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Anyone got online savings account with the Post Office?

70
Posted 12th Feb
I have opened a new online saver account with the post office. It is really Bank of Ireland, marketed through the post office.

Anyone got an online savings account with the post office and can comment on whether they have had good or bad experience with them?

I haven't put any money into the account yet so would like to find out what they are like before I do.
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mutley112/02/2020 13:56

to be forewarned is to be forearmed. i am more cautious about banks these …to be forewarned is to be forearmed. i am more cautious about banks these days as i had a bad experience with capital one bank many years ago when they accidentally locked my account by mistake and it took me weeks to get it unlocked. santander also locked my account and i had to go into the branch with ID to unlock it. they had automatically locked my account and didn't even tell me it was locked. they locked it because i had made a £4,000 payment out of my account online and they said that was too high and raised suspicion.


Good god, if I didn't do things because 'I'd had a bad experience years ago' I'd never move on in life.
mutley112/02/2020 12:18

the website states that any money withdrawal will be processed the …the website states that any money withdrawal will be processed the following business day is that correct? do you find that withdrawal are processed the same day or the next working day?


Just ring them, it's got to be so much easier than asking on here.
mutley112/02/2020 13:41

it is not that easy to report a bank and get compensation. it is better …it is not that easy to report a bank and get compensation. it is better not to put money into a bad bank in the first place. lots of people have had their accounts suspended, locked, money not paid out etc for other banks and very little they can do about it.


Banks suspending, locking and not paying money out? first I've ever heard of that...unless they were money laundering? very strange indeed.
mutley112/02/2020 16:01

you can do what you want. i can do what i want. stop derailing this …you can do what you want. i can do what i want. stop derailing this thread.


I'm not derailing at all, you can't say that mutley, I think I've helped you and I've not been out of order at all.
70 Comments
I have one and it's fine. They don't let you transfer money in or out at the weekend and the transfer page just doesn't work if you pick a weekend, so be aware of the dates you are choosing. Apart from that - no problems.
Pandamansays12/02/2020 12:16

I have one and it's fine. They don't let you transfer money in or out at …I have one and it's fine. They don't let you transfer money in or out at the weekend and the transfer page just doesn't work if you pick a weekend, so be aware of the dates you are choosing. Apart from that - no problems.


the website states that any money withdrawal will be processed the following business day is that correct? do you find that withdrawal are processed the same day or the next working day?
mutley112/02/2020 12:18

the website states that any money withdrawal will be processed the …the website states that any money withdrawal will be processed the following business day is that correct? do you find that withdrawal are processed the same day or the next working day?


Don't know as I don't check it daily. I notice it did get transfered when I next look, but by then I can't remember when I had asked for it to be done.
mutley112/02/2020 12:18

the website states that any money withdrawal will be processed the …the website states that any money withdrawal will be processed the following business day is that correct? do you find that withdrawal are processed the same day or the next working day?


Just ring them, it's got to be so much easier than asking on here.
maccy1i12/02/2020 13:27

Just ring them, it's got to be so much easier than asking on here.


i have already but what they say may not always be what they do! i want to hear from actual experience from people.
mutley112/02/2020 13:36

i have already but what they say may not always be what they do! i want …i have already but what they say may not always be what they do! i want to hear from actual experience from people.


If a bank doesn't do what it says, they'll be in trouble and you'll have a case for compensation.
Edited by: "maccy1i" 12th Feb
maccy1i12/02/2020 13:37

If a bank doesn't do what it says, they'll be in trouble and you'll have a …If a bank doesn't do what it says, they'll be in trouble and you'll have a case for compensation.


it is not that easy to report a bank and get compensation. it is better not to put money into a bad bank in the first place. lots of people have had their accounts suspended, locked, money not paid out etc for other banks and very little they can do about it.
mutley112/02/2020 13:41

it is not that easy to report a bank and get compensation. it is better …it is not that easy to report a bank and get compensation. it is better not to put money into a bad bank in the first place. lots of people have had their accounts suspended, locked, money not paid out etc for other banks and very little they can do about it.


Banks suspending, locking and not paying money out? first I've ever heard of that...unless they were money laundering? very strange indeed.
mutley112/02/2020 13:41

it is not that easy to report a bank and get compensation. it is better …it is not that easy to report a bank and get compensation. it is better not to put money into a bad bank in the first place. lots of people have had their accounts suspended, locked, money not paid out etc for other banks and very little they can do about it.


