Annual option 1.01% gross/AER variable. Rate includes a 0.76% gross fixed rate bonus for 12 months from account opening. After 12 months the rate will revert to our underlying rate, currently 0.25% gross/AER variable. Interest is calculated daily and will be paid annually in March.
Monthly option 1.00% gross/1.01% AER variable. Rate includes a 0.75% gross fixed rate bonus for 12 months from account opening. After 12 months the rate will revert to our underlying rate, currently 0.24% gross/0.25% AER variable.
For help with product information and key terms used, please see the 'Important information' section below.
How it works
Manage your savings online 24/7 with Post Office Money Online Saver
Variable interest rates apply to your savings – these are calculated daily. You can choose to get your interest paid annually or monthly. If you choose annually, your account will be paid in March of that year. If you choose monthly, you’ll receive interest in your account on the first business day of each month.
You'll benefit from a bonus rate in the first 12 months of your account, which then reverts to an underlying rate.
You’re in complete control over when you’d like to take your money out. There are no limits to the number of withdrawals you can make and no penalties or notice periods. Simply log in to your account and follow the instructions of how to transfer to your nominated account.
Make as many deposits as you like. Just log in to your account and follow the instructions to transfer money from your account, debit card or another eligible Post Office Money savings account.
Are you eligible?
Post Office Money Online Saver is open to anyone aged 18 or over and a UK resident for tax purposes. Usually we can open your account quickly but you might be asked to provide ID and some documentation.
Our banking support team will be able to help with any technical questions you might have. Call them on 0345 600 5580 (between 8am - 10pm weekdays, 8am - 6pm Saturdays and 10am - 5pm Sundays) please remember that this is an online account.
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 variable and 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.
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.
We set up a Direct Debit so that you can transfer money between your nominated current account and Online Saver whenever you choose using our online banking service. The system is safe and secure. You are in complete control of any transfers between the accounts.
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.
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 Saver or take over the management of an existing account under a Power of Attorney form (PDF, 108KB)
If you are unhappy about your choice of account you must within 14 days of the date that you receive notification of your account being opened call us on 0345 602 3409 and we will help you switch to another of our accounts or 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. Call costs may vary depending on your provider.
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.
If you made an initial deposit by cheque, you will be able to withdraw against this cheque 5 business days after we receive it (we begin the clearing process the day after we receive your cheque).
Direct Debit deposits can be withdrawn against 3 business days after the money reaches your Online Saver account. Debit card deposits can be withdrawn against as soon as the money reaches your Online Saver.
Deposits made by transfer from an eligible savings account are available for withdrawal immediately.
It normally takes 1 business day for withdrawals to reach your nominated current account.
You'll benefit from a quarterly eStatement (when you make a deposit or withdrawal in that quarter) and an annual eTax Certificate. We'll email you when these are available to view in the online bank.
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.
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
Please send us a letter confirming you wish to close your account. We will send the final balance, together with any accrued interest, to your nominated account. If you wish to close your account please print off your online statements beforehand.
A nominated account is a current account that we link to your savings account so you can transfer money 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.
For sole Online Saver accounts: Yes – your nominated current account can be either a sole or a joint account (to which you are a party).
For joint Online Saver accounts: Your nominated current account must be a joint account in the same names as your Online Saver 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
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
We calculate interest daily on the total balance in your account at the end of the day at the relevant gross rate (if you meet our minimum balance criteria).
Your interest can be paid monthly or annually. You choose this when you open your account.
Annual interest is paid between 20th and 25th March each year
Monthly interest is paid on the first Business Day of each month
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 Saver account
Key product information for our Online Saver savings account
Post Office Money Online Saver Issue 23
What is the interest rate?
Annual Interest option
Monthly Interest option
Interest rate without bonus
0.25% Gross / AER Variable
Interest rate without bonus
0.24% Gross / 0.25% AER Variable
Interest rate with bonus (includes a bonus of 0.76% gross)
1.01% Gross / AER Variable
Interest rate with bonus (includes a bonus of 0.75% gross)
1.00% Gross / 1.01% AER Variable
Annual interest, calculated daily, will be paid annually between the 20th and 25th March.
Monthly interest, calculated daily, will be paid on the first business day of each month.
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 Clause 32 of the Terms and Conditions.
If we change your interest rate to your disadvantage, we will give you notice in writing not 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 be based on a £1,000 deposit?
After 12 months
After 24 months
Projection based on annual interest option with interest paid into the Online 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 18 or over
Opening and managing your account
You can apply for an account online
You can only manage your account online through your online banking page
Minimum balance to open the account is £1
The maximum balance of the account is £2 million
If you wish to switch into this or out to another product, please select the ‘Online Savings – find out more’ link on your online banking page, www.postoffice.co.uk/savings or go into your local branch.
Can I withdraw money?
Online Saver offers you the ability to make unlimited no-notice withdrawals without any penalty.
Withdrawals are free of charge
Withdrawal requests can only be made online.
Minimum withdrawal amount is £1, there is no maximum limit.
Withdrawals are available by payment into your nominated bank 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.