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Post Office Online Saver....here goes!!

Sea_Shell
Sea_Shell Posts: 10,256 Forumite
Part of the Furniture 10,000 Posts Photogenic Name Dropper
in Savings & investments
Well, yesterday I opened one of these, despite the negative comments on here. So lets see how it goes. I've only asked for an initial deposit of £5, and £10 p/m DD after that.

All seemed very straight forward on their web-site, so will see what happens next!!

I don't plan on accessing my money just yet, so the 8 day rule isn't an issue.

I've got Issue 29, and I understand that I can also open an Issue 30 once it is launched, correct??

Will let you know what "experiences" I have. Hopefully all good!!! ;)
How's it going, AKA, Nutwatch? - 12 month spends to date = 3.24% of current retirement "pot" (as at end December 2025)
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Comments

  • Gers
    Gers Posts: 13,612 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    I opened one yesterday too. Appeared to be easy enough, initial deposit done and a DD set up for March.

    Got an account number and sort code.


    Time will tell!
  • Sea_Shell
    Sea_Shell Posts: 10,256 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Well the DD is showing now on the linked account... so far so good. They haven't taken the initial payment yet, but I think it said 3-5 working days, so should happen next week.
    How's it going, AKA, Nutwatch? - 12 month spends to date = 3.24% of current retirement "pot" (as at end December 2025)
  • Bimbly
    Bimbly Posts: 500 Forumite
    Eighth Anniversary 100 Posts Name Dropper Combo Breaker
    Good luck!

    I actually haven't had any problem with mine.

    (Yet...)
  • aj23_2
    aj23_2 Posts: 1,155 Forumite
    1,000 Posts Third Anniversary Name Dropper Combo Breaker
    Why are people going for this account? It reverts to bog standard 0.25% after 12 months, and only pays 1% for the first 12.

    There are so many other accounts which pay better.
  • clivep
    clivep Posts: 704 Forumite
    Part of the Furniture 500 Posts Name Dropper
    aj23 wrote: »
    Why are people going for this account? It reverts to bog standard 0.25% after 12 months, and only pays 1% for the first 12.

    There are so many other accounts which pay better.

    To generate DDs of course.

    For this purpose the interest rate is irrelevant. My issue 26s and issue 28s are paying about 1.3% which is quite competitive but they could be paying 0.01% interest as far as I'm concerned as there's no noticable savings being held there.
  • aj23_2
    aj23_2 Posts: 1,155 Forumite
    1,000 Posts Third Anniversary Name Dropper Combo Breaker
    Well no one said that. It implied you're setting up a DD from the account, not to it.
  • clivep
    clivep Posts: 704 Forumite
    Part of the Furniture 500 Posts Name Dropper
    aj23 wrote: »
    Well no one said that. It implied you're setting up a DD from the account, not to it.

    Well they did say that actually. There was nothing implied to the contrary.

    In 1st paragraph of 1st post...
    "I've only asked for an initial deposit of £5, and £10 p/m DD after that".

    2nd post...
    "initial deposit done and a DD set up for March".

    3rd post...
    "Well the DD is showing now on the linked account"

    It's a savings account so DDs can't be taken from it. DDs on Post Office savings a/cs are for deposits from linked current a/cs.
  • Sea_Shell
    Sea_Shell Posts: 10,256 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    I had 2 letters arrive yesterday, one confirming the opening of the account, and the other confirming the Monthly DD set up.

    The initial deposit hasn't gone in just yet...but should be any day now.
    How's it going, AKA, Nutwatch? - 12 month spends to date = 3.24% of current retirement "pot" (as at end December 2025)
  • gazza85
    gazza85 Posts: 44 Forumite
    Eighth Anniversary 10 Posts
    How do you find out what issue number you have and what issue number they're currently offering?
  • clivep
    clivep Posts: 704 Forumite
    Part of the Furniture 500 Posts Name Dropper
    gazza85 wrote: »
    How do you find out what issue number you have and what issue number they're currently offering?

    It's stated on the welcome letter in the first paragraph headed "Great to have you on board".

    I believe it's also shown in your account summary on-line as part of the default account names. However, you can change an account nickname so may not still show if you've done this. I've changed the nicknames but kept the part showing "Saver xx" in the new name.

    The issue number of the current offering is shown as part of the account name if you open the summary box for the Online Saver on the P.O. webpage. It's currently described as "Post Office Money Online Saver Issue 29".
This discussion has been closed.
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