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Reward Saver

  • Free withdrawals with 30 days' notice
  • Save at your own pace: start with just £500
  • Choose annual or monthly interest

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

How it works

1.05% gross/AER variable

Reward Saver is designed to give you the flexibility and choice to make deposits, withdrawals and manage your account in the way that best suits your needs.

Deposits and Withdrawals

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to your savings when you need it, subject to a withdrawal fee equivalent to 30 days’ gross interest on the amount withdrawn.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 tab for more information.

Earning Interest

Earn interest annually or monthly. If you opt for annual interest you’ll benefit from 1.05% gross/AER variable which includes a 0.40% gross fixed bonus for the first 12 months. After 12 months the rate reverts to the underlying rate of 0.65% gross/AER variable. Interest will be paid annually on the anniversary of your account opening. If you choose monthly interest you’ll receive 1.04% gross/1.05% AER variable which includes a 0.39% gross fixed bonus for the first 12 months. After 12 months the rate reverts to the underlying rate of 0.64% gross/0.65% 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 just £500 and you can deposit up to £2 million. Please note no interest is paid on balances below £500.

Eligibility

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 this 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 no-notice withdrawals)
  • 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 a Reward Saver isn’t right for you, you could take a look at a Post Office Money Online Saver or Instant Saver accounts.

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

Summary box

Summary Box

Key product information for our Reward Saver Savings Account

Account name Reward Saver (Issue 12)
Interest rates (AERs)
Earn interest annually or monthly if you opt for annual interest you’ll benefit from 1.05% gross/AER variable which includes a 0.40% gross fixed bonus for the first 12 months. After 12 months the rate reverts to the underlying rate of 0.65% gross/AER variable. If you choose monthly interest you’ll receive 1.04% gross/1.05% AER variable which includes a 0.39% gross fixed bonus for the first 12 months. After 12 months the rate reverts to the underlying rate of 0.64% gross/0.65% AER variable.
 
No interest (underlying or bonus) is paid on balances below £500
Tax status All interest is paid gross.
Conditions for bonus payment None
Withdrawal arrangement

Easy access, subject to a withdrawal fee equivalent to 30 days' gross 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

Definitions

0800: Calls to 0800 numbers are normally free from UK landlines and mobile phones. 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 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 6th 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.

 

Reward Saver

Give us a call

0800 169 7500 8.00am-10.00pm, Mon-Fri
8am-6pm, Sat
10am-5pm Sunday and Bank Holidays