All high street banks are essentially the same. Can you name a 'bad bank'?
Edited by: "OllieSt" 12th Feb
maccy1i12/02/2020 13:42

Banks suspending, locking and not paying money out? first I've ever heard …Banks suspending, locking and not paying money out? first I've ever heard of that...unless they were money laundering? very strange indeed.


marcus bank, part of goldman sachs, for example, just read their reviews. there are others as well if you start reading reviews on banks. marcus even have an answer on their Q&A page about being locked out or suspended from your account as it happens so often!
mutley112/02/2020 13:47

marcus bank, part of goldman sachs, for example, just read their reviews. …marcus bank, part of goldman sachs, for example, just read their reviews. there are others as well if you start reading reviews on banks. marcus even have an answer on their Q&A page about being locked out or suspended from your account as it happens so often!


You worry way too much, the only way a bank would do anything with your account is if they're suspicious of anything going on in your account.
maccy1i12/02/2020 13:50

You worry way too much, the only way a bank would do anything with your …You worry way too much, the only way a bank would do anything with your account is if they're suspicious of anything going on in your account.


to be forewarned is to be forearmed.

i am more cautious about banks these days as i had a bad experience with capital one bank many years ago when they accidentally locked my account by mistake and it took me weeks to get it unlocked.

santander also locked my account and i had to go into the branch with ID to unlock it. they had automatically locked my account and didn't even tell me it was locked. they locked it because i had made a £4,000 payment out of my account online and they said that was too high and raised suspicion.
mutley112/02/2020 13:47

marcus bank, part of goldman sachs, for example, just read their reviews. …marcus bank, part of goldman sachs, for example, just read their reviews. there are others as well if you start reading reviews on banks. marcus even have an answer on their Q&A page about being locked out or suspended from your account as it happens so often!



I think you're going to struggle to find a suitable home for your money.






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At last, but not least in you case.


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mutley112/02/2020 13:56

............ i had made a £4,000 payment out of my account online and they …............ i had made a £4,000 payment out of my account online and they said that was too high and raised suspicion.



If you were making transactions like that on a regular basis it would not have triggered any suspicion. Account alerts would have been your friend.

I have used Abbey/Santander since 1999 and have never experienced my account being blocked and regularly make transactions way above £4k.

39890596-WD48a.jpg
Edited by: "OllieSt" 12th Feb
OllieSt12/02/2020 14:02

I think you're going to struggle to find a suitable home for your …I think you're going to struggle to find a suitable home for your money.[Image] [Image] [Image] At last, but not least in you case.[Image]


i have a current and savings account with natwest and have had accounts with nationwide and my experience of the two banks are very good. i have had payments blocked from my natwest account but they don't lock the account itself, just the payment that i want to make and they always get in touch to check that i have made the payment before making the payment itself.

santander locked my account and never said anything. i only found out it was locked when i logged into my online account a few days later and was presented with a message that it had been locked and that i needed to go into branch with ID. the account had been opened for about a month and i had been putting money in without taking anything out, payments of £10,000 at a time. in total i had £40,000 in the savings account before i needed to withdraw £4,000. so this was the first time that i had made a withdrawal from the account and they immediately blocked it and locked my account!

i have avoided santander ever since. a colleague also had her santander account locked when she made payment for £3,000 so they can lock your account even for small payments. i don't have a problem with them taking precautions but they should call you to check the payment and not ask you to go into branch with ID. i have never had to do this with natwest when they block a payment.
mutley112/02/2020 15:48

i have a current and savings account with natwest and have had accounts …i have a current and savings account with natwest and have had accounts with nationwide and my experience of the two banks are very good. i have had payments blocked from my natwest account but they don't lock the account itself, just the payment that i want to make and they always get in touch to check that i have made the payment before making the payment itself.santander locked my account and never said anything. i only found out it was locked when i logged into my online account a few days later and was presented with a message that it had been locked and that i needed to go into branch with ID. the account had been opened for about a month and i had been putting money in without taking anything out, payments of £10,000 at a time. in total i had £40,000 in the savings account before i needed to withdraw £4,000. so this was the first time that i had made a withdrawal from the account and they immediately blocked it and locked my account!i have avoided santander ever since. a colleague also had her santander account locked when she made payment for £3,000 so they can lock your account even for small payments. i don't have a problem with them taking precautions but they should call you to check the payment and not ask you to go into branch with ID. i have never had to do this with natwest when they block a payment.


Putting money into an account has zero bearing on triggers relating to withdrawing from an account. Common sense really
mutley112/02/2020 13:56

to be forewarned is to be forearmed. i am more cautious about banks these …to be forewarned is to be forearmed. i am more cautious about banks these days as i had a bad experience with capital one bank many years ago when they accidentally locked my account by mistake and it took me weeks to get it unlocked. santander also locked my account and i had to go into the branch with ID to unlock it. they had automatically locked my account and didn't even tell me it was locked. they locked it because i had made a £4,000 payment out of my account online and they said that was too high and raised suspicion.


