Post Office Savings

[jrtv]

Would you save with the Post Office in there new online account ( if you have any money to save ! ) which is provided by Bank of Ireland UK and pays 3.01%, is it safe in these current times, I have £8000 which is left to me and this seems the best easy short term savings account I have found, I am 66 so don't want any long term bonds, etc.

[dzug2]

What is your concern?

The Bank Of Ireland UK is a UK company and covered by the UK government's compensation regualtions.

[jrtv]

Thanks dzug2, just concerned with the Bank of Ireland bit, however your answer makes me feel better.

[bookbinder]

My wife and I have savings in the Post Office account (though not online; we go to the Post Office and deposit the money in person). A few months ago I asked my financial adviser if the money was safe with the Bank of Ireland, and he assured me that it was. There is, apparently, an upper limit, beyond which a guarantee cannot be given, but as our savings are not great, that doesn't really concern us.

[jrtv]

Thanks bookbinder, as long as your financial adviser isn't Ed Balls then that assurance sounds good.

[New Judge]

The Financial Services Agency (FSA) provides a register of organisations whose customers are covered (to a maximum of £85k) by their compensation scheme. See the register here:

http://www.fsa.gov.uk...ter/firmMainSearch.do

Go to the bottom and type “Bank of Ireland” in the “Firm Name” box to see the results.

[jrtv]

Thanks New Judge, did as you said and its " Authorised " so as I can't find anything better I'll open their post office online account.