Reward Saver

  • Free withdrawals with 30 days notice
  • Save at your own pace: start with just £100
  • Choose annual or monthly interest

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

Reward Saver Rates

0.75%
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.

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 £100 ready to invest
     
  • You need instant in branch or ATM access to your savings
     

Not the right account for you? See our other ways of saving.

Reward Saver Interest rates

Annual option 0.75% gross/AER variable for the first 12 months. This rate includes a 0.50% 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 0.74% gross/0.75% AER variable for the first 12 months. Rates include a 0.49% 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 £100 and you can deposit up to £2 million.

For help with product information and key terms used, please see the 'Important information' section below.

Important information

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.

Definitions

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.

FAQs

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 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:

Day cheque 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.

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

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:

FREEPOST
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
Exchange Tower
Harbour Exchange Square
E14 9SR London

Telephone: 0800 0234 567 or 0300 1239 123
Email: complaint.info@financial-ombudsman.org.uk
Website: www.financial-ombudsman.org.ukopens in new window

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 a Reward Saver account

Summary Box
Key product information for our Reward Saver savings account

Account name

Post Office Money Reward Saver (Issue 16)
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 with bonus (includes a bonus of 0.50% gross 12 months) 0.75% Gross / AER Variable Interest with bonus (includes a bonus of 0.49% gross  12 months) 0.74% gross / 0.75% AER Variable
Annual interest is calculated daily and paid on the anniversary of your account being opened (or the closest business day). Monthly interest is calculated daily and paid each month on the same day your account was opened (or the closest business day).
Can Bank of Ireland UK change the interest rate?

Yes. We have the right to change the interest rate on Reward Saver. The reasons we may change your rate are outlined in Section 2, Clause 46 of the Terms and Conditions.

If we change your interest rate to your disadvantage, we will give you notice up to 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
 

£1007.50

After 24 months
 
£1010.02

Projection based on annual interest option with interest paid into the Reward Saver account (compound interest).

These assumptions are based on a £1,000 deposit with no further deposits or withdrawals during the 24 months of the projection.

This projection is provided for illustrative purposes only and does not take into account a customer's individual circumstances.

How do I open and manage my account?

Eligibility

  • You must be a resident of the UK and ordinarily resident in the UK for tax purposes - this doesn't include the Channel Islands and the Isle of Man
  • To apply you must be aged 18 or over

Opening and managing your account

  • You can apply for an account in branch, by post or online - or you can ring us and request an application pack
  • Minimum balance to open the account - £100, Maximum balance £2 million
  • The account will be closed if the balance falls below £100
  • You can manage your account online, by phone or by writing to us
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 or visit your local branch.
Can I withdraw money?

Reward Saver offers you the ability to make both 30-day notice withdrawals and no-notice withdrawals

  • Withdrawals are free of charge with 30-days notice
  • Notice requests can be made in-branch, by phone, by post or online
  • Only one 30-day notice withdrawal can be pending at any one time
  • No-notice withdrawals incur a withdrawal fee equivalent to the loss of 30-days gross interest on the amount withdrawn (minimum charge £1)
  • Minimum withdrawal amount is £50
  • There is a £50,000 daily withdrawal limit to any requests made by phone
Additional information Interest is paid gross without tax deducted.

 

Before downloading our application form, please read a copy of our full terms and conditions.

Download the application, fill it in and pop in the post

Small print

Rates correct as at 13th July 2017.

Bank of Ireland UK is a trading name 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 under registration number 512956. Registered in England and Wales (No. 07022885). Registered Office: Bow Bells House, 1 Bread Street, London, EC4M 9BE.

The above details can be checked on the Financial Services Register by visiting the Financial Conduct Authority website or by contacting the FCA on 0800 111 6768.

Post Office Limited is registered in England and Wales (No. 2154540). Registered Office: Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ. Post Office and the Post Office Money logo are registered trademarks of Post Office Limited.