The Post Office is the largest retail network and financial services chain in the UK, with more branches than all of the UK’s banks and building societies put together. At the last count, there were 11,415 Post Office branches nationwide, run by local people, and more than 17 million customer visits and 47 million transactions per week.
Apart from banking services, the Post Office offers postal services, insurance, travel money, government services, money transfers and much more. It also provides tax-free saving options, with easy access to your accounts. All its individual savings accounts (ISAs) are provided by OneFamily, a mutual society, and all money saved into Post Office cash ISAs are deposited with Bank of Ireland UK.
All other Post Office savings accounts are provided by Bank of Ireland UK, which is a member of the Financial Services Compensation Scheme (FSCS). This means that should the bank cease trading, the money you have saved in all your Post Office savings accounts will be protected up to a limit of £85,000.
Continue reading to find out more about the financial and postal service provider with over 370 years of service.
Easy access savings accountsPost Office Money®'s best easy access rate of 4.7% is significantly lower than today's market-best rate of 8%.
Cash ISAsPost Office Money®'s best cash ISA rate of 5.55% is very slightly lower than today's market-best rate of 5.85%.
Fixed-rate bondsPost Office Money®'s best fixed-rate bond rate of 5.6% is very slightly lower than today's market-best rate of 6.2%.
Overview of Post Office Money® savings
|Savings account types include||Easy access, cash ISAs, fixed-rate bonds|
|Best easy access rate||4.7%|
|Best cash ISA rate||5.55%|
|Best fixed-rate bond rate||5.6%|
|Fixed bond terms||1 year - 3 years|
|Opening options||Branch, website, post|
Is it easy to switch to Post Office?
Post Office offers loads of different savings accounts, so how you switch will depend on what type of account you are opening. It aims to make switching as easy as possible for you, so whatever the account you can be sure the process is simple.
For an online saver, you can start an account with as little as £1, and be ready to start saving straight away. You are also able to transfer ISAs into your new account, so no need to worry when looking to switch.
How do I decide which account is for me?
You need to work out what it is you need from your savings account. Are you looking to put a bit of money away each month? Do you want to put some money away and restrict access to it? Are you after rewards or hoping to maximise interest?
You need to work out what you need before comparing the different offers available for certain types of bank account. Once you’ve done that, useful guidelines to compare include:
- Interest rates
- Fees (if there are any)
- Access to cash (if you need quick access)
- Rewards and loyalty schemes (if you’re into the add-ons or switching bonuses)
Does Post Office offer online or mobile banking?
Yes. it offers online banking through its website, but it does not have a dedicated mobile app.
Here are some of the basic features of Post Office’s online banking service:
- Check balances for any type of account.
- Transfer money between accounts
- Pay bills and people
Post Office Money customer reviews
Post Office Money was our highly commended company in our annual savings customer satisfaction survey 2023, scoring 5 out of 5 stars, and with 86% of its savings customers saying they would recommend the service.
Pros and cons of saving with Post Office Money
- Dependability. Post Office has been around for over 370 years, so you can feel safe knowing that it’s not likely to go out of business anytime soon.
- Loads of branches. It has over 11,400 branches nationwide, more than any bank.
- Flexibility. Post Office’s variety of accounts offers flexible options no matter what kind of savings you’re looking for.
- Basic services. It only offers what some people would consider basic banking services, so you may want to look elsewhere if you want more from your bank account.
- Individuals only. Post Office accounts are for individual use only, so if you have a business or organisation you’ll have to look elsewhere.
The bottom line
With more branches than any UK bank, and a vast range of services that you can also make use of, the Post Office could be a good option to open a savings account, especially if you prefer face-to-face contact. However, its accounts are quite basic, so you may want to look elsewhere if you want more for your money. Check out our other best savings account reviews to see if there’s an option that suits you better.
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