Annual option 0.80% gross/AER variable for the first 12 months. This rate includes a 0.55% gross fixed bonus for 12 months from account opening. After 12 months the rate reverts to the underlying rate of 0.25% gross/AER variable. Interest is paid annually on the anniversary of your account opening or the closest business day.
Monthly option 0.79% gross/0.80% AER variable for the first 12 months. Rates include a 0.54% 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. Interest will be paid monthly on the closest business day of the month to when your account was opened.
The minimum balance for Reward Saver is £500 and you can deposit up to £2 million.
For help with product information and key terms used, please see the 'Important information' section below.
How it works
When you need flexibility for your savings our Reward Saver is designed to give you choice. You can either have immediate access to your money with a withdrawal fee equivalent to the loss of 30 days' interest or you can access your money free of charge by providing us with 30 days' notice, the choice is yours.
Choose to pay in:
In branch (by cash or cheque)
By post (cheques only)
From your bank's online/phone banking services
Transfer from an eligible existing Post Office Money Savings Account
If you want to save regularly, you can set up a standing order from your current account to your Post Office Money Reward Saver.
You can choose to withdraw your money, minimum £50 per withdrawal, whenever you like. However, this will be subject to a withdrawal fee equivalent to 30 days’ gross interest on the amount withdrawn. You can avoid this fee by giving us 30 days’ notice.
Please note, you can only have one 30-day notice pending at any one time. If you are withdrawing online or by phone, there is a maximum daily limit of £50,000.
Are you eligible?
You have to be at least 18 years old and a UK resident for tax 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.
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.
A Reward Saver can be opened by anyone aged 18 or over, who is resident and ordinarily resident for tax purposes in the UK, either individually or jointly with one other person.
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 your Transaction Card (which you'll need to make transactions in-branch) and a Guide to Saving, which tells you everything you need to know about how to run your account.
Your 6 Digit Security Number and User ID. You need these to manage your account by telephone and online. For security these will be sent to you separately in the post.
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 business days (this excludes weekends and bank holidays) 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.
To access your account details online, you need to have your User ID and your 6 Digit Security Number accessible.
The Post Office Money Online Account Management allows you to:
view balances and transactions
change your email address
change your 6 Digit Security Number
register for E statements and E tax certificate
request a notice withdrawal
make a no-notice withdrawal (when you accept the withdrawal fee)
If you need to change your contact details or nominated account, please call 0345 602 3409.
All withdrawals are sent electronically to your nominated account – you can choose a nominated account when you apply and you can change this whenever you choose. The minimum withdrawal amount is £50. Up to £50,000 can be withdrawn by telephone each day. You have two options for withdrawals:
1: No-notice withdrawals
Request a No-notice withdrawal by telephone or in writing and your money will be transferred into your nominated account within 2 - 3 business days. No-notice withdrawals are subject to a withdrawal fee equivalent to 30 days gross interest on the amount withdrawn (subject to a minimum of £1). No-notice withdrawals can be requested via the telephone or in writing, not in Post Office branches.
2: 30 Day Notice withdrawals
Request a 30 day notice withdrawal in-branch (you'll need to bring your transaction card and photographic ID e.g. a passport or driving licence), by telephone or in writing and your money will be transferred into your nominated account within 2 - 3 business days of the end of the 30 day notice period. 30 Day Notice withdrawals are free. You can have as many no-notice withdrawals as you like. You can only have one notice withdrawal pending at any one time, subsequent notice requests cannot be accepted unless you cancel the pending notice withdrawal.
You can choose to receive your interest monthly or annually when you apply.
Annual interest is paid on the anniversary of account opening (or closest business day).
Monthly interest is paid on the closest business day each month linked to the date of account opening.
Interest will automatically be added to your Reward Saver unless you have chosen for it to be paid away to your nominated account.
Interest is paid gross, without the deduction of income tax.
You must give us written notice if you wish to close your account. Where you ask us to repay funds to you we will do this by electronic payment direct to your nominated account.
There are no charges for the everyday management of the account (other than the withdrawal fee for no-notice withdrawals). For non-standard requests there may be a small charge as detailed in our Terms & Conditions.
If you change your mind within 14 days of account opening, simply write to us to let us know. We will then help you switch to another of our accounts or we will give you your money back, together with any interest it has earned. After this period any withdrawals will be subject to the normal withdrawal conditions.
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
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.