1 year fixed term - Annual option 1.10% gross/AER fixed.
1 year fixed term - Monthly option 1.09% gross/1.10% AER fixed.
2 year fixed term - Annual option 1.20% gross/AER fixed.
2 year fixed term - Monthly option 1.19% gross/1.20% AER fixed.
3 year fixed term - Annual option 1.25% gross/AER fixed.
3 year fixed term - Monthly option 1.24% gross/1.25% AER fixed.
For help with product information and key terms used, please see the 'Important information' section below.
How it works
Online Bonds give you a fixed rate of interest for the entire term, which you'll lock into when your account is opened.
Are you eligible?
You can open an Online Bond if you're over the age of 18, a UK resident and resident in the UK for tax purposes. This doesn’t include the Channel Islands and the Isle of Man.
Opening an account
You'll need at least £500 to save for the term you choose, a valid email address and the details of the bank / building society account you wish to transfer from.
Most of the time your account will be opened immediately after you’ve completed the application process (which takes around 5-10 mins). You can also apply under a Power of Attorney.
We may need to verify your identity once your application has been completed, we’ll be in touch if we need this.
You can choose to receive interest annually or monthly. The date your interest is paid is on the anniversary of your account opening or the closest business day.
AER: AER stands for Annual Equivalent Rate and illustrates what the interest rate 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. 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.
By law we are required to have adequate proof of your identity and address before opening your account. Usually we will be able to verify your identity and address online using a variety of sources, including searches using public information bodies. In some cases, we might ask you for further documentation. If you are an existing customer, there are various reasons why we must reconfirm your identity and address, you may have moved address since you last opened an account or you currently have no active accounts, for example.
If you have chosen to fund the opening of your bond from your bank or building society account, we require your account details to enable us to set up a one off transfer via Direct Debit. Please allow a minimum of 12 business days for us to set up and process your transfer request. If you try to transfer funds again while this process is still in progress it can result in your deposit being taken twice.
We will also ask for your bank/building society account details if you choose to have your interest paid away.
If you have chosen to open your bond using the funding option 'from bank account' we will need to set up a transfer agreement with your bank/building society via Direct Debit. Once this agreement has been successfully set up and your deposit is received we will manage it through our systems and pay it into your bond. This process can take a minimum of 12 business days to complete. You'll earn interest from the day we receive your money from your bank/building society.
We only set up a Direct Debit if you have chosen to fund your account opening by electronic transfer. The Direct Debit facility allows us to process your payment request from your bank / building society account. We only use this instruction for the one off deposit to open your bond. No subsequent payments will be taken.
The two lists below are the documentation you can provide.
We have to see a different document from each list. The two documents must be from different organisations.
Either take your identity documents into a Post Office branch for certification, free of charge or send your documents by post. However, we strongly recommend that you avoid sending your original documents by post, for security reasons.
In branch: Hand your completed form, along with your original documents to a member of staff at any Post Office branch. They will record the details of your documents and return them to you, free of charge.
By post: Send certified copies of the documents you have selected. If you choose this option you must make sure that the copies have been “Certified Original Sighted” with the certification signed and dated and stamped by a Solicitor, Accountant, Bank Official, or at your local Post Office offering the passport checking service. You can locate Post Office branches offering the passport checking service by
Calling our customer service centre on 0800 169 7500
Use our branch finder and select 'passport checking service' from the list
Or send us the original documents you have selected. We recommend that passports and driving licences are always sent by registered post.
Current valid UK / EU signed passport (not more than 10 years old)
Current full UK / EU photo card driving licence (not more than 10 years old)
Current full UK driving licence (old style) (not more than 51 years old)
Correspondence from DWP / benefits agency eg pension / allowance benefit – dated within the last 13 months and showing your full name
EU National Identity Card (photographic)
Tax Coding notice / assessment – dated within the last 13 months
Utility bill – e.g. gas, electricity, water, telephone (not mobile) – dated within the last 6 months
Bank / building society / mortgage / credit union / credit card statement – dated within the last 6 months
Current full UK / EU photo card driving licence (not more than 10 years old)
Current full old-style UK driving licence (paper version, not more than 51 years old)
Local Authority Correspondence (e.g. rates / council tax) – valid for this year
Correspondence from the DWP / benefits agency – dated within the last 13 months
HM Revenue & Customs / Revenue Commissioners correspondence – e.g. tax coding notice (P60s and P45s are not acceptable) – dated within the last 13 months
Please note if we do not receive suitable documentation within 28 days of your application it will be cancelled and you will need to start the application process again.
