0.50% gross/AER variable for the first 12 months. This rate includes a 0.40% 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.
For help with product information and key terms used, please see the 'Important information' section below.
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.
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 £50,000 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.
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.
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.
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.
0345: Calls to 0345 numbers will cost no more than calling a standard geographic number starting with 01 or 02 from your fixed line or mobile and may be included in your call package dependent on your service provider. Calls may be monitored or recorded for training and compliance purposes.
0800: All calls to 0800 numbers are free of charge whether made from a landline or mobile phone. Calls may be monitored or recorded for training and compliance purposes.
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, we will send the items you need 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.
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 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.
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. 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 funds available for withdrawal
Cheque deposits sent by post:
Day cheque received by Bank of Ireland UK
Day account updated and interest starts to accrue
Day funds available for withdrawal
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.
Interest is paid gross, without the deduction of income tax.
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:
Post Office Money Customer Care
PO BOX 3191
BS1 9HY Bristol
We will aim to provide you with a full response within four weeks of the date we receive your complaint and our response will be our final decision based on the evidence presented. If for any reason there is a delay in completing our investigations, we will explain why and tell you when we hope to reach a decision.
In any event, should you remain dissatisfied or fail to receive a final answer within eight weeks of us receiving your complaint, you may have the right to refer your complaint to an independent authority for consideration. That authority is the Financial Ombudsman Service (FOS) at:
Financial Ombudsman Service
Harbour Exchange Square
E14 9SR London
Please note that if you wish to refer this matter to the FOS you must do so within 6 months of our final decision. You must have completed the above procedure before the FOS will consider your case.
Summary box and how to apply
Apply for a Instant Saver account
Key product information for our Instant Saver savings account
Post Office Money Instant Saver (Issue 10)
What is the interest rate?
Interest rate without bonus
0.10% Gross / AER Variable
Interest rate including bonus (includes a bonus of 0.40% gross)
0.50% Gross / AER Variable
Annual interest, calculated daily, will be paid annually between 20th and 25th March
Can Bank of Ireland UK change the interest rate?
Yes. We have the right to change the interest rate on your account. The reasons we may change your rate are outlined in Section 2, Clause 46 of the Terms and Conditions.
If we change your interest rate to your disadvantage, we will give you notice in writing no less than 14 days before the change takes effect, as long as you have at least £100 in your account.
What would the estimated balance based on a £1,000 deposit?
After 12 months
After 24 months
Projection based on annual interest option with interest paid into the Instant Saver account (compound interest). The projection is provided for illustrative purposes only and does not take into account your individual circumstances.
These assumptions are based on a £1,000 deposit with no further deposits or withdrawals during the 24 months of the projection.
How do I open and manage my account?
To apply you must be a UK resident or a resident in the UK for tax purposes
To apply you must be aged 16 or over
If you are between the ages of 11 – 15, the account can be opened by an Adult representative on your behalf
Opening and managing your account
You can apply for an account in branch or by post
You manage your account in branch, post or online
Minimum balance to open the account is £500
The maximum balance of the account is £1 million
If you wish to switch into this or out to another product, please select the 'Online Savings - find our more' link on your online banking page or visit your local branch.
Can I withdraw money?
Instant Saver offers you the ability to make unlimited no-notice withdrawals without any penalty.
Withdrawals are free of charge.
You can withdraw up to £1000 a day via a Post Office branch or ATM.
Unlimited withdrawal requests can be made in writing or up to £50k over the phone.
Postal or telephone withdrawals can be made by cheque or into your nominated bank account.
Interest is paid gross without tax deducted.
Start the application online, print & post it to us
Bank of Ireland UK is a trading name of Bank of Ireland (UK) plc which is registered in England and Wales. Registered number 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.