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They had kindly put it into a standard saver postal account.
Interest rates on savings in building societies (and banks) are higher than elsewhere in Europe, and in the short term it would be easy and wise to set up a postal account to get a small amount of your money earning interest.
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These are postal accounts, though there is an online facility called Interactive.
The bank is bracing itself for a flood of withdrawal requests in the post from savers with postal accounts.
Holders of postal accounts and offshore accounts were flightier.In truth, banks need to have a diverse set of funding sources and maturities, whether wholesale or retail.
Part of the rationale for splitting up Japan's 136-year-old post office is to increase the financial returns on the ¥188trn (US$1.6trn) worth of savings deposits held in postal accounts.
In 2003 the government began paying benefits and pensions directly into bank accounts as well as into postal accounts, and this year the BBC stopped selling television licences through post-office branches.This shift of services has trimmed annual income across the post-office network by more than £400m, according to some estimates.
With an eye on the rural vote, the Commons trade and industry committee this week urged greater government support for the post-office network.Almost 400 MPs have also signed an early-day motion asking the government to carry on paying pensions and benefits into the postal accounts held by more than 4m people.
Such a system would be appealing to the fintech folks, who might pick up hundreds of thousands of new customers by linking to these postal accounts, and shouldn't bother the banks, which have been avoiding dealing with this segment of the population for years.
The New Yorker, March 9, 1940 P. 35 The Investment firm of Leo & Weatherbee sent a check instructing their client to open a Postal Savings account for herself.
The most popular postal savings account, called a teigaku, yields compound annual interest semiannually but can be withdrawn without penalty after six months.
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