Post Office savings accounts to no longer accept payments from non-linked accounts
Certain Post Office savings accounts will no longer accept payments into them from 1 March 2022 unless they're from a linked current account (or if they're via cheque or cash). MoneySavingExpert.com has learnt that 150,000 Post Office savers still need to set-up a linked account before the deadline.
9 March 2022: Post Office has confirmed that some savers have had direct debits taken after 1 March, despite cancelling them and/or closing their Post Office account. If you've had a direct debit wrongly taken, or you've incurred charges because a direct debit was attempted to be taken, contact the Post Office on 03457 22 33 44. It says it will refund any direct debits wrongly taken, while any other financial losses will be considered on an individual basis.
To add a linked account, log in to your savings account via the Post Office's website. Alternatively, you can write to: Savings T&Cs, PO Box 2320, Belfast, BT1 9BL. If you don't already have an alternative account, see our Best Bank Accounts guide. Savers also need to ensure regular deposits are paid by standing order, rather than by direct debit, from 1 March. All direct debits will be cancelled from this deadline.
If you're currently in receipt of any payments from a non-linked account, you'll need to redirect them to an alternative account before 1 March. You can do this by contacting the company or person they are coming from and giving them details for an alternative account you hold.
The Post Office says the shake-up will simplify its products and make it easier for customers. If you're unhappy about the change, you may want to consider moving your savings elsewhere. See our Savings Accounts guide for the best buys. You can currently earn 0.7% with Cynergy's top easy-access account or up to 2.05% from UBL UK via Raisin if you're willing to lock away your savings for five years.
Post Office accounts that are impacted are as follows:
- Easy Saver
- Instant Saver
- Online Easy Saver
- Online Loyalty Saver
- Online Notice Saver
- Online Reserve
- Online Saver
- Reward Saver