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Online Saver

  • Easy access: to your savings whenever you need them
  • Choose annual or monthly interest

Post Office Online Saver is provided by Bank of Ireland UK

Online Saver Rates

0.30%gross/AER variable for the first 12 months.
After 12 months this reverts to 0.10% gross/AER variable.

Monthly interest available, see below.

Summary box and how to apply

Apply for an Online Saver account

Summary Box
Key product information for our Online Saver savings account

Account name

 Post Office Online Saver Issue 55
What is the interest rate? Annual Interest option Monthly Interest option
Interest rate without bonus 0.10% Gross / AER Variable Interest rate without bonus 0.10% Gross / 0.10% AER Variable
Interest rate with bonus (includes a bonus of 0.20% gross for 12 months) 0.30% Gross / AER Variable Interest rate with bonus (includes a bonus of 0.19% gross for 12 months) 0.29% Gross / 0.30% AER Variable
Annual interest, calculated daily, will be paid annually between the 20th and 25th March. Monthly interest, calculated daily, will be paid on the first business day of each month.
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 Section10 ‘Changes to your account’ of the general savings terms and conditions.

If we change your interest rate to your disadvantage, we will 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
 

£1003.00
After 24 months
 		 £1004.00

Projection based on annual interest option with interest paid into the Online 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 12 months of the projection.
How do I open and manage my account?

Eligibility

  • To apply you must be a UK resident or a resident in the UK for tax purposes
  • 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 £1
  • The maximum balance of the account is £2 million

If you wish to switch into this or out to another product, please select the ‘Online Products’ link on your online banking page, www.postoffice.co.uk/savings or go into your local branch.
Can I withdraw money?

Online Saver offers you the ability to make unlimited no-notice withdrawals without any penalty.

  • Withdrawals are free of charge
  • Withdrawal requests can only be made online.
  • Minimum withdrawal amount is £1, there is no maximum limit.
  • Withdrawals are available by payment into your linked bank account.
Additional information Interest is paid gross without tax deducted.

 

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

If you wish to apply as a Power of Attorney please read Online Saver - Key Information and return the completed Power of Attorney application form to us. 

Online application is fast and secure

Our Online Saver may be right for you if you:

  • Want to manage your account fully online
  • Need flexibility to access your savings day or night
  • Are looking for a choice of either monthly or annual interest payments

Our Online Saver may not be right for you if:

  • You prefer to manage your account by phone or in person
     
  • You'd prefer to put your money away for a fixed period for a guaranteed return
     
  • You'll need access to your money within the first 8 calendar days of opening your account
     

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

Online Saver interest rates

Annual option 0.30% gross/AER variable. Rate includes a 0.20% gross fixed rate bonus for 12 months from account opening. After 12 months the rate will revert to our underlying rate, currently 0.10% gross/AER variable. Interest is calculated daily and will be paid annually in March.

Monthly option 0.29% gross/0.30% AER variable. Rate includes a 0.19% gross fixed rate bonus for 12 months from account opening. After 12 months the rate will revert to our underlying rate, currently 0.10% gross/0.10% AER variable.

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

Important information

How it works

  • Manage your savings online 24/7 with Post Office Online Saver
  • Variable interest rates apply to your savings – these are calculated daily. You can choose to get your interest paid annually or monthly. If you choose annually, your account will be paid in March of that year. If you choose monthly, you’ll receive interest in your account on the first business day of each month.
  • You'll benefit from a bonus rate in the first 12 months of your account, which then reverts to an underlying rate.

Withdrawals

You’re in complete control over when you’d like to take your money out. There are no limits to the number of withdrawals you can make and no penalties or notice periods. Simply log in to your account and follow the instructions of how to transfer to your linked account.

Deposits

Make as many deposits as you like. Use your linked account's online banking or telephone service, to make a single electronic payment into your Online Saver, or set up a regular payment by standing order. You'll need your Online Saver account number and sort code (we’ll send this to you once your Online Saver is open) together with the amount you’d like to deposit.

Internal transfers from an eligible Post Office savings account (subject to the terms of that account), can be made by logging into our online servicing site.

Are you eligible?

Post Office Online Saver is open to anyone aged 18 or over and a UK resident for tax purposes. Usually we can open your account quickly but you might be asked to provide ID and some documentation.

Technical Support

Our banking support team will be able to help with any technical questions you might have. Call them on 0345 600 5580 between 9am - 7pm Monday, 9am - 5pm Tuesday to Friday, and 9am - 2pm Saturdays. Closed on Sundays and bank holidays. Please remember that this is an online account.

Definitions

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 are variable and do not take into account deductions of income tax.

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).

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

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.

FAQs

By law we are required to have adequate proof of your identity and address before opening your account. Usually we will be able to verify your identity and address online using a variety of sources, including searches using public information bodies. In some cases, we might ask you for further documentation. If you are an existing customer, there are various reasons why we might need to reconfirm your identity and address, you may have moved address since you last opened an account or you currently have no active accounts, for example.

