Instant Saver

1.00%gross/AER variable

Instant Saver offers a great savings rate that includes a 0.90% gross fixed bonus for the first 12 months.

Key benefits

  • Quick and easy access: online, in branch, by phone, ATM or post
  • Open with just £500: then save regularly to build up your balance if you want to
  • Unlimited free withdrawals: enjoy access that works around you
Instant Saver is provided by Bank of Ireland UK

How it works

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

Make deposits in branch (by cash or cheque), by post (cheques only) or from an account of your choice using 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 Instant Saver.

Withdraw savings in branch, online, by phone or post. Or, use your cash card at any one of 60,000 ATMs nationwide.

Earn interest at 1.00% gross/AER variable for the first 12 months. This rate includes a 0.90% 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 is paid on balances below £500.

Before applying check you’re eligible. 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 an adult who is either a parent, grandparent or legal guardian to sign your application and provide documents to verify your name and address.

Is this account right for you?

Right for you if:
  • You’ve got at least £500 to save
  • You want unlimited free withdrawals
  • You want a savings account with a cash card
Try something else if:
  • You want a fixed rate of interest
  • Your balance is likely to drop below £500
  • You’d like a regular income or tax-efficient benefits from your savings
If Instant Saver isn’t right for you, you could take a look at our Online Saver, Online Bond, Premier Cash ISA or Fixed Rate Cash ISA accounts.

Your savings are protected by the Financial Services Compensation Scheme. Find out how your savings are protected.


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

0845: Calls to 0845 numbers may be charged at up to 5p per minute from a fixed line and calls from mobiles can be considerably higher. Calls may be monitored or recorded for training and compliance purposes.

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 rate of tax applied to savings interest is currently 20%.

Tax-efficient: Return will be free of income tax and capital gains tax.

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

Summary Box - Key product information for Instant Saver
Account name 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 will be paid after the deduction of tax at the prevailing rate, unless instructed otherwise.
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 in.
Access Web, phone, post, ATM and branch.

Ready to start saving?

Apply now

Ready to start saving?

0800 169 7500

Small print

Rates correct as at 02 January 2014.

Post Office Limited is an appointed representative of Bank of Ireland (UK) plc which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Bank of Ireland UK is a trading name of Bank of Ireland (UK) plc, which is registered in England and Wales (No. 07022885), Bow Bells House, 1 Bread Street, London EC4M 9BE. Post Office Limited is registered in England and Wales. Registered No.2154540. Registered Office is 148 Old Street, London EC1V 9HQ. Post Office and the Post Office logo are registered trademarks of Post Office Limited.

Apply now

Complete our simple online application form.


How can we help?

To apply by phone call:

0800 169 7500

8am-10pm, Mon-Fri

8am-6pm, Sat

10am-5pm, Sun and bank holidays

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