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Post Office Instant Saver is provided by Bank of Ireland UK

How it works

Easy to set up

Set up your Instant Saver account in branch or by post. Deposit as little as  £100 all the way up to the maximum balance of £1 million.

Bonus rate for the first year

Benefit from our fixed bonus rate for the first 12 months of your account. After 12 months, your rate will be the variable underlying rate only.

Easy ways to pay in

You can make deposits any time by cash or cheque in branch or by post, or even set up a standing order from your linked account.

Is this the account for you?

Our Instant Saver may be right for you if:

  • You want to open your account in branch or by post

  • You have at least £100 to save

  • You want free withdrawals

  • You want a savings account with a cash card

Our Instant Saver may not be right for you if:

  • You want a fixed rate of interest

  • You'd like a regular income from your savings

  • You need an account to receive and manage your income, benefits or pension

Summary box

Account name: Post Office Instant Saver (Issue 28)

  • 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?

Interest rate without bonus 1.55%
Gross/AER variable
Interest rate with bonus (includes a fixed bonus of 2.55% gross for 12 months) 4.10%
Gross/AER variable

Annual interest, calculated daily and paid annually between 20 and 25 March


Can Bank of Ireland UK change the interest rate?

Yes. We have the right to change the interest rate on your account. The reasons we may change your rate are outlined in Section 10 of the Savings key information.

If we change your interest rate to your disadvantage, we’ll give you notice in writing a minimum of 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 £1,041.00
After 24 months £1,057.14

The projection is based on an annual interest option with interest paid into the Instant Saver account (compound interest). This projection is provided for illustrative purposes only and doesn’t take into account your individual circumstances.

These assumptions are based on a £1,000 deposit with no further deposits or withdrawals made during the 12 months of the projection.

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 in branch, by phone, post or online
  • Minimum balance to open the account is £100
  • The maximum balance of the account is £1 million

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

Can I withdraw my money?

Our Instant Saver account allows you to make unlimited, no-notice withdrawals without any penalty.

  • Withdrawals are free of charge
  • You can withdraw up to £1000 a day via a Post Office branch or ATM
  • Unlimited withdrawal requests can be made in writing or up to £50k over the phone
  • Postal or telephone withdrawals can be made by cheque or into your linked bank account

Additional information

Interest is paid gross without tax deducted.

You can cancel the account within 14 days of opening and your money will be returned in full with any 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 Instant Saver account questions

  • An instant saver account is a type of easy-access savings account that allows you to withdraw your savings whenever you need it. This type of everyday savings account gives you instant access to your money while also earning interest.

  • When we receive your application and initial deposit, we’ll open your account. This normally takes 2 - 3 business days. To do this we need to complete a few tasks. This includes confirming your identity and address. For most 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 opened, and your initial deposit has cleared.

    5 - 10 days after your account has been opened, we will send the items you need to manage it. These include:

    • A Welcome Pack confirming your account’s open and the value of your initial deposit. It also includes a Guide to Saving which tells you everything you need to know to run your account.
    • Your ATM card and PIN. For security purposes, these will be sent separately.
    • Your User ID and 6 Digit Security Number. You need these to manage your account by telephone and online. For security purposes, these will be sent to you separately in the post.
    • Your deposit book.
  • To open and manage an Instant Saver account, you'll need to have a UK bank or building society current account in your name(s) linked to it. This is known as your linked account.

    A linked account allows you to safely deposit and withdraw money from your savings account.

    If you want to save regularly, you can set up a standing order from your linked account to your Post Office Instant Saver.

  • No. The Instant Saver is not suitable for receiving and managing third party payments, such as income or DWP pension/benefit payments. As such, it’s also not a replacement for the Post Office card account (POca).

    The Money Advice Service is a free and impartial advice service set up by government. They can provide information and help on setting up current accounts or fee-free basic bank accounts for those that are not eligible for current accounts. For more information visit the Money Helper website and select Everyday Money.Or call them on 0800 138 7777.

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

  • For more FAQs visit our Instant Saver 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.

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).

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

Linked account:
A linked account is a current account that we link to your savings account. It must be a UK personal bank or building society account in your name(s).

Existing customers

Log into your Instant Saver

Manage your account and check your balance online

Log into your account

Instant Saver help and support

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

Visit our Instant Saver 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 Instant Saver 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 28th September 2023.