A UK bank or building society account in your name(s) is required to open and manage your account. Further information is available in the "About your linked account" section within the General Savings Terms and Conditions.

In certain circumstances, we may ask you to provide documentation to evidence your identity, address or financial status. 

To evidence your identity we will normally ask you to provide us with one of the following;

- Current valid full passport
- Current full UK/EU Photocard Driving Licence/old style paper licence copy

To evidence your address, we will normally ask you to provide us with one of the following;

- Utility bill - e.g. gas, electricity, water, satellite television, telephone (not mobile), broadband (not dongle contracts), dated within the last 6 months 
- Bank/Building Society/mortgage/credit union/Credit Card statement, dated within the last 6 months or dated within the last 13 months if annually issued mortgage statement
- Local authority correspondance (dated within the last 13 months e.g. Rates/Council Tax) 

If we need you to evidence your financial status, we will provide you with specific information on the documentation which is acceptable. 

Identity and address information will need to be certified. This service is provided free of charge at certain Post Office branches. Full information on how to do this will be provided to you.

Please note if we do not receive suitable documentation within 28 days of your application, it will be cancelled and you will need to apply again, at the rate prevailing at that time. 

A power of attorney will normally allow you to open or operate an account on behalf of another person. We cannot provide any assistance on acquiring a power of attorney. Please contact your legal adviser about this.

To apply for a Post Office Online Saver under a power of attorney, you'll need to provide your own details and the Donor's personal details too. 

You'll also need to provide:

  • An original or certified copy of the complete Power of Attorney document
  • A note of the reason for granting the Power of Attorney
  • Any further identification documents we've requested

Please note we will not 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 is registered with the Court of Protection. Only in exceptional circumstances will we 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 under a Power of Attorney form (PDF, 108KB)

If you are unhappy about your choice of account you must, within 14 days of the date on which you receive notification of your account being opened, call us on 0345 602 3409. We will help you switch to another of our accounts or we will give you all your money back with any interest it has earned. If you do not exercise your right to cancel, your account will continue. Call costs may vary depending on your provider.

To log in, visit www.postoffice.co.uk and click on the red ‘Log in’ button at the top of the page. Then select ‘Savings’. This will take you to our secure log-in page. Then:

  • Enter your User ID
  • Enter your date of birth in the format requested
  • Enter the requested digits of your 6 digit security number
  • Click the Log in button and you will be logged in

Logging in for the first time
The first time you log in you will see our guide to using our Telephone and Internet Service. Please read it and, if you accept it, click on the Agree button at the bottom of the screen. Please do not close the page at this stage without selecting one of the options.

You can now change your 6 digit security number to something more memorable. At the top right of your screen, click on ‘Welcome YOUR NAME’ and select ‘Security’ from the drop-down menu. Then follow the on-screen instructions.

When choosing your PIN, please make it memorable to you, but do not make it easy to guess. For instance, do not use your date of birth, the same number repeatedly, such as 111111, or a sequence of numbers, such as 123456.

Yes, you can change your 6 digit security number to something more memorable. To do this:

1: Log in to the online banking service
2: At the top right of your screen, click on ‘Welcome YOUR NAME’ and select ‘Security’ from the drop down menu.
3: Follow the on-screen instructions

When choosing your PIN please make it memorable to you but do not make it easy to guess, i.e. do not use your date of birth, the same numbers, e.g. 111111 or a sequence of numbers, e.g. 123456.

You have 3 chances to enter your 6 digit security number. If you enter the number incorrectly 3 times, then you will need to call the Customer Service Centre on 0345 602 3409 to advise them you have been locked out of your account due to the 6 digit security number being entered incorrectly 3 times, and we will post you a new security number.

Please call us on 0345 602 3409. We will reissue you with your User ID and / or 6 digit security number. We will do this by post to the address registered with us. Your User ID and/or new 6 digit security number will arrive separately within 4 working days.

Call us on 0345 602 3409. We will reissue you with your User ID and / or 6 digit security number. We will do this by post to the address registered with us. Your User ID and/or new 6 digit security number will arrive separately within 4 working days.

If you made an initial deposit by cheque, you will be able to withdraw against this cheque 5 business days after we receive it (we begin the clearing process the day after we receive your cheque).

Deposits from your linked account are paid into your Online Saver the same business day the funds are received by us and we'll start paying interest immediately. Debit card deposits, which can only be made from your linked account, can be withdrawn against as soon as the money reaches your Online Saver.

Please note, the business day cut off is 5pm. Transactions made after 5pm will start to be processed from the next business day.

Deposits made by transfer from an eligible Post Office savings account (subject to the terms of that account) are available for withdrawal immediately.

It normally takes 1 business day for withdrawals to reach your linked current account.

