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Post Office Savings

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jrtv | 11:18 Wed 08th Feb 2012 | Business & Finance
6 Answers
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.
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What is your concern?

The Bank Of Ireland UK is a UK company and covered by the UK government's compensation regualtions.
Question Author
Thanks dzug2, just concerned with the Bank of Ireland bit, however your answer makes me feel better.
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.
Question Author
Thanks bookbinder, as long as your financial adviser isn't Ed Balls then that assurance sounds good.
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.
Question Author
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.

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