Good god, if I didn't do things because 'I'd had a bad experience years ago' I'd never move on in life.
OllieSt12/02/2020 15:50

Putting money into an account has zero bearing on triggers relating to …Putting money into an account has zero bearing on triggers relating to withdrawing from an account. Common sense really


i have never had this problem with anyone else and i have opened more savings account than the average person. i do not think santander is a good bank from my experience so i am going to stay away from them.
maccy1i12/02/2020 15:58

Good god, if I didn't do things because 'I'd had a bad experience years …Good god, if I didn't do things because 'I'd had a bad experience years ago' I'd never move on in life.


you can do what you want. i can do what i want. stop derailing this thread.
mutley112/02/2020 16:01

you can do what you want. i can do what i want. stop derailing this …you can do what you want. i can do what i want. stop derailing this thread.


I'm not derailing at all, you can't say that mutley, I think I've helped you and I've not been out of order at all.
maccy1i12/02/2020 16:04

I'm not derailing at all, you can't say that mutley, I think I've helped …I'm not derailing at all, you can't say that mutley, I think I've helped you and I've not been out of order at all.


yes you have. the thread is about whether anyone has a post office online saver account and can let me know their experience. you have come into the thread to criticise about my question and how i am being too cautious when opening a bank account. you don't have the experience to relate and yet you come into the thread to criticise and not contribute anything except to lead the thread away from the real question.
mutley112/02/2020 16:00

i have never had this problem with anyone else and i have opened more …i have never had this problem with anyone else and i have opened more savings account than the average person. i do not think santander is a good bank from my experience so i am going to stay away from them.


I must do 500 transactions per month with Santander and have been banking with them for over 20 years. There is absolutely nothing wrong with them. It's quite clear that you don't understand that Santander acted to protect you. But you crack on.
Edited by: "OllieSt" 12th Feb
OllieSt12/02/2020 16:26

I must do 500 transactions per month with Santander and have been banking …I must do 500 transactions per month with Santander and have been banking with them for over 20 years. There is absolutely nothing wrong with them. It's quite clear that you don't understand that Santander acted to protect you. But you crack on.


read my post again. i said i don't have a problem with them blocking the payment. what i have a problem with is that they blocked the payment and locked my account without contacting me to let me know that they had done this and it was up to me to find this out and in order to unlock the account. this is bad customer service.

i could not unlock my account on the telephone like my natwest bank, but have to go into branch with ID. that is a real inconvenience to have to go into branch every time they block a transaction.

the bank may have served you well and they obviously have many customers who are quite happy with their service, but they are not for me and i am entitled to choose the bank that i want to bank with.
I have an online savings account with the post office, have had it for 10+ years. I have not had a single problem with it.
OllieSt12/02/2020 14:02

I think you're going to struggle to find a suitable home for your …I think you're going to struggle to find a suitable home for your money.[Image] [Image] [Image] At last, but not least in you case.[Image]


Best to put your money under the mattress or in a tin in the kitchen cupboard as banks can be unreliable
mutley112/02/2020 16:33

read my post again. i said i don't have a problem with them blocking the …read my post again. i said i don't have a problem with them blocking the payment. what i have a problem with is that they blocked the payment and locked my account without contacting me to let me know that they had done this and it was up to me to find this out and in order to unlock the account. this is bad customer service. i could not unlock my account on the telephone like my natwest bank, but have to go into branch with ID. that is a real inconvenience to have to go into branch every time they block a transaction. the bank may have served you well and they obviously have many customers who are quite happy with their service, but they are not for me and i am entitled to choose the bank that i want to bank with.


So you'd rather someone steal your money then? The bank evidently got it wrong that time but at least they're trying to keep you safe etc..
summerof7612/02/2020 17:30

Best to put your money under the mattress or in a tin in the kitchen …Best to put your money under the mattress or in a tin in the kitchen cupboard as banks can be unreliable


Just make sure the windows are secure.....and have no holes in them!

Seriously, if you have opened more than you fair share, can you not use one of your existing accounts.

Personally, I have a savings account with the same bank I have my current account, so I can see everything with 1 app and I can move money about easily.....first direct.
TGKW12/02/2020 18:25

Just make sure the windows are secure.....and have no holes in them! …Just make sure the windows are secure.....and have no holes in them! Seriously, if you have opened more than you fair share, can you not use one of your existing accounts.Personally, I have a savings account with the same bank I have my current account, so I can see everything with 1 app and I can move money about easily.....first direct.


