for a Internet Saver account between the 6th October 2017 and 20th October 2017, you will automatically receive the rates shown in the table effective from the 20th October 2017.'