Reward Saver

Father and daughter with ice cream

1.20% grossGross rates do not take into account deductions of income tax./AERAER stands for Annual Equivalent Rate and illustrates what the interest would be if interest was paid and compounded once each year. variableA variable rate of interest can go up or down throughout the lifetime of a savings account.

A bonus rate for the first 12 months (0.30% grossGross rates do not take into account deductions of income tax. fixed) and access to your savings when you need them


Key benefits

  • Easy access: withdrawals are free of charge with 30 days’ notice
  • Save at your own pace: start with just £500 and add to it when you can
  • A choice of annual or monthly interest

Reward Saver is provided by Bank of Ireland UK

How it works

Reward Saver has been designed around you – giving the flexibility and choice to make deposits, withdrawals and manage your account in the way that best suits your needs.

Make deposits in branch (cash or cheque), by post (cheques only) or from an account of your choice using your bank's online/phone banking services.

Flexible withdrawals and easy access to your savings when you need it, subject to a loss of 30 days’ grossGross rates do not take into account deductions of income tax. interest on the amount withdrawn. Alternatively, access your savings free of charge by providing 30 days’ notice. The minimum withdrawal amount is £50. Please note you can only have one 30 day notice withdrawal pending at any one time.

See the Summary Box for more information.

Earn interest annually or monthly. If you opt for annual interest you’ll benefit from 1.20% grossGross rates do not take into account deductions of income tax./AERAER stands for Annual Equivalent Rate and illustrates what the interest would be if interest was paid and compounded once each year. variableA variable rate of interest can go up or down throughout the lifetime of a savings account. which includes a 0.30% grossGross rates do not take into account deductions of income tax. fixed bonus for the first 12 months. After 12 months the rate reverts to the underlying rate of 0.90% grossGross rates do not take into account deductions of income tax./AERAER stands for Annual Equivalent Rate and illustrates what the interest would be if interest was paid and compounded once each year. . If you choose monthly interest you’ll receive 1.19% grossGross rates do not take into account deductions of income tax./1.20% AERAER stands for Annual Equivalent Rate and illustrates what the interest would be if interest was paid and compounded once each year. variableA variable rate of interest can go up or down throughout the lifetime of a savings account. which includes a 0.29% grossGross rates do not take into account deductions of income tax. fixed bonus for the first 12 months. After 12 months the rate reverts to the underlying rate of 0.89% grossGross rates do not take into account deductions of income tax./0.90% AERAER stands for Annual Equivalent Rate and illustrates what the interest would be if interest was paid and compounded once each year. .

The minimum balance for Reward Saver is just £500 and you can deposit up to £2 million. Please note no interest is paid on balances below £500.

Before applying, check that you’re eligible. Reward Saver is open to anyone aged 18 or over, who is resident and ordinarily resident in the UK for tax purposes.

Is Reward Saver right for you?

Right for you if
  • You’ve got a lump sum to put away for a rainy day and want to add to it later
  • You want to be able to access your savings if you need to (subject to 30 days' notice or a fee for immediate withdrawal)
  • You’re looking for the option to have monthly interest payments
Try something else if
  • You need to make frequent withdrawals
  • You’ve got less than £500 ready to invest or your balance is likely to fall below this
  • You need instant in branch or ATM access to your savings
If our Reward Saver isn’t right for you, you could take a look at our Online Saver or Instant Saver accounts.

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

Definitions

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%.

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


Summary Box - Key product information for Reward Saver
Account name Reward Saver
Interest rates (AERs)

Earn interest annually or monthly if you opt for annual interest you’ll benefit from 1.20%grossGross rates do not take into account deductions of income tax./AERAER stands for Annual Equivalent Rate and illustrates what the interest would be if interest was paid and compounded once each year. variableA variable rate of interest can go up or down throughout the lifetime of a savings account. which includes a 0.30% grossGross rates do not take into account deductions of income tax. fixed bonus for the first 12 months. After 12 months the rate reverts to the underlying rate of 0.90% grossGross rates do not take into account deductions of income tax./AERAER stands for Annual Equivalent Rate and illustrates what the interest would be if interest was paid and compounded once each year. . If you choose monthly interest you’ll receive 1.19% grossGross rates do not take into account deductions of income tax. /1.20% AERAER stands for Annual Equivalent Rate and illustrates what the interest would be if interest was paid and compounded once each year. variableA variable rate of interest can go up or down throughout the lifetime of a savings account. which includes a 0.29% grossGross rates do not take into account deductions of income tax. fixed bonus for the first 12 months. After 12 months the rate reverts to the underlying rate of 0.89% grossGross rates do not take into account deductions of income tax. /0.90% AERAER stands for Annual Equivalent Rate and illustrates what the interest would be if interest was paid and compounded once each year. .

No interest (underlying or bonus) is paid on balances below £500

Tax status Interest will be paid after the deduction of tax at the prevailing rateThe rate of tax applied to savings interest is currently 20%., unless otherwise instructed.
Conditions for bonus payment None
Withdrawals arrangement Easy access, subject to a loss of 30 days' grossGross rates do not take into account deductions of income tax. interest on the amount withdrawn, or for free with 30 days' notice. The minimum withdrawal amount is £50.
Please note you can only have one 30 day notice withdrawal pending at any one time. Please see here for more detail.
Access

Branch, phone and post

Ready to start saving? Apply now

Small print

Rates correct as at 26 February 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.

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Can we help

To apply by phone call:

0800Calls 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. 169 7500

8am-10pm, Mon-Fri

8am-6pm, Sat

10am-5pm, Sun and bank holidays

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