Members deposits are limited to £1,000 each month, across all their Penny Post savings accounts.
In order to protect future dividends to loyal members, this monthly savings limit was introduced from 1st March 2021.
Over recent months, we have seen an increasing number of new members open accounts and transfer large deposits from other financial institutions attracted by Penny Post’s competitive dividends.
With high street banks and building societies offering record low savings rates, we understand that Penny Post is an attractive alternative. Since March 2020 our total savings balances have grown rapidly and the demand for loans has been below normal levels. These two factors combined could have a negative impact on future dividends if no action is taken.
Our Board agreed to these measures to protect future dividends for our loyal members. These changes are unlikely to affect the vast majority of our members and will be reviewed regularly.
Whilst ISA Accounts are closed to new members, those members with an existing ISA account may continue to make deposits to their ISA accounts, up to £20,000 limit.
*Certain exceptions, like a redundancy payment, may be permitted, and decisions will be made on an individual basis.