Please note, the business day cut off is 5pm. Transactions made after 5pm will start to be processed from the next business day.

You'll benefit from a quarterly eStatement (when you make a deposit or withdrawal in that quarter). We'll email you when these are available to view in the online bank.

You can update your email address, phone numbers and postal address using our online banking service. To do so:

1: Log in to our online banking service
2: At the top right of your screen, click ‘Welcome YOUR NAME’
3: Select 'Contact Details' from the drop down menu
4: Follow the on-screen instructions.

We will update your email address and phone number instantly. For your security, when you change your address you will not be able to transact on this account for 1 full business day.

If you wish to change your name, please write to us with your new details, providing evidence (i.e. copy of your marriage certificate) at:

Post Office Savings
PO Box 87
Armagh
BT61 0BN

Please note if you did not provide a copy of your signature during the account opening process you will need to complete a Signature Mandate at the same time – simply follow the on-screen instructions to do this.

To help you manage your savings you can add a nickname to your account, for example, "money for wedding". To do this:

1: Log in to our online banking service
2: Click “Options” on the product summary page relating to the account you wish to rename
3: Select “Re-name account” from the drop down menu
4: Follow the on-screen instructions.

You can close your Online Saver by either sending us a letter, confirming you wish to close your account, logging into the online servicing site or by calling the customer service centre. We will send the final balance, together with any accrued interest, to your linked account. If you wish to close your account please print off your online statements beforehand.

A linked account is a current account that we link to your Post Office savings account so you can transfer money safely and securely whenever you like. It must be a UK personal bank or building society current account in your name(s).

For sole Online Saver accounts: Your linked account must be in your sole name only.

For joint Online Saver accounts: The linked account can be a current account in the first applicant’s name only. Or, it can be a joint current account, as long as the first applicant is also named on the joint current account.

In all cases, the linked account must be a UK Bank or Building Society current account.

Yes. noting the below;

1: Your new linked account must be a UK Bank or Building Society current account in your name.
2: Once changed there is a minimum of one full business day, before the account details can be used for withdrawals.

Once your Post Office online savings account is open, log in to our online banking service;
1: On the account summary page, select “Options” for the Post Office savings account you wish to amend
2: Select “Link Account”
3: Follow the on-screen instructions.

If you are unsure which account number or sort code to use, please contact your bank or building society.

We calculate interest daily on the total balance in your account at the end of the day at the relevant gross rate (if you meet our minimum balance criteria).

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:

FREEPOST
Post Office 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
Email: complaint.info@financial-ombudsman.org.uk
Website: www.financial-ombudsman.org.ukopens 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 - 5:00pm Mon – 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 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.

You can only have one Online Saver Account. If you already have an account and you want to make additional deposits, you can do this up to the maximum deposit limit of £2,000,000.

Summary box and how to apply

Apply for an Online Saver account

Summary Box
Key product information for our Online Saver savings account

Account name

 Post Office Online Saver Issue 55
What is the interest rate? Annual Interest option Monthly Interest option
Interest rate without bonus 0.10% Gross / AER Variable Interest rate without bonus 0.10% Gross / 0.10% AER Variable
Interest rate with bonus (includes a bonus of 0.20% gross for 12 months) 0.30% Gross / AER Variable Interest rate with bonus (includes a bonus of 0.19% gross for 12 months) 0.29% Gross / 0.30% AER Variable
Annual interest, calculated daily, will be paid annually between the 20th and 25th March. Monthly interest, calculated daily, will be paid on the first business day of each month.
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 Section10 ‘Changes to your account’ of the general savings terms and conditions.

If we change your interest rate to your disadvantage, we will 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
 

£1003.00
After 24 months
 		 £1004.00

Projection based on annual interest option with interest paid into the Online 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 12 months of the projection.
How do I open and manage my account?

Eligibility

  • To apply you must be a UK resident or a resident in the UK for tax purposes
  • 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 £1
  • The maximum balance of the account is £2 million

If you wish to switch into this or out to another product, please select the ‘Online Products’ link on your online banking page, www.postoffice.co.uk/savings or go into your local branch.
Can I withdraw money?

Online Saver offers you the ability to make unlimited no-notice withdrawals without any penalty.

  • Withdrawals are free of charge
  • Withdrawal requests can only be made online.
  • Minimum withdrawal amount is £1, there is no maximum limit.
  • Withdrawals are available by payment into your linked bank account.
Additional information Interest is paid gross without tax deducted.

 

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

If you wish to apply as a Power of Attorney please read Online Saver - Key Information and return the completed Power of Attorney application form to us. 

Online application is fast and secure

Small print

Rates correct as at 24th May 2022.

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 check 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 Logo are registered trademarks of Post Office Limited.

Selected Category :Savings

Give us a call

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

Important Information

Online Saver - Key Information (PDF 357Kb)