Growth Bond

  • Get a fixed interest rate up to 0.95% gross/AER
  • Start saving today: deposit from £500 to £1 million

Post Office Money® Growth Bond is provided by
Bank of Ireland UK.

Growth Bond Rates

1 year at 0.95%
gross/AER fixed

Is this right for you?

Our Growth Bond may be right for you if you:

  • Want to know exactly how much interest you’ll earn on your savings
  • Want to save a lump sum (rather than make regular deposits) between £500 and £1 million
  • Are happy to leave your money untouched for one, two or three years and receive interest annually

Our Growth Bond may not be right for you if:

  • You might need to withdraw your savings before the end of their term
  • You want to add to your savings on a regular basis

Growth Bond interest rates

0.95% gross/AER fixed for 1 year

For help with key terms used, please see the Definitions tab.

How it works

Putting money into an account that will earn interest untouched for up to three years could make the most of the money you’re investing.

Earning interest

The rate you earn interest at is linked to the term of the bond. Choose one, two or three years and gain interest annually on the anniversary of the account opening.

You'll benefit from a fixed rate of interest over the term you choose. You won’t be able to close your account, unless it’s due to exceptional circumstances, subject to approval and a fee might apply which will come out of the account – this could mean that you get back less than you put in. You'll also not be able to pay any additional deposits to your account.

Are you eligible?

You have to be at least 16 years old and a UK resident for tax purposes to open an account. For under 16s, you’ll need a parent, grandparent or legal guardian to open your account for you.

How to apply

Our Growth Bond rates change regularly, so apply today. Just pick up the phone or pop in to your nearest branch.

Summary Box

Summary Box

Key Product information for our Growth Bond Savings Account

Account name Post Office Money Growth Bond
Interest rates (AER's) Current interest rates can be found on the interest rates page. Rates are fixed. The fixed rates on offer can change to any time. The fixed rate you receive will be the fixed rate that is on offer when we receive your application. If you are unhappy with this rate, you can cancel your bond within 14-days, as detailed in the Terms and Conditions. After the fixed rate term ends, the interest paid will be variable.
Tax status Interest is paid Gross.
Conditions for bonus payments No bonus payments applicable
Withdrawal arrangements No withdrawals are allowed during the fixed term.
After the 14-day cooling-off period, closure during the fixed term is only permitted in exceptional circumstances, subject to approval, and may be subject to a breakage fee, as detailed in the Terms and Conditions. If the interest you've earned doesn't cover this fee, you may get back less than you invested.
Access You will be able to access your money at end of the term but not before. You can view your Post Office Money Growth Bond online and contact us by phone, web or post.



Answers to some of your most common questions

Can I have a Post Office Money Growth Bond?

A Growth Bond can be opened by anyone, aged 16 or over, who is resident and ordinarily resident for tax purposes in the UK, either individually or jointly with one other person.

A Growth Bond for a minor under 16 can only be opened by an adult representative who is a parent, grandparent or legal guardian.

How long does the application take?

When we receive your application and initial deposit we will open your account. This normally takes 2/3 working 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. The whole application process will depend on how long you take to return your signed application form to us.

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

What’s the minimum amount I can deposit?

The minimum amount is £500, and further deposits may not be made to the Bond during the term.

What’s the maximum amount I can deposit?

The maximum amount is £1,000,000 and further deposits may not be made to the Bond during the term.

When do I receive my interest?

For terms of 1 year, interest will be paid at the end of the term. If you choose an investment term of longer than 1 year:
1.    By default, interest will be added to your bond annually and be available for withdrawal at the end of the fixed term.
2.    Alternatively, you can choose to have your annual interest paid into a nominated bank/building society account. You can select this option on the application form. If you choose to have your annual interest paid into a nominated account your total return will differ due to interest not compounding.
Please note: Interest is payable once your account has opened and your initial deposit has cleared.

What will happen at the end of the term?

We will write to you shortly before your bond matures to let you know the date of maturity and how much will be maturing. If you chose not to reinvest, then we will put your funds into a variable rate savings account where you can access your savings when  you choose by post, phone and online.

Do I pay tax on the interest I receive?

Interest is paid gross, without the deduction of income tax.

What happens if I die before the bond matures?

The bond may remain invested in your name until it matures or it may be closed. If it is closed before maturity, we will repay the amount invested in the bond together with any interest accrued up to the date of withdrawal. The Terms and Conditions contain full details.

Can I withdraw my money early?

Before opening a Growth Bond you should be sure that you will be able to leave your deposit untouched for the whole term.  However, if in exceptional circumstances you need to withdraw all your money, this may be possible, subject to approval. By exceptional circumstances we mean an event outside your control, that you could not have reasonably foreseen when you opened the bond that is likely to cause you significant financial or personal detriment, i.e. bankruptcy or diagnosis of a terminal illness.

For clarity a house purchase would not typically classify as an exceptional circumstance unless failure to purchase the house would cause you significant personal detriment. All closure requests must be sent in writing to us and include an explanation of the exceptional circumstance surrounding your request. We may ask for evidence and/or further information to be provided. Early closure is usually subject to a breakage fee. If the interest earned doesn't cover this, you may get back less than you put in.

Are there any other charges?

There are no charges or fees, other than a breakage fee if you need to make a withdrawal, due to exceptional circumstances, during the fixed term.

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

First of all, we hope you never have reason to find a complaint with your Growth Bond account.

However if you do need to talk to us, please don’t hesitate to call us on 0345 602 3409 to speak to one of our Customer Service representatives. Our lines are open 8.00am a– 10.00pm weekdays, 8.00am – 6.00pm Saturday and 10.00am – 5.00pm Sunday and Bank Holidays.

Or write to us at:

Post Office Money Customer Care Team

We will do all we can to sort out your enquiry or complaint as soon as possible. Please allow up to 5 working 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:

Exchange Tower
Harbour Exchange Square
E14 9SR
Phone: 08000 234 567 or +44 207 964 0500





0800: Calls to 0800 numbers are normally free from UK landlines and mobile phones. Calls may be monitored or recorded for training and compliance purposes.

0345: Calls cost no more than calls to geographic numbers (01 or 02). Calls from landlines and mobiles are included in free call packages

AER: AER stands for Annual Equivalent Rate and illustrates what the interest rates would be if interest was paid and compounded once each year.

Fixed: A fixed rate of interest remains the same and does not change for the duration of the term.

Gross: Gross rates do not take into account deductions of UK income tax.

Nominated account: A nominated account is a current account that we link to your savings account so that you can transfer money between accounts safely and securely whenever you like. It should be a UK personal bank or building society account in your name(s) that accepts Direct Debits/Direct Credits.

Prevailing rate: The current rate of interest.

Variable: A variable rate of interest can go up or down throughout the lifetime of a savings account.

Other Post Office Money products you might be interested in

Post Office Money® ISAs are provided by OneFamily. Savings in Post Office Money cash ISAs are deposited with Bank of Ireland UK. All other Post Office Money savings accounts are provided by Bank of Ireland UK.

Online Bond

Key features:

  • Choose annual or monthly interest payments


Fixed Rate Cash ISA

Key features:

  • Tax-free savings from just £500


Small print

Rates correct as at 29th July 2016.

About Post Office

Bank of Ireland UK is a trading name of Bank of Ireland (UK) plc which is registered in England and Wales (No. 07022885). Registered office: Bow Bells House. 1 Bread Street, London, EC4M 9BE.

Post Office Limited is registered in England and Wales. Registered number 2154540. Registered office: Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ. Post Office Money and the Post Office Money logo are registered trademarks of Post Office Limited.