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Post office account limit

8 replies

MrsOsM · 02/10/2017 23:04

There has recently been concerns raised regarding a relatives post office account.

One family member has stated there is a limit to the amount of money a post office account can hold and poorly relative has reached this limit therefore the money should be moved to a bank account otherwise the money will stop being paid to poorly relative.
Unfortunately family members intentions are not always honourable and there are concerns that there are ulterior motives around this suggestion (This is a separate issue and also being dealt with).

DH is beside himself with worry about his poorly relative being taken advantage of and I know nothing about post office accounts.
Can anyone tell me if there is a limit to how much the account will hold before it will no longer take payments?

Sorry for being vague, not only is it my first time posting but I don't want certain family members finding this and tracking it back to myself or my DH.

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MyBrilliantDisguise · 02/10/2017 23:07

You can have up to £2 million in post office savings!

bellabelly · 02/10/2017 23:12

Is it one of these card accounts? Looks like they're specially for paying in benefits, pension, etc. Have had a look at the T&Cs and can't see anything about an upper limit!

MrsOsM · 02/10/2017 23:16

bellabelly yes it is a card account for pension payments. Have been looking through the internet all night and have been unable to find a limit myself. DH plans to phone post office to enquire tomorrow.
Just thought I could ask here and hopefully put his mind at ease until he can call.

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RestingButchFace · 02/10/2017 23:16

I used to work at the Post Office and I have never heard of this. One of our customers must have had alternative income as the only used to take £10 a week out and they had over £25,000 in there.

Perfectly1mperfect · 02/10/2017 23:20

I think certain benefits will be stopped if the person has more than £16000 in savings. Could it be this ? But moving it into another account in the same persons name wouldn't make any difference. Be careful the family member is not moving money into their own name if they are not working in the elderly persons best interests.

Hope you get it sorted. It's horrible what money does to some people.

Gingernaut · 02/10/2017 23:27

Does anyone have POA or has anyone been appointed to manage the poorly relly's affairs?

If your DH is willing, why does unscrupulous relly have to have anything to do with the money?

MrsOsM · 02/10/2017 23:56

gingernaut there is no POA right this minute as it is fairly recently that any of this has happened. As far as we know no one has any access to the money at the minute but we are looking into POA, however will have to work to make sure it is not certain family member who is granted this.
perfectly1mperfect this makes sense and I was not aware of this, the money is not as much as that yet as far as I know, but as you say moving it would make no difference. It really breaks my heart that this is happening and clearly a certain so wine is out for themselves at the expense of someone they are apparently very close to.
restingbutchface thank you for that at least for now we can try and stop the money from being moved as there appears to be no reason for it whatsoever.

Thank you for all your help it is very much appreciated.

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MrsOsM · 02/10/2017 23:56

Sorry thought there were paragraphs there.

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