Instant Saver FAQs

How long does the application process take?

When we receive your application and initial deposit we will open your account. This normally takes 2/3 business days. To do this we need to complete a number of tasks. This includes confirming your identity and address. For the majority of customers we do this through electronic verification. Some customers may be required to provide further evidence and in these cases we will write to you.

Please note: Interest is payable once your account has opened and your initial deposit has cleared.

Over a period of 5/10 days from when you account has been opened, you will be sent a number of items you need to operate your account. These include:

  • a Welcome Pack confirming your account is open and the value of your initial deposit. It also includes a Guide to Saving which tells you everything you need to know to run your account.
  • your ATM card and PIN number. For security these will be sent separately
  • your User ID and 6 Digit Security Number. You need these to manage your account by telephone and online. For security these will be sent to you separately in the post
  • your deposit book

What is the clearing cycle for cheque deposits?

When you pay a cheque into your account we have to clear that cheque – this is called the ‘clearing cycle’.

Deposits made by cheque at a Post Office branch will take two days to reach the Bank of Ireland UK. Day of receipt by Bank of Ireland UK is classified as Day 1. This is the day on which the money will be credited to your account and you will start to earn interest on these funds. (Subject to a minimum balance of £500.)

For cheque deposits sent by post, once your cheque has been received it will take two days for the cheque to clear. Day of receipt of your cheque is classified as Day 1. We will start to pay you interest on the value of these deposits from Day 3. (As long as you have a minimum balance of £500). It takes four business days for the cheque to go through the clearing cycle and during this time you can’t withdraw funds against any cheques deposited. Your money will be available on Day 5.

If another bank decides not to honour a cheque that you have deposited, the cheque will be returned to us and we will debit it from your account and return the unpaid cheque to you.

Delays in clearing may result in an unpaid item being received after Day 5 but the latest day an unpaid cheque can be debited from your account is Day 7. If debiting an unpaid item results in your account going overdrawn, you must get the account back into credit as soon as possible.

To find out about the cheque clearing cycle, see the tables below.

Cheque deposits made at a Post Office Branch

Day cheque paid in at Post Office branch Day account updated and interest earned (Day 1) Day funds available for withdrawal (Day 5)
Monday Wednesday Tuesday
Tuesday Thursday Wednesday
Wednesaday Friday Thursday
Thursday Monday Friday
Friday Tuesday Monday

Cheque deposits sent by post

Day your cheque is received by Bank of Ireland UK (Day 1) Day account updated and interest earned (Day 3) Day funds available for withdrawal (Day 5)
Monday Wednesday Friday
Tuesday Thursday Monday
Wednesday Friday Tuesday
Thursday Monday Wednesday
Friday Tuesday Thursday

Business day means any day from Monday to Friday excluding Bank Holidays and weekends.

NB If there are problems with the account opening procedure this may slow the process down.

Do I pay tax on the interest I receive?

All interest is liable to UK Income Tax. When we add the interest to your account, we take off tax at the basic rate. The basic rate is currently 20%. If your income is not high enough to pay tax, you can register as a non-taxpayer. Interest will then be added to your account without tax taken off.

How do I register as a non-tax payer?

If you're a non-tax payer and don't want to have tax taken off your interest, you need to make a declaration using an R85 form. You can do this on the phone by simply calling us on 0845 602 3409 (you will need your 6 Digit Security number). You can also access the form online.

If you would rather do this by post, we can send you an R85 form to complete. Just give us a call. For joint accounts, both account holders must make a declaration before interest can be paid without tax taken off.

Who can I talk to if I have a query or complaint?

If you need to talk to us, call us on 0845 602 3409 to speak to one of our Customer Service representatives. All lines are open from 8am until 10pm, Mondays to Fridays, from 8am until 6pm Saturdays and from 10am until 5pm on Sundays and Bank Holidays.

Or write to us at: Post Office Savings, Customer Care Team, PO Box 27, One Temple Quay, Bristol BS99 7AX.

We will do what we can to sort out your enquiry or complaint as soon as possible.

Please allow up to 5 business days to receive a reply. If you have made a complaint but are still not satisfied with the response you have received, the Financial Ombudsman Service may be of assistance.

They are independent and can help to resolve disputes between banks and their customers.

  • Financial Ombudsman Service
  • Exchange Tower
  • Harbour Exchange Square
  • London
  • E14 9GE