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Post Office Growth Bond is provided by Bank of Ireland UK

How it works

Easy to set up

All you need to open your Growth Bond is a deposit from £500 to £1 million.

Set up a solo or joint account

You can set up a Growth Bond for yourself or jointly with another person.

If you’re between 11 and 16, an adult can open the bond for you.

Know how much your savings will earn

The interest rate on this bond can be fixed for up to 3 years, so you’ll know just how hard your savings will work for you.

Is this the account for you?

Our Growth Bond may be right for you if:

  • You want to know exactly how much interest you’ll earn on your savings

  • You’d like to save a lump sum when opening your account  (rather than make regular deposits) between £500 and £1 million

  • You’re happy to leave your money untouched for a fixed term and receive interest annually

Our Growth Bond may not be right for you if:

  • You want to open your account online

  • You want to add to your savings on a regular basis

  • You might need to withdraw your savings before the end of the term. Funds can only be accessed in emergencies and you will usually be charged a penalty

Summary box

Account name: Post Office Growth Bond (Issue 59)

  • What’s the interest rate?
  • Can Bank of Ireland UK change the interest rate?
  • What would the estimated balance be based on a £1,000 deposit?
  • How do I open and manage my account?
  • Can I withdraw my money?
  • Additional information

What’s the interest rate?

  1 year 2 year 3 year
Annual interest  4.45%
Gross/AER fixed
Gross/AER fixed
Gross/AER fixed

Interest is calculated daily and paid at a fixed rate annually. This means:

  • 1 year Bond – interest is paid on maturity
  • 2 or 3 year Bond – interest is paid on the anniversary of the account opening

You can’t make any additional deposits during the fixed term of your account.

Can Bank of Ireland UK change the interest rate?

No, the interest rate is fixed during the term of the account.

What would the estimated balance be based on a £1,000 deposit?


1 year

2 year

3 year
After 12 months £1,044.50 N/A N/A
After 24 months N/A £1,086.81 N/A
After 36 months N/A N/A £1,128.11

This projection is based on an annual interest option with interest paid into the account (compound interest). This projection is provided for illustrative purposes only and does not take into account your individual circumstances.

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

How do I open and manage my account?


  • To apply you must be a UK resident and 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 16 or over. If you’re aged 11-15, the account can only be opened by an adult representative on your behalf

Opening and managing your account

  • You can apply for an account in branch or by post
  • You can manage your account online, by phone and by post
  • Minimum balance to open the account is £500
  • The maximum balance of the account is £1 million

As this is a fixed term product, once opened, you cannot add or withdraw funds, or switch to another product until the end of the fixed term.

If you wish to switch into or out of this product, outside of the fixed term, please select the ‘Online Products’ link on your online banking page or visit your local branch.

Can I withdraw my money?

You can’t make withdrawals before the bond matures, so you need to be sure you won’t need access to your money during the fixed term. However, we may allow you to close your account during the fixed term, at our discretion, in exceptional circumstances. See section 11, ‘Closing your account’ in the Savings key information for further details.

Closure requests can be made by telephone (0800 169 7500) or in writing to Post Office Savings, PO Box 87, Armagh, BT61 0BN. You should include an explanation of the exceptional circumstance surrounding your request. We may ask for evidence and/or further information to be provided. Early closure is usually subject to a breakage fee. The way the breakage charge is calculated will be fully explained to you at the time of your request, and could mean that you get back less than you originally deposited. Partial withdrawals are not permitted.

When your bond matures, your money will be moved into a variable rate account. We’ll contact you before the end of your fixed term to explain what will happen and tell you the current interest rate of the variable rate account. We may offer you the opportunity to reinvest in a new account and deposit additional funds into your account.

Additional information

Interest is paid gross without tax deducted on our Growth Bond.

If you’d like to cancel, you can do so within 14 days of the date your Growth Bond was opened. Your money will be returned in full with any accrued interest.

Key documents

Please read these documents and guides before you apply. You may like to save or print them for future reference.

Apply in branch

Use our handy tool to find a branch who can help with your savings application

Apply by post

Complete an application form and send it to us in the post. By applying you confirm that you have read and understood all sections of the summary box and key documents for this product.

Common Growth Bond questions

  • A Growth Bond can be opened by anyone, aged 16 or over, who is resident and ordinarily resident for tax purposes in the UK, either individually or jointly with one other person.

    A Growth Bond for anyone under 16 can only be opened by an adult representative who’s a parent, grandparent or legal guardian.

  • We’ll open your account once we receive your application and initial deposit. This normally takes 2 to 3 working days. To do this, we need to confirm 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’ll write to you.

    Please note: interest is payable once your account has been opened and your initial deposit has cleared.

  • Before you open a fixed term bond, make sure you’ll be able to leave your money for the whole term.

    You may be able to withdraw it all in exceptional circumstances. By this we mean an event outside your control you couldn’t have foreseen when you opened the bond. One that’s likely to cause you significant financial or personal disadvantage. Examples may include bankruptcy or diagnosis of a terminal illness. Buying a house wouldn’t count, for instance, unless failing to do so would cause you significant personal disadvantage.

    All closure requests must be sent to us in writing for approval. Please explain the circumstances behind your request. We may ask you to provide evidence and/or further details.

    There’s usually a breakage fee for early closure. If the interest earned doesn't cover this, you may get back less than you put in. So, before taking out a fixed term account, carefully consider if you’ll need to use those funds back during the term.

  • The Financial Services Compensation Scheme gives protection up to £85,000 if your bank, building society or credit union goes out of business. Find out how your savings are protected.

  • For more FAQs visit our Growth Bond support page


AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest was paid and added to your account each year.

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

A fixed rate of interest remains the same and does not change for the duration of the term.

Gross rates means we will not automatically deduct tax from the interest we pay on money in your account. It’s your responsibility to pay any tax you may owe to HM Revenue & Customs (HMRC).

Linked Account:
A Linked Account is a current account that we link to your savings account so that you can transfer money between accounts safely and securely. It must be a UK personal bank or building society account in your name(s).

Existing customers

Manage your bond online

Log in to manage your account

Manage your Growth Bond

Growth Bond help and support

For answers to common questions, helpful guides and how to contact us:

Visit our Growth Bond support page

Protecting your savings

Find out more about the Financial Services Compensation Scheme (FSCS) and how it protects your savings.

About FSCS protection

About our savings accounts

Post Office Growth Bond is provided by Bank of Ireland UK. 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.

Post Office Limited is registered in England and Wales (No. 2154540). Registered Office: 100 Wood Street, London, EC2V 7ER. Post Office and the Post Office logo are registered trademarks of Post Office Limited.

Rates correct as of 05th February 2024.