If you are unhappy about your choice of account, you may cancel your Account, but you must inform us of your decision to cancel, in writing, within 14 days of receiving notification from us that your Account has been opened. Once you have informed us of your wish to cancel, we will help you switch to another Post Office Money savings product or alternatively, we will give you all your money back with any interest it has earned. If you do not exercise your right to cancel, your account will continue.
If you need to close your Account after the end of the 14 day cancellation period, due to exceptional circumstances, then a Bond breakage fee may be applied. This is detailed in the Terms and Conditions.
If you are an existing customer, there are various reasons why we must reconfirm your identity and address, you may have moved address since you last opened an account or you currently have no active accounts, for example.
A power of attorney will normally allow you to open or operate an account on behalf of another person. We cannot provide any assistance on acquiring a power of attorney. Please contact your legal adviser about this.
To apply for a Post Office Money Online Saver under a power of attorney, you'll need to provide your own details and the Donor's personal details too. This includes:
Full name and address
Date of birth
Bank details (donor only)
Mother's maiden name
Place of birth
Country of residence (for tax purposes)
You'll also need to provide:
An original or certified copy of the complete Power of Attorney document
A note of the reason for granting the Power of Attorney
Any further identification documents we've requested
Please note we will not agree to give anyone else authority over your account except under an Enduring Power of Attorney or a Property and Financial Affairs Lasting Power of Attorney that is registered with the Court of Protection. Only in exceptional circumstances will we accept unregistered forms of attorney or other third party authorities to operate the account. To open a Post Office Money Online Bond or take over the management of an existing account under a Power of Attorney form (PDF, 108KB)
No, you can keep your existing User ID and security number when you open an Online Bond – but to do this you need to apply while logged in to your existing account. Please log into our online banking service and apply using the 'Apply for a Savings Account' link.
If you apply for a sole account this way it means you will be able to continue using your existing User ID and 6 digit security number. If you apply for a joint account this way the primary account holder will be able to continue using their existing User ID and 6 digit security number, the secondary account holder will be sent a new User ID and 6 digit security number.
If you apply for an Online Bond without logging into our online banking service we will send you a new User ID and 6 digit security number.
To log in visit www.postoffice.co.uk/money and click the 'Account login' link at the top of the page. From the drop down list select 'Savings'. This will take you to our secure log-in page:
Enter your User ID
Enter your date of birth in the format requested
Click the Submit button
Enter the requested digits of your 6 digit security number Click the Submit button and you will be logged in
Logging in for the first time
The first time you log in you will see our guide to using our Telephone and Internet Service. Please read it and, if you accept it, click on the 'Agree' button at the bottom of the screen. Please do not close the page at this stage without selecting one of the options.
You can now change your 6 digit security number to something more memorable by selecting 'Change Security Numbers' under 'Savings Account Management' and following the on-screen instructions.
Yes, you can change your 6 digit security number to something more memorable. To do this:
1: Log in to the online banking service
2: Under Savings Account Management select 'Change security number'
3: Follow the on-screen instructions
When choosing your PIN please make it memorable to you but do not make it easy to guess, i.e. do not use your date of birth, the same numbers, e.g. 111111 or a sequence of numbers, e.g. 123456.
You have 3 chances to enter your 6 digit security number. If you enter the number incorrectly 3 times, then you will need to call the Customer Service Centre on 0345 602 3409 and we will post you a new security number.
Please call us on 0345 602 3409. We will reissue you with your User ID and / or 6 digit security number. We will do this by post to the address registered with us. Your User ID and/or new 6 digit security number will arrive separately within 4 working days.
Call us on 0345 602 3409. We will reissue you with your User ID and / or 6 digit security number. We will do this by post to the address registered with us. Your User ID and/or new 6 digit security number will arrive separately within 4 working days.
