Post Office Instant Saver is provided by Bank of Ireland UK
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.
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.
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.
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
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
Account name: Post Office Instant Saver (Issue 32)
You must read all tabs of the summary box carefully before applying
| Interest rate without bonus | 1.15% Gross/AER variable |
|---|---|
| Interest rate with bonus (includes a fixed bonus of 2.25% gross for 12 months) | 3.40% Gross/AER variable |
Annual interest, calculated daily and paid annually between 20 and 25 March
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.
| After 12 months | £1,034.00 |
|---|---|
| After 24 months | £1,045.89 |
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.
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.
Our Instant Saver account allows you to make unlimited, no-notice withdrawals without any penalty.
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.
Please read these documents and guides before you apply. You may like to save or print them for future reference.
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.
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:
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.
AER:
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:
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).
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).
Find out more about the Financial Services Compensation Scheme (FSCS) and how it protects your savings.
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: 45 Gresham Street, London EC2V 7EH.
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 06th June 2025.