Sensible advice
TGKW12/02/2020 18:25

Just make sure the windows are secure.....and have no holes in them! …Just make sure the windows are secure.....and have no holes in them! Seriously, if you have opened more than you fair share, can you not use one of your existing accounts.Personally, I have a savings account with the same bank I have my current account, so I can see everything with 1 app and I can move money about easily.....first direct.


i have several savings account but after the bonus period the rates have dropped so i change to a better rate with another bank. i had money in tesco bank but their rates have dropped quite a bit within the last few months so the post office is one of the better rates at the moment for instant access savings.
mutley112/02/2020 15:48

i have a current and savings account with natwest and have had accounts …i have a current and savings account with natwest and have had accounts with nationwide and my experience of the two banks are very good. i have had payments blocked from my natwest account but they don't lock the account itself, just the payment that i want to make and they always get in touch to check that i have made the payment before making the payment itself.santander locked my account and never said anything. i only found out it was locked when i logged into my online account a few days later and was presented with a message that it had been locked and that i needed to go into branch with ID. the account had been opened for about a month and i had been putting money in without taking anything out, payments of £10,000 at a time. in total i had £40,000 in the savings account before i needed to withdraw £4,000. so this was the first time that i had made a withdrawal from the account and they immediately blocked it and locked my account!i have avoided santander ever since. a colleague also had her santander account locked when she made payment for £3,000 so they can lock your account even for small payments. i don't have a problem with them taking precautions but they should call you to check the payment and not ask you to go into branch with ID. i have never had to do this with natwest when they block a payment.


Let me get this straight. You put 4x deposits of £10k in 1 bank account, without spending a single penny, before proceeding to withdraw £4000 all in a single month. You also expected Santander to do absolutely nothing?! That would trigger an account block with even the most incompetent bank
I don't think this will help really but I had an account with the PO for about three years. I do have a major issue with them and I'll never use them again but it IS more of a personal issue than with their operation, as such.

I needed to transfer a sizeable amount to another account and so decided to call and speak to them to arrange. As a security measure for myself, I decided to record the call. As usual, I got through their own security measures and it telling me the call would be recorded for monitoring/training etc. When I got a real person, I informed them that I too would be recording the call. At this point, a lovely Irish gentleman turned on me instantly and said "You can't do that!" I said, well you are - so I am too. He then told me I would be breaking the law if I recorded his voice as he did not give me permission to do so and was also PO policy. At this point, bearing in mind I hadn't even told him what the call was about I got a bit miffed. I said "So it's fine for you to record me, but not the other way round?" He then repeated that he wouldn't talk to me further and terminated the call.

In history, they are the ONLY company I have dealt with who have taken such a stance with regards to me recording a call - and no, I don't make a habit of it. It's just sometimes it's handy if it's a "technical" question and I might like to review what was said or a clerical/legal issue that could be contested down the line and proof of what was said would be useful.

I'm not sure to this day if it was just this guy's nervous nature or if it really IS company policy but they lost me as a customer over it. Closed the account - moved to Virgin and been happy ever since.

As I said, not really helpful to you Mutley1 but a little cautionary tale of their possible modus operandi

All the best, Phsy.
Edited by: "Phsycronix" 12th Feb
jamie1512/02/2020 19:34

Let me get this straight. You put 4x deposits of £10k in 1 bank account, …Let me get this straight. You put 4x deposits of £10k in 1 bank account, without spending a single penny, before proceeding to withdraw £4000 all in a single month. You also expected Santander to do absolutely nothing?! That would trigger an account block with even the most incompetent bank


i do that often with banks and don't have any problem. they should have contacted me though to check if i made the payment rather than just block me.
mutley112/02/2020 19:47

i do that often with banks and don't have any problem. they should have …i do that often with banks and don't have any problem. they should have contacted me though to check if i made the payment rather than just block me.


If that doesn't trigger any sort of security the bank is inept. £4000 transfer could very easily be a scam. The reason they want you to come in branch is so if you are a scam victim, they can talk you out of it. People tend to listen more if being told it is a scam in person.
Phsycronix12/02/2020 19:41

