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
.

Reward Saver Rates

0.70%
gross/AER variable for the first 12 months.
After 12 months the rate will revert to our underlying rate, currently 0.25% gross AER variable.

Monthly interest available, see below.

Is this right for you?

Our Reward Saver may be right for you if you:

  • Have got a lump sum to put away for a rainy day and want to add to it later
  • Want to be able to access your savings if needed, subject to 30 days' notice or a fee for no-notice withdrawals
  • Would like the option to have monthly interest payments


Our Reward Saver may not be right for you if:

  • You need to make withdrawals often
  • You’ve got less than £500 ready to invest
  • You need instant in branch or ATM access to your savings


Reward Saver Issue 14 Interest rates

Annual option
0.70% gross/AER variable for the first 12 months.
This rate includes a 0.45% 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
0.69% gross/0.70% AER variable for the first 12 months. Rates include a 0.44% 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 key terms used, please see the Definitions tab.

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.

Deposits

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.

Withdrawals

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.

Summary Box

Summary Box

Key product information for our Reward Saver Savings Account

Account name Reward Saver (Issue 14)
Interest rates (AERs
Earn interest annually or monthly if you opt for annual interest you’ll benefit from 0.70% gross/AER variable which includes a 0.45% gross fixed bonus for the first 12 months. After 12 months the rate reverts to the underlying rate of 0.25% gross/AER variable. If you choose monthly interest you’ll receive 0.69% gross/0.70% AER variable which includes a 0.29% gross fixed bonus for the first 12 months. After 12 months the rate reverts to the underlying rate of 0.24% gross/0.25% AER variable.
Tax status Interest will be paid gross, without deduction of income tax.
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
FAQs

Answers to some of your most common questions

Who can open a Post Office Money Reward Saver account?

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.

How long does the application process take?

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.

What is the clearing cycle for cheque deposits?

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 business 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.

To find out about 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 1) Day funds available for withdrawal (Day 5)

Monday

Tuesday

Wednesday

Thursday

Friday

Wednesday

Thursday

Friday

Monday

Tuesday

Tuesday

Wednesday

Thursday

Friday

Monday

 

Cheque deposits sent by post

The first business day your cheque is received by Bank of Ireland UK (Day 1) Day account updated and interest starts to accrue (Day 3) Day funds available for withdrawal (Day 5)

Monday

Tuesday

Wednesday

Thursday

Friday

Wednesday

Thursday

Friday

Monday

Tuesday

Friday

Monday

Tuesday

Wednesday

Thursday

 

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.

How are my savings with Post Office Money protected?

Click here to find out how your savings are protected

How do I access my account online?

To access your account details online, you need to have your User-ID and your 6 Digit Security Number accessible.

How can I manage my account online?

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

If you need to change your contact details or nominated account, please call 0345 602 3409.

How do I take money out?

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.

When do I receive my interest?

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.

Do I pay tax on the interest I receive?

Interest is paid gross, without the deduction of income tax.

How do I close my account?

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.

Who can I talk to if I have a query or complaint?

If you need to talk to us, call us on 0345 602 3409 to speak to one of our Customer Service representatives. All lines are open from 8am until 10pm, Mondays to Fridays, from 8am until 6pm Saturdays and from 10am until 5pm on Sundays and Bank Holidays.

Or write to us at: FREEPOST, Post Office Money Customer Care Team. BS1 9HY.

We will do what we can to sort out your enquiry or complaint as soon as possible.

Please allow up to 5 business days to receive a reply. If you have made a complaint but are still not satisfied with the response you have received, the Financial Ombudsman Service may be of assistance.

They are independent and can help to resolve disputes between banks and their customers.

Financial Ombudsman Service
Exchange Tower
London
E14 9SR

Phone: 0800 023 4 567

Email: complaint.info@financial-ombudsman.org.uk

Website: financial-ombudsman.org.uk

Are there any charges?

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.

Can I change my mind about applying for a Reward Saver?

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.

Definitions

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 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.

Start the application now, and complete by post.

Other Post Office Money products you might be interested in

Post Office Money® Instant Saver and Online Saver are provided by Bank of Ireland UK.

Instant Saver

Key features:

  • Access online, in branch, by phone, ATM or post
  • Open with just £500: top-up when ever you choose

FIND OUT MORE

Online Saver

Key features:

  • No withdrawal limits
  • Choose annual or monthly interest payments

FIND OUT MORE

Small print

Rates correct as at 22nd August 2016.

About Post Office

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.