To help you manage your savings you can add a nickname to your account, for example, "money for wedding". To do this:
1: Under 'Savings Account Management' select 'Other'
2: Select Change account nickname
3: Follow the onscreen instructions
A nominated account is a current account:
From which you can make your lump sum deposit
To which any interest will be sent (if you choose for your interest to be paid away rather than accumulate)
To which the account balance will be sent in the event of the Bond being closed early
For sole Online Bond accounts: Yes – your nominated current account can be either a sole or a joint account (to which you are a party).
For joint Online Bond accounts: Your nominated current account must be a joint account in the same names as your Online Bond account.
Yes, once your account is open, log in to our online banking service
1: Under 'Savings Account Management' select 'Change nominated Account'
2: Follow the on-screen instructions to change your current nominated account
Please note, when you change your nominated account you will not be able to make any withdrawals (subject to the Terms and Conditions of the account) for 5 business days.
If you are unsure which account number or sort code to use, please contact your bank or building society.
If you change your nominated account you will need to set up a new Direct Debit mandate with your new bank account. This will take up to 8 business days.
Post Office Money Savings
PO Box 87
You can update your email address, phone numbers and postal address using our online banking service. To do so:
1: Log in to our online banking service
2: Under 'Savings Account Management', select 'Amend Personal Details'
3: Follow the on-screen instructions
We will update your email address and phone number instantly. To change your postal address you will be prompted to print off a form, which you will need to sign, date and post to us. For your security, when you change your address you will not be able to make any deposits or withdrawals for 5 business days.
If you wish to change your name, please write to us with your new details, providing evidence (i.e. copy of your marriage certificate) at:
Post Office Money Savings
PO Box 87
Please note if you did not provide a copy of your signature during the account opening process you will need to complete a Signature Mandate at the same time – simply follow the on-screen instructions to do this.
Online Bonds are designed to be held for the full term and can only be closed in exceptional circumstances. If you need to close your bond early please write to us confirming why you need to close your bond. We will then confirm our decision, the next steps and any breakage fee that may be applicable.
Please print off your online statements before your Bond is closed
Your interest can be paid monthly or annually. You choose this when you open your account.
Annual interest is paid on the anniversary of Account opening
Monthly interest is paid each month, based on the date that the Account is opened
Please note you cannot change your interest frequency once your account has been opened.
Interest is paid gross, without the deduction of income tax.
Yes, you'll receive an eTax Certificate each year. We'll email you when this is available to view in the online bank – this will typically be between May and June. An annual Tax Certificate details the amount of gross interest earned, income tax deducted and net amount credited to your account. You can also find these details in your account statement and view them online under transaction history.
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 an Online Bond account
Key product information for our Online Bond savings account
Post Office Money Online Bond Issue 35
What is the interest rate?
1.09% gross/ 1.10% AER
1.19% gross/ 1.20% AER
1.24% gross/ 1.25% AER
Interest is calculated daily. Annual interest will be paid on the anniversary of account opening. Monthly interest will be paid each month on the same day your account was opened (or closest business day).
Can Bank of Ireland UK change the interest rate?
No, the interest rate is fixed during the term of the account.
What would the estimated balance be based on a £1,000 deposit?
Projection based on annual interest option with interest paid into the 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 12 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 - this doesn't include the Channel Islands and the Isle of Man
To apply you must be aged 18 or over
Opening and managing your account
You can apply for an account online
You can manage your account online through your online banking page
Minimum balance to open the account is £500
The maximum balance of the account is £2 million
As this is a fixed term product you will not be able to switch to another product until the end of the fixed term.
If you wish to switch into this product, please select the 'Online Savings find out more' - link on your online banking page or visit your local branch.
Can I withdraw money?
You can't make withdrawals before the bond matures, so you need to be sure you won't need access to your money during the fixed term. However, we may allow you to close your account during the fixed term, at our discretion, in exceptional circumstances.
All closure requests must be sent in writing to the address shown in clause 54 of your terms and conditions including 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 (Please see clause 26 in your T&C for how this is calculated) meaning you could get back less than you originally invested. Partial withdrawals are not permitted.
When your Bond matures, your money will be moved into a variable rate account. We will contact you before the end of your fixed term to explain what will happen and tell you the current interest rate of the variable rate account. We may offer you the opportunity to reinvest in a new account and deposit additional funds to your account.
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.