Four Glasses Money Jars

Instant Saver

  • Access online, in branch, by phone, ATM or post
  • Open with just £100: top-up whenever you choose

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

Instant Saver Rates

gross/AER variable for the first 12 months.
After 12 months this reverts to 0.01% gross/AER.

Interest is paid annually in March.

Our Instant Saver may be right for you if you:

  • Have at least £100 to save
  • Want unlimited free withdrawals
  • 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

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

Instant Saver Interest rates

0.35% gross/AER variable for the first 12 months. This rate includes a 0.34% gross fixed bonus for 12 months from account opening. After 12 months the rate reverts to the underlying rate of 0.01% gross/AER.

Interest is paid annually in March.

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

Important information

How it works

You can start with just £100, after that you can deposit from between £1 all the way up to the maximum balance of £1 million.

Making a deposit

There are lots of ways to pay in:

  • In branch (by cash or cheque)
  • By post (cheques only)
  • Transfers from your linked current account

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

Please note, receiving payments directly from third parties, for example a salary from your employer, or pension / benefit payment(s) from the DWP, is not permitted.


Withdraw savings in branch, online, by phone or post. Or, use your cash card at any one of 60,000 ATMs nationwide. There is a £50,000 limit per day for online and phone withdrawal requests.

Are you eligible?

Post Office Money Instant Saver is open to anyone aged 11 or over and a UK resident for tax purposes. Aged between 11 and 15? You’ll need a parent, grandparent or legal guardian to sign your application and provide documents to verify your name and address.

If you're aged 16 to 18, you'll need to verify your name - call us on 0800 169 7500 for a list of acceptable ID.


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.

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) 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.


No. The Instant Saver is not an appropriate account to receive and manage third party payments, including income or DWP pension / benefit payments. As such, it is also not a suitable replacement to the Post Office card account (POca).

If you’re looking for an account to receive and manage your income or DWP benefit and pension payments the Money Advice Service (MAS), a free and impartial advice service set up by government, 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. The MAS can be contacted on 0800 138 7777 or by visiting

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 a Guide to Saving which tells you everything you need to know to run your account.
  • Your ATM card and PIN number. For security 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 these will be sent to you separately in the post.
  • Your deposit book.

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 days 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)


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)



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.


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


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.

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 Instant Saver account

Summary Box
Key product information for our Instant Saver savings account

Account name

Post Office Money Instant Saver (Issue 13)
What is the interest rate? Interest rate without bonus 0.01% Gross/AER Variable
Interest rate including bonus (includes a bonus of 0.34% gross) 0.35% Gross/AER Variable
Annual interest, calculated daily, will be paid annually between 20th and 25th 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 2, Clause 46 of the Terms and Conditions.

If we change your interest rate to your disadvantage, we will give you notice in writing 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 based on a £1,000 deposit?

After 12 months

After 24 months £1,003.60

Projection based on annual interest option with interest paid into the Instant Saver 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 24 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
  • To apply you must be aged 16 or over
  • If you are between the ages of 11 – 15, the account can 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 manage your account in branch, 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 or out to another product, please select the 'Online Savings - find our more' link on your online banking page or visit your local branch.


Can I withdraw money?

Instant Saver offers you the ability 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 nominated bank 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 in the post

Small print

Rates correct as at 22nd May 2020

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