Post Office launches best in market online savings rate
28 May 2012
The Post Office® today announces the launch of a new issue of its popular Online Saver account. The account offers 3.17% AERAER stands for Annual Equivalent Rate and illustrates what the interest would be if interest was paid and compounded once each year. making it the best in the market place. The new issue is available immediately.
The new rate includes a fixed bonus of 1.52% for the first 12 months and savers can choose between monthly and annual interest payments.
Online savers will be able to set up their account with as little as £1 and can make unlimited withdrawals with no penalties or notice periods. They will also be able to access their money 24 hours a day, 365 days a year.
Savers who wish to take advantage of the new rate can do so by going to www.postoffice.co.uk. The online application takes less than 10 minutes to complete, with the majority of accounts opened on the spot.
Richard Norman, Director of Savings at Post Office, said: , "We are delighted to be able to offer savers the best online savings rate in the market place. Not only will savers benefit from a great rate of return, they will have the flexibility and reassurance of unlimited access to their money with no penalties for doing so."
For more information, please contact:
Post Office Press Office
Tel: 020 7 250 2268
Notes to Editors:
*AERAER stands for Annual Equivalent Rate and illustrates what the interest would be if interest was paid and compounded once each year. stands for Annual Equivalent Rate and illustrates what interest a saver would receive if the interest was paid and compounded each year. GrossGross rates do not take into account deductions of income tax. rates do not take into account any deductions of income tax.
Deposits are protected by the Financial Services Compensation Scheme. Eligible deposits are protected up to the value of £85,000 per depositor, per institution.
The Post Office has recently received the following awards for its popular savings range:
- Best Savings Provider – MoneySupermarket Supers Awards 2011
- Best High Street Savings Provider - Consumer Moneyfacts Awards 2011
- Best Savings Account for consistency of rates - Moneywise Awards 2011
- Best Savings Provider - What Investment Readership Awards 2011
- Best Fixed Rate Bond Provider - 2011 Moneynet Awards
- Best Fixed Rate Savings Provider - 2010 Moneyfacts Awards