Does anyone else still use the Post Office Account?

[sea queen]

To have benefits paid into ?
I've had a letter today from DWP as they are wanting to move away from using this account for paying benefits into.
Anyone else had a letter?

[nukecad]

They actually advise you to get a Post Office Card Account if you can't open a bank account for any reason.
https://www.gov.uk/how-to-have-your-benefits-paid

[sea queen]

I called DWP after I received the letter.
A lovely lady answered and explained why the letter has been sent out.

It seems the Gov are trying to save some money.

The Post Office charge the Gov 50 pence every time monies are paid into the account - in daughters case this is £1.00 per month.

If benefits are paid into a bank the charge per payment is only 1 pence per payment going in.

For once I am actually in agreement with the Government ( I don't believe I said that ! )

[nukecad]

I'm not in agreement at all.

That's their own fault for privatising the Post Office.

If you get your benefit paid into a bank current account you have to pay monthly fees, and a damn site more than 50p, unless you manage to get a 'Basic' account. Getting your bank to give you one of those is like pulling teeth from chickens.

I've often wondered just how much of benefit goes on bank account fees these days.
Not surprisingly the figures are 'not available'.

[Jard]

My ESA goes through a Post Office Card Account, the only bugbear is that I only get 2 statements a year (no real hardship for me) and no I haven't been contacted about it.
We also have our home phone & broadband with them, though it's really a white box BT product, couldn't be happier with it no nonsense bills and reasonable price. The misses also has her mobi PAYG through the PO (really EE) and that's a fiver a month that she couldn't be happier with, was paying a tenner previously(also Orange/EE).

All in all very happy with them and definitely don't want to move, always been a great believer in not putting all your eggs in one basket,
besides if this Government don't like it - it means it's good.

[TheFlyingKidney]

The Post office Card Account is provided by JP Morgan (a HUGE multinational company)

Santander has a basic account, no fees, and most of my money is held in an Esaver and transferred when needed, and most banks still do a basic account. And the certainly haven't told me I 'HAVE' to have to have their 123 account with monthly fees (although they've tried to sell it)
@nuckcad


I think I used to use the PO many many moons ago when I was claiming incapacity.

Going slightly off topic, our 2 local PO's are supposedly being sold off to be franchised, which may or may not be bad. I rarely use the PO these days but for those that rely on it the closures are very disheartening.

[Lighttouch]

At one time people used the Post Office for most transactions at a cost.

The Government wants people to use bank accounts using Standing Orders and Direct Debits to reduce costs. If people paid rent via a cheque it could cost say 50p to process whereas payment by Direct Debit is free.

I use a Santander 123 bank account. It did cost £2 a month but is going up to £5 a month from March. I think it's god value for money as they pay interest on your balance and on any utility bills plus cash back of 5% if spending at Morrisons in March. I get paid £50 in interest per month with this bank so it's thumbs up from my point of view.
http://www.santander.co.uk/uk/index?...2520+santander

The Co-op run 'Universal Banking' for people who are testing the water. http://www.co-operativebank.co.uk/cu...nts/cashminder It helps people to budget and improve their 'credit rating' which helps when applying for loans. http://www.experian.co.uk/consumer/e...dit-score.html

[rich-ward]

The Post Office card account that sea queen is talking about is not a savings account. It's an account set up to have benefits paid into and withdrawn out of.

It was set up when the DWP stopped giving out the payment books that the claimant had to sign and get stamped by the Post Office to receive their benefit money over the counter.

[sea queen]

The Post Office card account that sea queen is talking about is not a savings account. It's an account set up to have benefits paid into and withdrawn out of.

It was set up when the DWP stopped giving out the payment books that the claimant had to sign and get stamped by the Post Office to receive their benefit money over the counter.

Yes that is correct rich ward

[Jard]

The Post office Card Account is provided by JP Morgan (a HUGE multinational company)

I think your a little mixed up there TFK, JP Morgan handle all 'Benefit Payments' for HM Government regardless of where they're paid into.
AND:
Yes rich-ward you are correct, and, the Government then(Neo Con-New Labour) were making a preferential case to get you to use a bank, which had a big bearing on my decision at the time.