I don't think this will help really but I had an account with the PO for …I don't think this will help really but I had an account with the PO for about three years. I do have a major issue with them and I'll never use them again but it IS more of a personal issue than with their operation, as such.I needed to transfer a sizeable amount to another account and so decided to call and speak to them to arrange. As a security measure for myself, I decided to record the call. As usual, I got through their own security measures and it telling me the call would be recorded for monitoring/training etc. When I got a real person, I informed them that I too would be recording the call. At this point, a lovely Irish gentleman turned on me instantly and said "You can't do that!" I said, well you are - so I am too. He then told me I would be breaking the law if I recorded his voice as he did not give me permission to do so.and was PO policy. At this point, bearing in mind I hadn't even told him what the call was about I got a bit miffed. I said "So it's fine for you to record me, but not the other way round?" He then repeated that he wouldn't talk to me further and terminated the call.In history, they are the ONLY company I have dealt with who have taken such a stance with regards to me recording a call - and no, I don't make a habit of it. It's just sometimes it's handy if it's a "technical" question and I might like to review what was said or a clerical/legal issue that could be contested down the line and proof of what was said would be useful.I'm not sure to this day if it was just this guy's nervous nature or if it really IS company policy but they lost me as a customer over it. Closed the account - moved to Virgin and been happy ever since.As I said, not really helpful to you Mutley1 but a little cautionary tale of their possible modus operandi All the best, Phsy.


i had to look up modus operandi as my vocabulary stash failed there, lol

banks often record calls, which they claim are for training purposes but i am not surprised that they would not allow you to record a call if it was the other way round! i have not received a welcome email from them but only a rude email to say that if i don't credit any money into my account within 14 days they will close the account. i have never received a threat like that before from a bank so it is a little worrying as it may be an indication of their customer service!

when i called them to ask about how the account operate, the guy on the phone wasn't very friendly so that also puts me off. i may have just got a grumpy guy on the phone and they are not all like that but it doesn't help if someone works in customer service sounds grumpy.
i have found this review on post office savings so that's me out. i will let them close the account down after 14 days as they have threatened to do if i don't put any money in as i am not going to do so. just as well i posted this thread as it has given me time to think about it before i put any money with these monkeys. their rates may be a little bit better than tesco bank but if you can't get access to your money and you don't get paid the interest there is no point.

reviewcentre.com/rev…tml
mutley112/02/2020 21:15

i have found this review on post office savings so that's me out. i will …i have found this review on post office savings so that's me out. i will let them close the account down after 14 days as they have threatened to do if i don't put any money in as i am not going to do so. just as well i posted this thread as it has given me time to think about it before i put any money with these monkeys. their rates may be a little bit better than tesco bank but if you can't get access to your money and you don't get paid the interest there is no point.https://www.reviewcentre.com/reviews261731.html



From 41 reviews? Seriously?
You do realise people are likely to moan about bad experiences than post about their good ones?
I posted that I had no problems, did you see that?
tregs12/02/2020 22:54

From 41 reviews? Seriously?You do realise people are likely to moan about …From 41 reviews? Seriously?You do realise people are likely to moan about bad experiences than post about their good ones?I posted that I had no problems, did you see that?


don't care. those reviews are enough for me to make a decision. i do not like the threatening email from them and as those reviews have commented, the guy on the phone was not very friendly and i wasn't even asking a complicated question. i can imagine how much more stroppy he would get if it was a much more complicated issue.

there was actually no phone contact for the online saver, which is an indicator that if you have problems with your account it would be difficult to get resolved. the phone line that i actually got to was for other savings account and not online saver and so i could not ask a specific question to online saver but a generic question about the way withdrawals work for post office savings in general.

their website is very basic and extremely poor. my account did not have a sort code or account number displayed anywhere and that information is always available on other bank accounts. i couldn't even find the bank account details to transfer money into even if i did want to send any money over!

i am out.
Bye, 'till your next question.
tregs12/02/2020 23:48

Bye, 'till your next question.


I doubt you'll have to wait very long, check back at breakfast time!
mutley112/02/2020 21:15

i have found this review on post office savings so that's me out. i will …i have found this review on post office savings so that's me out. i will let them close the account down after 14 days as they have threatened to do if i don't put any money in as i am not going to do so. just as well i posted this thread as it has given me time to think about it before i put any money with these monkeys. their rates may be a little bit better than tesco bank but if you can't get access to your money and you don't get paid the interest there is no point.https://www.reviewcentre.com/reviews261731.html


So you open up an account then research and then decide it's not suitable for you.

I run a minute business by comparison to PO/Bank Of Ireland and I have a baseline cost of £50 for every new customer set up. You can be sure your whole dealing with this aborted saving account would be costed at far higher than that.

Do you enjoy wasting people's time (PO staff, not HUKD posters), or do you somehow think your time is more valuable than others?

It's clear your intentions were never to use them without quite rightly doing your own research. But to open up the account for no good reason is sheer wastefulness, something that I abhor

It's people like you that contribute to low savings rates , and added costs to other banking products.
Edited by: "OllieSt" 13th Feb
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