Post Office Savings Stamps - are they worth anything??

I know this is really random, but my Nan gave me some post office savings stamps for part of my Christmas. What do I do with them?? Are they worth anything? Sorry, am a bit clueless about this kind of thing, but was just wondering if I could exchange them for cash.

Reply 1

hypocriticaljap

2

Google is your friend.
They no longer exist
see

http://www.postoffice.co.uk/portal/po/content1?catId=94800755&mediaId=19400174

Reply 2

JacksterD

9

Original post by bananaflip

I know this is really random, but my Nan gave me some post office savings stamps for part of my Christmas. What do I do with them?? Are they worth anything? Sorry, am a bit clueless about this kind of thing, but was just wondering if I could exchange them for cash.

They're worth £5 each. I stopped working at the Post Office a month or two after they were discontinued - I know you could get cash for them at the time I left but I'm not sure now.

Don't worry about it though, if you can't cash them in at a Post Office branch then you can usually send them in and get a cheque for them.

Reply 3

Twyvey45

Yes, you can still use savings stamps. But, I think they are coming out of use at the end of February. Apparently you can swap them for the new Budget Card at the Post Office or hand them in in exchange for a letter that you can then exchange for cash.

Reply 4

sonyhamster

Oh right - my aunt still has a book of those and she must have about £70 in it. Since we started helping her out with paying bills, she's never had to use her stamp book.

Must get her to take this in and cash it out.

Reply 5

chockarina

Original post by sonyhamster

Oh right - my aunt still has a book of those and she must have about £70 in it. Since we started helping her out with paying bills, she's never had to use her stamp book.

Must get her to take this in and cash it out.

Over Xmas my Mum handed in about £100 worth of stamps and got them transferred to that Budget Card (I know because I was standing in the queue with her when she did it!). The PO said that the new card was supposed to be a new, safe way of looking after your savings. Mum uses it now to pay for her bills. She's not very good at saving otherwise.

Reply 6

neb1405

Original post by sonyhamster

Oh right - my aunt still has a book of those and she must have about £70 in it. Since we started helping her out with paying bills, she's never had to use her stamp book.

Must get her to take this in and cash it out.

yeah i used to use these to save for car tax back at college (my mum used to do it fo r me :biggrin:

) though ive transferred my balance on to the budget card now.

Reply 7

bananaflip

OP

2

Thanks, guys. All very helpful. Meantime I have been to the Post Office and apparently savings stamps are an old fashioned way of paying for bills - no wonder my Nan uses them!! Anyway, I have exchanged the Stamps for what's called a PO payout letter. Once I get my letter (should arrive within 28 days) I can exchange it for cash (hooray!). Apparently they withdrew the stamps last year and you can only use them before the 28th Feb 2011. (Can call 08457 22 33 44 if you need more info).

Reply 8

JacksterD

9

Don't get a PO Budget Card - it's a pretty bad deal. 0% interest, no access to cash if you need it, and paying bills at the PO gives you no discounts that, say, paying by direct debit would.

Reply 9

bananaflip

OP

2

I'm still waiting for my letter, but it should arrive soon. I decided not to go with a Budget Card because it's no use to me - i don't want to pay for my car tax with the stamps (don't have a car!), I just want the cash. Saying that, my Nan used to buy the stamps because it was an easy way to budget and pay for bills. If she hadn't gifted the stamps to me I think I would have recommended she get the Budget card.