Woman using a tablet

Online Saver

  • Open an account with just £1
  • A choice of monthly or annual interest

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

How it
works

1.00% gross/AER variable

1.00% gross/AER variable. Rate includes a 0.35% gross fixed rate bonus for 12 months from account opening. After 12 months the rate will revert to our underlying rate, currently 0.65% gross/AER variable. Interest is calculated daily and will be paid annually in March.

Manage your savings online 24/7 with a Post Office Money® Online Saver.

Anyone who is a UK resident, resident in the UK for tax purposes and aged 18 or over can apply. Usually we can open your account quickly but you might be asked to provide ID and some documentation.

You can make deposits to your Online Saver whenever you choose by logging into our online banking service and following the simple instructions to either transfer money from your debit card, an eligible Post Office Money savings account or from your nominated account.

You can make unlimited withdrawals from your Online Saver whenever you choose using our online banking service. There are no charges, penalties or notice periods. Simply log in and follow the simple instructions to transfer money to your nominated account.

Get help with technical queries from our banking support team. Call them on 0345 600 5580 (between the hours of 8-10pm weekdays, 8-6pm Saturdays and 10-5pm Sundays) but please remember this is an online account.

You can only hold one sole Online Saver account and one joint Online Saver account at any one time. 

Is this right
for you?
Right for you if
  • You’re happy to manage your account online and don’t need telephone or in branch support
  • You’d like to access your savings whenever you need them
  • You’re looking for a choice of either monthly or annual interest payments
Try something else if
  • You prefer to manage your account by phone or in person
  • You’re a trustee, charity, club, association, company, limited liability partnership, partnership or business

If the Online Saver isn't right for you, you could also check out a Fixed Rate Cash ISA and Reward Saver accounts.

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

How interest is paid

Annual Interest

1.00% gross/AER variable. Rate includes a 0.35% gross fixed rate bonus for 12 months from account opening. After 12 months the rate will revert to our underlying rate, currently 0.65% gross/AER variable. Interest is calculated daily and will be paid annually in March.

Monthly Interest

0.99% gross/1.00% AER variable. Rate includes a 0.34% gross fixed rate bonus for 12 months from account opening. After 12 months the rate will revert to our underlying rate, currently 0.64% gross/0.65% AER variable. Interest is calculated daily and will be paid on the first business day of each month.

From 6 April 2016, UK taxpayers will have a new Personal Savings Allowance. In addition to this, Banks and Building Societies will no longer deduct Basic Rate Tax from savings interest. For more details log onto: www.gov.uk/hmrc/savingsallowance

Summary

Summary Box

Key product information for our Online Saver Savings Account

Account name Online Saver (Issue 20)
Interest rates (AERs)

If interest is paid annually:
1.00% gross/AER variable. Rate includes a 0.35% gross fixed rate bonus for 12 months from account opening. After 12 months the rate will revert to our underlying rate, currently 0.65% gross/AER variable. Interest is calculated daily and will be paid annually in March.

If interest is paid monthly:
0.99% gross/1.00% AER variable. Rate includes a 0.34% gross fixed rate bonus for 12 months from account opening. After 12 months the rate will revert to our underlying rate, currently 0.64% gross/0.65% AER variable. Interest is calculated daily and will be paid on the first business day of each month.

Tax status All interest is paid gross.
Conditions for bonus payment None
Withdrawals arrangement No notice period. All withdrawals are sent by electronic payment to your nominated account.
Access Online access only, no access via branch or phone.

 

How to
apply

1.    You could apply within 15 minutes.

  • Before you apply, check you meet our eligibility criteria:
  • You’re resident in the UK for tax purposes and aged 18 or over. This does not include the Channel Islands and the Isle of Man. The account is not open to trustees, charities, clubs, associations, companies, limited liability partnerships, partnerships nor may it be used for business purposes
  • You can provide the account number and sort code of a UK Bank or Building Society current account in your name(s). The account must offer Direct Debit payment facilities. This account will be your nominated account
  • You can save at least £1
  • You’ve got a valid email address
  • You do not already hold an Online Saver in your name(s)

 

2.    Complete our simple online application
In most cases your account will be opened and your account number provided instantly at the end of the application process. You can also see how to apply under a Power of Attorney here.
Once you’ve submitted an online application we’ll send you a confirmation email telling you about the next steps. If we can’t verify your identity and/or address electronically we will ask you to post us some documentation to help us complete our checks and open your account.

3.    Once your account is open
If you are an existing online banking service user you can log in immediately using your existing log-in details.
If you are a new customer or don’t use our online banking service we’ll post you a user ID and 6 digit security number (separately). You should receive both of these within 4 business days and, once you have them, you’ll be able to log-in and manage your account.

Definitions

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 are paid without the deduction 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.

Small print

Rates correct as at 11th April 2016.

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) plc is entered on the Financial Services Register and its Register number is 512956. 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.

Get the facts

For more information on this account, please read the document below:

Online Saver