Post Office vs PostBank Account

paddyblue

I went into my local post office today open a savings account to deposit a smallish sum of cash that i'd been saving. While in the que i noticed a new single counter called 'Post Bank' in the corner.

Ignoring this I went up to the regular counter and asked to set up the account. The teller basically told me I need 3 forms of ID (I had 2) to open a regular post office account - but that I only need 2 forms of ID to open a 'Post-Bank' account. She then pointed me in the direction of the new counter and 'advised' me to open the account there......
This raised my suspicions a tad so I decided to do a bit of further research before I opened any account.

Does anyone know what the difference between Post-Office & Post Bank is? Why is it easier to open a 'Post Bank' account? Is it as secure?
I already have a bank account but the reason I was planning to open the Post Office account was to 'diversify' my savings given the recent uncertainty surrounding the Irish Banks - the Post office guanantee savings 100% (correct me if i'm wrong with that assumption) - Does Post Bank extend the same guarantee?

BuffyBot

In fairness, the Postbank website tells you all you need to know. (www.postbank.ie)

Postbank is a joint venture commercial bank between An Post and Fortis. As for why it's easier - well Postbank would make it's own commercial desicions on what ID is needed etc.

Postbank is not the same as An Post, so doesn't have the 100% savings guarantee - it's subject to the same limits as the other commercial banks.

dotsman

paddyblue wrote: »

I already have a bank account but the reason I was planning to open the Post Office account was to 'diversify' my savings given the recent uncertainty surrounding the Irish Banks - the Post office guanantee savings 100% (correct me if i'm wrong with that assumption) - Does Post Bank extend the same guarantee?

If your bank account is with an Irish bank, it is 100% safe. The exact same guarantee that covers An Post. Postbank is a a joint venture between Fortis and An Post.

If the security is the only reason, then stay with your own bank. All financial institutes are now in it together under the guarantee. If 1 bank collapses and you can't get your money, then you can't get it from any of the others (because it means that the Irish state is bankrupt:eek:).