Instant Saver

  • Access online, in branch, by phone, ATM or post
  • Open with just £500: top-up whenever you choose

Post Office Money® Instant Saver is provided by
Bank of Ireland UK.

Instant Saver Rates

0.55%
gross/AER variable for the first 12 months.
After 12 months this reverts to 0.10% gross/AER.

Interest is paid annually in March. No interest or bonus interest is payable on balances below £500.

Is this right for you?

Our Instant Saver may be right for you if you:

  • Have at least £500 to save
  • Want unlimited free withdrawals
  • Want a savings account with a cash card


Our Instant Saver may not be right for you if:

  • You want a fixed rate of interest
  • Your balance is likely to drop below £500
  • You’d like a regular income from your savings
     

Instant Saver Interest rates

0.55% gross/AER variable for the first 12 months.
This rate includes a 0.45% gross fixed bonus for 12 months from account opening. After 12 months the rate reverts to the underlying rate of 0.10% gross/AER. Interest is paid annually in March. No interest or bonus interest is payable on balances below £500. 

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

How it works

You can start with just £500, after that you can deposit from between £1 all the way up to the maximum balance of £1 million.

Making a deposit

There are lots of ways to pay in.

  • In branch (by cash or cheque)
  • By post (cheques only)
  • From your bank’s online/phone banking services


If you want to save regularly, you can set up a standing order from your current account to your Post Office Money Instant Saver.

Withdrawals

Withdraw savings in branch, online, by phone or post. Or, use your cash card at any one of 60,000 ATMs nationwide. There is a £15,000 limit per day for online and phone withdrawal requests. 

Are you eligible?

Post Office Money Instant Saver is open to anyone aged 11 or over and a UK resident for tax purposes. Aged between 11 and 15? You’ll need a parent, grandparent or legal guardian to sign your application and provide documents to verify your name and address.

If you're aged 16 to 18, you'll need to verify your name - call us on 0800 169 7500 for a list of acceptable ID.

Summary Box

Summary Box

Key Product Information for our Instant Saver Savings Account

Account name

Post Office Money Instant Saver
Interest rates AERs The interest rate is variable. The rate includes a fixed bonus for 12 months from account opening. After 12 months the rate reverts to the underlying rate. Current interest rates can be found on the interest rates page.
No interest or bonus is payable on balances below £500.
Tax status Interest is paid gross, without the deduction of income tax. 
Conditions for bonus payment None
Withdrawals arrangement Unlimited free withdrawals. There is no notice period.
You can withdraw up to £1,000 per day in cash via our branches or ATMs.
You can withdraw up to £15,000 per business day via our telephone or online service.
Withdrawals over £15,000 can be issued by cheque or transfer to your nominated account and this can be requested by writing to us.
Access Web, phone, post, ATM and branch.
FAQs

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.

5/10 days after your account has been opened, you will be sent a number of items required to operate it. 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 it – 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 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 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.

For further details of 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 starts to accrue

(Day 1)

Day funds available for withdrawal

(Day 5)

Monday
Tuesday
Wednesday
Thursday
Friday
Wednesday
Thursday
Friday
Monday
Tuesday
Tuesday
Wednesday
Thursday
Friday
Monday

 

Cheque deposits sent by post

Day cheque received by Bank of Ireland UK

(Day 1)

Day account updated and interest starts to accrue

(Day 3)

Day funds available for withdrawal

(Day 5)

Monday
Tuesday
Wednesday
Thursday
Friday
Wednesday
Thursday
Friday
Monday
Tuesday
Friday
Monday
Tuesday
Wednesday
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?

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

How do I make a complaint?

If you have a complaint, we want to know. In the first instance you should contact the Customer Service Centre on 0345 602 3409* or write to us at:

FREEPOST 
Post Office Money Customer Care
PO BOX 3191
Bristol. BS1 9HY

If you have made a complaint but are still not satisfied with the response the Financial Ombudsman Service may be of assistance and they can be contacted at:

The Financial Ombudsman Service,
Exchange Tower,
London E14 9SR

Phone: 08000 234 567

Email: complaint.info@financial-ombudsman.org.uk

Website: financial-ombudsman.org.uk

Definitions

Definitions

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 rate would be if interest was paid and compounded once each year.

Gross: Gross rates do not take into account deductions of 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.

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.

Start the application now, and complete by post.

Other Post Office Money Savings Accounts you might be interested in

Post Office Money Reward Saver and Online Saver are provided by Bank of Ireland UK.

Reward Saver

Key features:

  • Free withdrawals with 30 day’s notice
  • Choose annual or monthly interest payments

FIND OUT MORE

Online Saver

Key features:

  • Easy access, no withdrawal limits
  • Choose annual or monthly interest payments

FIND OUT MORE

Small print

Rates correct as at 22nd August 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.