Growth Bond

  • Get a fixed interest rate for a fixed term
  • Start saving today: deposit from £500 to £1 million

Post Office Money® Growth Bond is provided by Bank of Ireland UK

Growth Bond Rates

1 year at 0.40%
gross/AER fixed

2 years at 0.45%
gross/AER fixed

3 years at 0.50%
gross/AER fixed

Our Growth Bond may be right for you if you:

  • Want to know exactly how much interest you’ll earn on your savings
  • Want to save a lump sum (rather than make regular deposits) between £500 and £1 million
  • Are 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 might need to withdraw your savings before the end of their term
  • You want to add to your savings on a regular basis


Growth Bond interest rates

0.40% gross/AER fixed for 1 year

0.45% gross/AER fixed for 2 years

0.50% gross/AER fixed for 3 years

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

Important information

How it works

Putting money into an account that will earn interest untouched for up to three years could make the most of the money you’re investing.

Earning interest

The rate you earn interest at is linked to the term of the bond. Interest is paid annually on the anniversary of the account opening.

You'll benefit from a fixed rate of interest over the term you choose. You won’t be able to close your account, unless it’s due to exceptional circumstances, subject to approval and a fee might apply which will come out of the account – this could mean that you get back less than you put in. You'll also not be able to pay any additional deposits to your account.

Are you eligible?

You have to be at least 16 years old and a UK resident for tax purposes to open an account. For under 16s, you’ll need a parent, grandparent or legal guardian to open your account for you.

How to apply

Our Growth Bond rates change regularly, so apply today. Just pick up the phone or pop in to your nearest branch.


AER : AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

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

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

Gross : Gross rates do not take into account deductions of UK income tax.

Prevailing rate: The current rate of interest.

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 whenever you like. It should be a UK personal bank or building society account in your name(s) that accepts Direct Debits / Direct Credits.

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 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 a minor under 16 can only be opened by an adult representative who is a parent, grandparent or legal guardian.

When we receive your application and initial deposit we will open your account. This normally takes 2 / 3 working 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.

The minimum amount is £500, and further deposits may not be made to the Bond during the term.

The maximum amount is £1,000,000 and further deposits may not be made to the Bond during the term.

For terms of 1 year, interest will be paid at the end of the term. If you choose an investment term of longer than 1 year:
1: By default, interest will be added to your bond annually and be available for withdrawal at the end of the fixed term.
2: Alternatively, you can choose to have your annual interest paid into a linked bank/building society account. You can select this option on the application form. If you choose to have your annual interest paid into a linked account your total return will differ due to interest not compounding.

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

We will write to you shortly before your bond matures to let you know the date of maturity and how much will be maturing. If you chose not to reinvest, then we will put your funds into a variable rate savings account where you can access your savings when you choose by post, phone and online.

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

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

Before opening a Growth Bond you should be sure that you will be able to leave your deposit untouched for the whole term. However, if in exceptional circumstances you need to withdraw all your money, this may be possible, subject to approval. By exceptional circumstances we mean an event outside your control, that you could not have reasonably foreseen when you opened the bond that is likely to cause you significant financial or personal detriment, i.e. bankruptcy or diagnosis of a terminal illness.

For clarity a house purchase would not typically classify as an exceptional circumstance unless failure to purchase the house would cause you significant personal detriment. All closure requests must be sent in writing to us and 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. If the interest earned doesn't cover this, you may get back less than you put in.

There are no charges or fees, other than a breakage fee if you need to make a withdrawal, due to exceptional circumstances, during the fixed term.

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
Exchange Tower
Harbour Exchange Square
E14 9SR London

Telephone: 0800 0234 567 or 0300 1239 123
Website: 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.

Please contact us to tell us of the bereavement – we are here to offer you our full support. You can either complete our online form on the Bank of Ireland UK website, who as the provider of our Savings products will support you with your request. Or, call us on 0800 169 7500 9:00am - 7:00pm Mon, 9:00am - 5:00pm Tues – Fri, 9:00am - 2:00pm Sat, Closed Sun and Bank Holidays.

We will use the information you have provided for identification purposes only in dealing with you in your role as the deceased customer’s Executor/Administrator or Nominated Next of Kin. Please read our Privacy Notice for full details on the types of personal information we collect, how we use it and who we may share it with.

Any customers (or their representatives) who wish to reclaim their balance can do so in the following way

Reclaim form: Fill out the reclaim form in the link and send it to Post Office Money Savings, PO Box 87, Armagh, BT61 OBN or you can;

Telephone: Call us on 0800 169 7500 to see if we can return your balance over the phone. For security and protection, we can only do this if certain criteria are met which we will confirm when we speak to you. If you held a joint account, please make sure both account holders are present.

Definitions 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.

Summary box and how to apply

Apply for a Growth Bond account

Summary Box
Key product information for our Growth Bond account

Account name

Post Office Growth Bond (Issue 43)
What is the interest rate?   1 Year 2 Year 3 Year
Annual 0.40% Gross/AER Fixed 0.45% Gross/AER Fixed 0.50% Gross/AER Fixed
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? 12 months £1,004.00 N/A N/A
24 months N/A £1,009.02 N/A
36 months N/A N/A £1015.08

Projection based on annual interest option with interest paid into the account (compound interest). The 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 during the 12 months of the projection.

How do I open and manage my account?


  • To apply you must be a UK resident or a 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 under 16, a Growth Bond can only be opened by an adult who is a parent, grandparent or legal guardian.

Opening and managing your account

  • You can apply for an account in branch or by post
  • You 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 you will not be able to switch to another product until the end of the fixed term. If you wish to switch into this product, please select the 'Online Savings - find out more' link on your online banking page or visit your local branch.

Can I withdraw 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.

All closure requests must be sent in writing to 'Post Office Money Savings, PO Box 87, Armagh, BT61 0BN', including 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 (Please see section 3 clause 26 in your T&C for how this is calculated) meaning you could get back less than you originally invested. Partial withdrawals are not permitted.

When your Bond matures, your money will be moved into a variable rate account. We will 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 to your account.

Additional information Interest is paid gross without tax deducted.


To view a downloadable version of the summary box, click here.

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

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

Small print

Rates correct as at 11th January 2021.

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: Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ. Post Office and the Post Office Money logo are registered trademarks of Post Office Limited.

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Give us a call

0800 169 7500 9:00am - 7:00pm, Mon - Fri
9:00am - 2:00pm, Sat
Closed Sun and Bank Holidays