Post Office Online Saver - move...

wallofbeans
wallofbeans Posts: 1,392 Forumite
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in Savings & investments
Hi all,

I opened a Post Office Online Saver only a few months ago, most for the DD's... but now I see they have a new one with a better 1.45% rate.

Can I switch my current savers to that rate?

Or perhaps just open a 1.45% rate saver (assuming they have the same DD advantages), move the money over and then close down the old one..?

Thoughts?

Comments

  • Bobblehat
    Bobblehat Posts: 469 Forumite
    First Anniversary Name Dropper First Post Best Buy Bear
    edited 14 November 2018 at 5:40PM
    Just open the new 1.45% ……. move the money over from the old one …… and keep the old one open with minimum money in for the extra DD :shhh:


    Every now and again, draw down money from the old one to the new one to maximise the interest.

    (edit: or go Marcus at 1.5% ?)
  • Herbalus
    Herbalus Posts: 2,634 Forumite
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    If you only opened a few months ago, and you don’t have a lot of money saved in there, I don’t see the point to be honest.

    Rates a few months ago were maybe 1.32% or something. If you got £1000 in there, it’s a difference of £1.30 a year.
  • wallofbeans
    wallofbeans Posts: 1,392 Forumite
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    Herbalus wrote: »
    If you only opened a few months ago, and you don’t have a lot of money saved in there, I don’t see the point to be honest.

    Rates a few months ago were maybe 1.32% or something. If you got £1000 in there, it’s a difference of £1.30 a year.

    Mine is newer than I thought, opened at start of October at 1.15% interest. But I see your point...
  • Herbalus
    Herbalus Posts: 2,634 Forumite
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    wallofbeans wrote: »
    Mine is newer than I thought, opened at start of October at 1.15% interest. But I see your point...

    Really? Are you sure that’s not just the bonus part? Issue 33 before the current offering was 1.37% and they seem to creep up slowly quite often. Who knows, maybe next month they’ll have issue 35 paying 1.49% interest or something!
  • quirkydeptless
    quirkydeptless Posts: 1,219 Forumite
    First Anniversary First Post Name Dropper Photogenic
    edited 14 November 2018 at 8:04PM
    I reckon they have been streadily getting people hooked on using them for DDs, and then whammo :exclamati, they launch a competative intereste rate and start to hoover up the extra savings the helpless DD addicts poor into them :EasterBun
    Retired 1st July 2021.
    This is not investment advice.
    Your money may go "down and up and down and up and down and up and down ... down and up and down and up and down and up and down ... I got all tricked up and came up to this thing, lookin' so fire hot, a twenty out of ten..."
  • surreysaver
    surreysaver Posts: 4,095 Forumite
    Name Dropper First Anniversary First Post
    All we need now is for the Post Office to stop accepting direct debits to fund their savings accounts
    I consider myself to be a male feminist. Is that allowed?
  • malky39
    malky39 Posts: 700 Forumite
    First Anniversary Combo Breaker First Post
    Yes you can transfer over, i have just done so through my online account took a total of 5 mins
  • badger09
    badger09 Posts: 11,201 Forumite
    First Post First Anniversary Name Dropper
    surreysaver wrote: »
    All we need now is for the Post Office to stop accepting direct debits to fund their savings accounts

    :eek::eek::eek::shhh::shhh::shhh:
This discussion has been closed.
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