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  • FIRST POST
    • SG27
    • By SG27 4th Jul 18, 9:29 PM
    • 2,453Posts
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    SG27
    Post office Saver withdrawals
    • #1
    • 4th Jul 18, 9:29 PM
    Post office Saver withdrawals 4th Jul 18 at 9:29 PM
    Anyone know if there is a withdrawal limit for the 1.33 post office saver? I plan on putting 85,000 house sale proceeds in there temporarily but will need to get all back out again preferably all in one go when our purchase goes through.

    Cant find anything definitive on the website
Page 1
    • typistretired
    • By typistretired 4th Jul 18, 10:25 PM
    • 1,327 Posts
    • 953 Thanks
    typistretired
    • #2
    • 4th Jul 18, 10:25 PM
    • #2
    • 4th Jul 18, 10:25 PM
    Our Online Saver may not be right for you if:
    You'll need access to your money within the first 8 calendar days of opening your account

    Withdrawals
    You're in complete control over when you'd like to take your money out. There are no limits to the number of withdrawals you can make and no penalties or notice periods. Simply log in to your account and follow the instructions of how to transfer to your linked account.It normally takes 1 business day for withdrawals to reach your linked current account

    But for such a large amount and you needing speedy withdrawal I would give them a call to confirm
    "Look after your pennies and your pounds will look after themselves"
    • badger09
    • By badger09 5th Jul 18, 5:09 PM
    • 6,196 Posts
    • 5,556 Thanks
    badger09
    • #3
    • 5th Jul 18, 5:09 PM
    • #3
    • 5th Jul 18, 5:09 PM
    There have been numerous threads concerning problems with withdrawals from PO Saver

    I would be very wary of using it for a house purchase.
    • surreysaver
    • By surreysaver 5th Jul 18, 7:09 PM
    • 2,561 Posts
    • 1,481 Thanks
    surreysaver
    • #4
    • 5th Jul 18, 7:09 PM
    • #4
    • 5th Jul 18, 7:09 PM
    I wouldn't put a sum of money into the Post Office that I might need rapid access to. Try the Tesco Internet Saver at 1.3% - from memory you might have to wait a couple of weeks after opening it to be able to withdraw money, but once its set up it seems to be instant. I have several Post Office Online Savers, and withdrawals take at least one working day.
    I consider myself to be a male feminist. Is that allowed?
    • SG27
    • By SG27 5th Jul 18, 7:20 PM
    • 2,453 Posts
    • 1,727 Thanks
    SG27
    • #5
    • 5th Jul 18, 7:20 PM
    • #5
    • 5th Jul 18, 7:20 PM
    I wouldn't put a sum of money into the Post Office that I might need rapid access to. Try the Tesco Internet Saver at 1.3% - from memory you might have to wait a couple of weeks after opening it to be able to withdraw money, but once its set up it seems to be instant. I have several Post Office Online Savers, and withdrawals take at least one working day.
    Originally posted by surreysaver
    One working day is fine. I have Tesco accounts already. Which will have 85k in each between my wife and myself. Needed one more account amd as I have post office account already (with about 17k in) it made sense to top it up at 1.33%.

    What issues have people had with withdrawals? I have had post office accounts for a while and whilst is it a bit like banking in 1998 I've never had any problems.
    • badger09
    • By badger09 6th Jul 18, 11:58 AM
    • 6,196 Posts
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    badger09
    • #6
    • 6th Jul 18, 11:58 AM
    • #6
    • 6th Jul 18, 11:58 AM
    One working day is fine. I have Tesco accounts already. Which will have 85k in each between my wife and myself. Needed one more account amd as I have post office account already (with about 17k in) it made sense to top it up at 1.33%.

    What issues have people had with withdrawals? I have had post office accounts for a while and whilst is it a bit like banking in 1998 I've never had any problems.
    Originally posted by SG27
    This is the most recent

    https://forums.moneysavingexpert.com/showthread.php?t=3543127

    Try here for several others

    https://forums.moneysavingexpert.com/search.php?searchid=177538811


    I'm not saying 'don't use this account' but I wouldn't use it for anything to which I need instant, or even 'relatively soon' access
    • SG27
    • By SG27 6th Jul 18, 1:41 PM
    • 2,453 Posts
    • 1,727 Thanks
    SG27
    • #7
    • 6th Jul 18, 1:41 PM
    • #7
    • 6th Jul 18, 1:41 PM
    Thanks all for your comments!

    Ive read enough

    Ill be withdrawing my 17k (hopefully), closing my account and finding a new home for my money!
    • Stubod
    • By Stubod 6th Jul 18, 2:53 PM
    • 507 Posts
    • 374 Thanks
    Stubod
    • #8
    • 6th Jul 18, 2:53 PM
    • #8
    • 6th Jul 18, 2:53 PM
    no no no!!!!! please do not put any money into the post office if you then plan to take it out!!....loads of threads on this...find a better home, NSI schemes are usually pretty good...
    • pafpcg
    • By pafpcg 6th Jul 18, 5:03 PM
    • 266 Posts
    • 252 Thanks
    pafpcg
    • #9
    • 6th Jul 18, 5:03 PM
    FSCS cover for more than 85,000
    • #9
    • 6th Jul 18, 5:03 PM
    Are you thinking that 85,000 is the limit for FSCS protection? You may be covered by FSCS up to 1million for temporary high balances for such events as a house sale. See here: www.fscs.org.uk/what-we-cover/compensation-limits/deposit-limits/
    • SG27
    • By SG27 6th Jul 18, 7:52 PM
    • 2,453 Posts
    • 1,727 Thanks
    SG27
    Are you thinking that 85,000 is the limit for FSCS protection? You may be covered by FSCS up to 1million for temporary high balances for such events as a house sale. See here: www.fscs.org.uk/what-we-cover/compensation-limits/deposit-limits/
    Originally posted by pafpcg
    Yes I know but from what I have read its not as straightforward to reclaim the money. Plus it could end up more than the temporary 6 month cover.
    • SG27
    • By SG27 6th Jul 18, 8:57 PM
    • 2,453 Posts
    • 1,727 Thanks
    SG27
    Im going to put the whole 218,000 into nsandi direct saver at 0.95%. All in one place seems easy enough to withdraw. Just a 48 wait.
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