# State Savings deposit account lodgement and withdrawal



## LongTimeLurker (29 Sep 2021)

Hi there. This might be a dumb question but it's not obvious to me despite trawling through both the State Savings and An Post websites.

Is cash the only way to make lodgements to - and withdrawal from - a State Savings deposit account? I'm aware that there's no online access and that's fair enough.
I'm just wondering if I really need to carry whatever amount of cash to An Post or would they accept a bank draft or a cheque?
Similarly, would they be able to issue a cheque when I withdraw?

Thanks!


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## Sue Ellen (29 Sep 2021)

Hi,

Because so few people use the deposit account your best bet would probably be to give them a call either at your local post office or H.O. to see if they will take a cheque for a lodgement.

Rather than withdraw cash I see they have A Notice of Withdrawal.


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## LongTimeLurker (1 Oct 2021)

Thanks, @Sue Ellen. I'll give them a call.


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## DirectDevil (8 Oct 2021)

LongTimeLurker said:


> Thanks, @Sue Ellen. I'll give them a call.


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## DirectDevil (8 Oct 2021)

I lodge cheques regularly to an An Post deposit a/c no problem.

The notice of withdrawl form afaik is for withdrawls over a certain amount.    

Please do not put yourself at risk by carrying large amounts of cash to or worse from a P.O.


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## Adelie (1 Nov 2021)

I’m thinking of closing my Ulster and KBC savings accounts soon and transferring them to State Savings deposit. I have a couple of similar questions 

1. Can I do bank transfers in to the account?
2. Can I do bank transfers out of the account? Not online obviously but with a form in person for example. Or do they give you a bank draft? The notice of withdrawal doesn’t say
3. If a lodgement is made will i get a letter or how would I check on it?


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## Freelance (1 Nov 2021)

Adelie said:


> I’m thinking of closing my Ulster and KBC savings accounts soon and transferring them to State Savings deposit. I have a couple of similar questions
> 
> 1. Can I do bank transfers in to the account?
> 2. Can I do bank transfers out of the account? Not online obviously but with a form in person for example. Or do they give you a bank draft? The notice of withdrawal doesn’t say
> 3. If a lodgement is made will i get a letter or how would I check on it?


1 No
2 No. You send the withdrawal form off to the GPO and they send you back a cheque.
3 No letter. Your passbook (remember those) is updated at the time the lodgement is accepted

In response to the OP, they will accept cheques. (Or at least the have accepted them for me in the past)

The maximum "On Demand" withdrawal is €3,000. Any more than that requires 7 days notice or the withdrawal form to be sent off to the GPO.
The operation of these accounts is basic and very primitive. There is no online access whatsoever. They suit a few niche markets (people with large sums who want the money available at short notice and who want the state guarantee for the full amount (beyond the €100k DGS limit), pensioners who collect the state pension in the post office and use one of these accounts to lodge any surplus, a home for a rainy day lump sum, etc. They are unlikely to be of interest to anybody with a busy life and more than a very small number of occasional transactions.


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## Adelie (2 Nov 2021)

Freelance said:


> 1 No
> 2 No. You send the withdrawal form off to the GPO and they send you back a cheque.
> 3 No letter. Your passbook (remember those) is updated at the time the lodgement is accepted
> 
> ...



Thanks very much for the info. I would fit “people with large sums who want the money available at short notice and who want the state guarantee for the full amount” but I don’t think I can handle operating an account like that.


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## Lightning (5 Nov 2021)

Adelie said:


> 1. Can I do bank transfers in to the account?



State Savings Prize bonds can be purchased via direct card. 

Not a deposit account per se but many people use it as a defacto deposit account.


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## Adelie (5 Nov 2021)

CiaranT said:


> State Savings Prize bonds can be purchased via direct card.
> 
> Not a deposit account per se but many people use it as a defacto deposit account.



Thanks I was considering those but they do have a 90 day minimum holding and the funds are intended for a house purchase and it would be just my luck to find my dream house in those 90 days


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## Ryan (20 Nov 2021)

Exiting KBC also and thinking of State Savings. which of their products would you recommend


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## StjohnDelahunty (21 Nov 2021)

State Savings just make it so so so hard. No electronic funds transfer in or out. Filling out forms to send to killarney. All quills and heavy ledgers and no worries about customer feedback or service. As a state labelled service they're quite bad for the reputation of the public service in general. Other state services have overtaken them massively.


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