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Post Office Online Bond is provided by Bank of Ireland UK

How it works

Easy to set up

Set up your bond online.

All you need to open your account is £500, up to a maximum of £2 million.

Take out the bond alone or jointly

If you’re over 18, you can set up an Online Bond for yourself or jointly with another person.

Receive interest monthly or annually

You can have your interest paid every month or once a year, whichever option suits you best.

Is this the account for you?

Our Online Bond may be right for you if:

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

  • You’d like the flexibility of choosing either monthly or annual interest payments

  • You’re happy to leave your money untouched for a fixed term

Our Online Bond may not be right for you if:

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

  • You’re not happy managing your savings online

  • You may 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 Online Bond (Issue 117)

  • 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 4.55%
Gross/AER fixed
Gross/AER fixed
Gross/AER fixed
Monthly interest



AER fixed



AER fixed



AER fixed

Annual – interest is 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

Monthly – interest is paid monthly on the anniversary the bond was opened.

You can choose to have your interest paid monthly or annually on the anniversary of your account being opened (or the closest business day).

Monthly and annual interest is calculated daily.

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 £1,045.50 N/A N/A
After 24 months N/A £1,083.68 N/A
After 36 months N/A N/A £1,124.86

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 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 18 or over

Opening and managing your account

  • You can only apply for an account online
  • You can only manage your account online through your online banking page
  • Minimum balance to open the account is £500
  • The maximum balance of the account is £2 million

As this is a fixed term product, once opened you won’t 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 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 Online Bond key information for further details. All closure requests must be sent in writing to us at 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. The way the breakage fee is calculated will be fully explained to you at the time of your request, and could mean you get back less than you 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 to your account.

Additional information

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

If you’d like to cancel, you can do so within 14 days from the date your Online Bond was opened on. 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.

Ready to apply?

By applying you confirm that you have read and understood all sections of the summary box and key documents for this product.

Common Online Bond questions

  • 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 during the term.

  • By law, we’re required to have sufficient proof of your identity and address before we can open your account. Most times, we’ll be able to verify your identity and address online, by carrying out searches with public authorities.

    In some cases, we may ask you for further documentation. 

    To confirm your identity, we’ll normally ask you to supply us with one of the following:

    • A current valid full passport
    • Or a current full UK/EU photocard driving licence or an old-style paper licence copy

    To establish your address, we’ll usually ask you to send us one of the following:

    • A utility bill, such a as gas, electricity, water, satellite television, telephone (not mobile), broadband (not dongle contracts) bill, dated within the last 6 months
    • Or a bank, building society, mortgage, credit union or credit card statement, dated within the last 6 months, or an annually issued mortgage statement dated within the last 13 months
    • Or local authority mail, such as a rates or Council Tax letter, dated within the last 13 months

    If we need you to prove your financial status, we’ll ask you for specific documentation.

    Your identity and address information will need to be certified.

    If you’re an existing Post Office customer, there are lots of reasons why we must recheck your identity and address. For instance, you may have moved address since you last opened an account, or you may have no active accounts with us at the moment.

    Please note, if we don’t receive your documents within 28 days of your application, it’ll be cancelled. You’ll then need to reapply for the bond.

  • If you’ve chosen to fund the opening of your bond from your bank or building society account, we require your account details to enable us to set up a one-off transfer via Direct Debit. Please allow a minimum of 9 business days for us to set up and process your transfer request. If you try to transfer funds again while this process is still in progress, it may result in your deposit being taken twice.

    We’ll also ask for your bank or building society account details if you choose to have your interest paid into this account.

  • A power of attorney usually allows you to open or operate an account on behalf of another person. Post Office can’t advise you on gaining power of attorney. Please contact your legal adviser for further information.

    To apply for a Post Office Online Bond under a power of attorney, you’ll need to provide us with your personal details and those of the donor.

    You'll also need to provide:

    • An original or certified copy of the completed Power of Attorney application form
    • A note of the reason for granting the power of attorney
    • Any further identification documents we’ve requested

    Please note we won’t agree to give anyone else authority over your account except under an Enduring Power of Attorney, or a Property and Financial Affairs Lasting Power of Attorney that’s registered with the Court of Protection.

    In exceptional circumstances we may accept unregistered forms of attorney or other third-party authorities to operate the account.

    To open a Post Office Online Saver or take over the management of an existing account, please complete and return the Power of Attorney form.

  • If you’re unhappy about your choice and wish to cancel your account, you must inform us of your decision to cancel in writing. This must be within 14 days of receiving notification from us that your account has been opened. Once you’ve informed us of your wish to cancel, we’ll help you switch to another Post Office savings product. Alternatively, we’ll give you all your money back with any interest it’s earned. If you don’t exercise your right to cancel, your account will continue.

    If you need to close your account after the end of the 14-day cancellation period, due to exceptional circumstances, then a bond breakage fee may be applied. You can find further information about this in the Online Bond key information.

  • For more FAQs visit our Online 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 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 Online Bond

Online Bond help and support

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

Visit our Online 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

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 13th June 2024.