Post Office launches new online savings rate
Monday 23 July 2012
- Online Saver issue 6 offers 3.01% grossGross rates do not take into account deductions of income tax./AERAER stands for Annual Equivalent Rate and illustrates what the interest would be if interest was paid and compounded once each year. *
The Post Office® today announces the launch of a new issue of its popular Online Saver account. The account offers 3.01% AERAER stands for Annual Equivalent Rate and illustrates what the interest would be if interest was paid and compounded once each year. and is available immediately.
The new rate includes a fixed bonus of 1.36% 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 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 pleased to offer an online savings rate which continues to break the three per cent barrier. 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:
- Carmel McCarthy
- Post Office Press Office
- Tel: 020 7250 2268
- Email: email@example.com
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 won the following awards for its popular savings range:
- Best Fixed Rate Provider 2012 – Moneyfacts
- Trusted Provider – Moneywise 2012
- Best ISAAn ISA is an Individual Savings Account. They are a tax-efficient way to save money as you pay no tax on the money you put into an ISA or the interest you earn. There are two types of ISA – cash ISAs with a fixed or a variable interest rate. And stocks and shares ISAs where your money is usually invested in stocks and shares. You can invest up to £11,520 in an ISA in the 2013-14 tax year (6th April to 5th April). Up to £5,760 of this can be invested in a cash ISA (subject to any stocks and shares ISA contributions). You can only invest in one cash ISA and one stocks and shares ISA in each tax year. provider for consistency of rates 2012 – Moneywise 2012
- Best Fixed Rate Bond Provider 2012 - Moneynet
- 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