Post Office Savings Reviews - Smart Money People (2024)

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1.86

Based on 36 reviews, last reviewed 23rd Feb 2024

No new 5 star reviews

in the past 90 days

200% increase in 1 star reviews

in the past 90 days

See only 5 star reviews

11%

See only 4 star reviews

11%

See only 2 star reviews

8%

See only 1 star reviews

70%

Latest highest rating:

4

Savings rates good Excellent online savings account rates Reviewed on: 18th August 2023

Emerson Gordon

Latest lowest rating:

1

Cannot withdraw my own money. Cannot withdraw my own money. Customer service total rubbish. Reviewed on: 23rd February 2024

D

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About the Savings

Post Office savings reviews can help you to find out more about life at Post Office. How easy is it to contact Post Office? And how friendly are they? Our Post Office savings reviews can help you to find out information like this. Smart Money People is an independent source of honest reviews.

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Post Office Savings reviews (36)

Cannot withdraw my own money.

1

Cannot withdraw my own money. Customer service total rubbish. Reviewed on: 23rd February 2024

D

Opened an account and heard nothing, received nothin...

1

Opened an account and heard nothing, received nothing, they didn’t ask for ID. I call them just over a month later and they told me the account had been closed due to no activity. Mistake by not checking reviews first. Very poor views all over the internet Reviewed on: 23rd January 2024

J

Unable to withdraw money to linked account - DO NOT TAKE OUT A POST OFFICE ACCOUNT

1

Unable to withdraw to pay my mortgage. Logged on no issuses just wont withdraw. After an hour waiting on the phone and being cut off I was told the account was susspended a year ago due to no activity, Its a savings account !!!!!!!! disgusted and will never use the post office for an account again Reviewed on: 29th December 2023

Post Office user no more

"easy access" savings account with no access to your savings

1

Several months after opening an easy access online savings account and depositing a significant amount of money, I attempted to make a withdrawal, only to be presented with the message "TRANSFER CANNOT BE APPLIED AT THIS TIME" On calling the 0800 number provided I was told that there was a technical fault with my account and "there's nothing I can do".... I filed an official complaint which was effectively ignored with the response "The complaints team is not trained to deal with such complaints" I remain unable to access my savings or close the account and my only course of action now would seem to be via the financial ombudsman. Reviewed on: 6th October 2023

Michael Howarth

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Post Office Savings Reviews - Smart Money People (9)

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Post Office Savings Reviews - Smart Money People (2024)

FAQs

Is a post office savings account any good? ›

With more branches than any UK bank, and a vast range of services that you can also make use of, the Post Office could be a good option to open a savings account, especially if you prefer face-to-face contact. However, its accounts are quite basic, so you may want to look elsewhere if you want more for your money.

What are the disadvantages of post office savings account? ›

Unlike other investment avenues like Mutual Funds, Equity, Gold etc it is not possible to operate your Post Office Savings Schemes account online i.e. you cannot track your account or invest online. You always need to keep your passbook updated all the time by standing in post office queues for hours.

Is it worth opening post office savings account? ›

Interest earned is tax free up to Rs 10,000 per year. Income tax relief is available on the amount of interest under the provisions of section 80L of the Income Tax Act. The account can be transferred from one post office to another. Single accounts can be converted to joint accounts and vice versa.

Is post office savings bank account safe? ›

Post office savings account: Post office schemes are a means of safe investment and guaranteed returns. In this, people of every age/income group can invest in the schemes available for savings and investment.

Is my money safe in a post office savings account? ›

The FSCS is funded by the financial services industry and is free to all consumers. So, you can be safe in the knowledge that your savings are protected.

Is it safe to put money in post office? ›

Apart from guaranteeing return on investment, POTD has full government backing, which makes it the safest product. This makes the entire amount in POTD 100 per cent secure, as against deposit insurance for bank FDs that covers up to ₹5 lakh.

Is it better to invest in post office or bank? ›

As far as investment safety is concerned, both post office and bank RDs are relatively safer. However, post office deposits have an edge as the entire deposit is backed by the government. Bank RDs have protection only up to Rs 5 lakh.

What is the maximum deposit in post office savings account? ›

(i) Account can be opened with minimum of Rs. 1000 and in multiple of Rs. 1000. (ii) A maximum of Rs. 9 lakh can be deposited in a single account and 15 lakh in Joint account. (iii) In a joint account, all the joint holders shall have equal share in investment.

Can I withdraw money from my post office savings account? ›

Post office savings accounts are safe and provide services at par with bank savings accounts. You can withdraw cash from your post office savings account through ATMs or by visiting your nearest post office branch. The post office savings ATM card charges an annual maintenance charge of Rs. 125 + GST.

How long does it take to open a post office savings account? ›

When we receive your application and initial deposit, we'll open your account. This normally takes 2 - 3 business days. To do this we need to complete a few tasks. This includes confirming your identity and address.

What is the senior citizen scheme in the post office? ›

Features of the Post Office Senior Citizen Saving Scheme (SCSS) A Post Office Senior Citizen Saving Scheme makes a good investment option for people who have retired as it offers an interest rate of 8.20% w.e.f April 01, 2023, up till March 31, 2024.

What happened to Post Office Savings Bank? ›

In 1969, the bank was transferred from the Post Office to the Treasury. Its name was changed to National Savings Bank, and it gained an independent legal identity under the National Savings Bank Act 1971.

What is the maintenance fee for post office savings account? ›

As per a notification issued by the Ministry of Finance on April 9, 2021, the account maintenance fee which is levied for non-maintenance of minimum balance in the post office savings account has been reduced to Rs 50 (inclusive of GST) from Rs 100 levied at present.

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