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Post Office savings accounts
Is Post Office the right provider for you and your savings?
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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. Post office claims to have over 11,500 Post Office branches nationwide, run by local people, and more than 17 million customer visits & 47 million transactions per week.
Apart from the financial services, Post Office deals in mails & retails, government services, telephones, broadband, money transfers and much more. Post office provides tax-free saving options, with easy access to your accounts. All Individual Savings Accounts (ISAs) will be provided by OneFamily, and the savings will be credited to Bank of Ireland UK.
Continue reading to find out more about the financial and postal service provider with over 370 years of service.
What savings accounts does Post Office offer?
Post Office offers several different types of savings accounts:
Online ISA
- Choose as many variable or fixed rates as you like
- Open with £100
- Fixed Rate: open with £500 – single deposit only, no withdrawals
- Transfer-in existing ISAs
Premier Cash ISA
- Up to two withdrawals per tax year
- Transfer-in existing ISAs
Fixed Rate Cash ISA
- Tax-free savings from £500
- Single deposit only, no withdrawals
- Transfer-in existing ISAs
Junior ISA
- Tax-free savings for a child
- Open with £500 or from £10 per month
- Transfer an existing Child Trust Fund
Instant Saver
- Instant Access with an ATM cardM
- Open with £100
Online Saver
- Open with £1
- Easy access, no withdrawal limits
- Choose annual or monthly interest payments
Online Bond
- Choose annual or monthly interest payments
- Open with £500 – single deposit only, no withdrawals/li>
Growth Bond
- Deposit from £500 – £1million
- Open with £500 – single deposit only, no withdrawals/li>
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. Post Office 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 bank 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 for instance)
- Rewards and loyalty schemes (if you’re into the add-ons or switching bonuses)
Does Post Office offer online or mobile banking?
Yes. Post Office 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
What are the benefits and drawbacks of saving with Post Office Money?
The benefits
- 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. Post Office has over 11,500 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.
The drawbacks
- Basic services. The post office only offer 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.
Ask an Expert
How can I find out the details of my deceased mothers Post Office Account when I can’t find any documents? Thanks
Hi Sophie,
Thanks for your inquiry.
According to Post Office, if you are the Next of Kin or Personal Representative of the deceased’s Estate, they will need proof of identity from you. This is so that they know who are they writing to and that you are entitled to account details. If you have an account with them, they will only need your account number.
I hope this helps.
Kind regards,
Bella
Can somebody please tell me what is happening to your Savings accounts with the Bank of Ireland?
Hi Arnold,
Thank you for leaving a question. You may visit the nearest Bank of Ireland in your location or visit their website for support in order for you to get the detailed information you need for your savings account.
Would you wish to get real time answers to your queries, you may visit our site a again and click on the chat box located on the lower right hand of the screen to chat with a live representative.
Regards,
Val
how do I open a savings account for great grandson, being able to put various amounts in as and when. What information from parents to open this account. Thank you
Hi Kate,
Thank you for reaching out to finder.
The Junior ISA is designed to provide a child with a tax-efficient lump sum at the start of their adult life.
It can be set up by parents and legal guardians of the child with a regular Direct Debit from as little as £10 per month or a lump sum of £500 or more. You can also transfer from an existing Junior ISA or from a Child Trust Fund.
Once the account is opened anyone can contribute by Direct Debit, bank transfer or cheque. The only limit is the maximum amount per year: £4,260 in the 2018/19 tax year.
Please bear in mind that only the child can access the money and only after they turn 18. Hope this helps!
Cheers,
Reggie
Can someone transfer monies into my savings account from another bank like Barclays? If so what is the max amount which can be moved from account to savings account?
Hi ET,
Thanks for getting in touch with finder. I hope all is well with you. :)
Yes, it is possible to make a bank to bank transfer. Typically, there’s no money transfer limit per transaction. You may also directly get in touch with your bank to confirm.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
If someone does not have a computer, are there any saving bonds available by post or in branch?
Hello,
Thank you for your comment.
Upon checking, Growth Bond, which is one of the Post Office Money® Bonds provided by Bank of Ireland UK, is available by phone and by post. I hope this helps.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Regards,
Jhezelyn
Are Post Office accounts only available to personal customers, or could my church use a Post Office account?
Hello Revd,
Thank you for your comment.
Unfortunately, post office account is for individual use only. Post Office card account is a simple bank account which will allow you to collect your Pension, Benefit or Tax Credit payments. You may refer to the Post Office Card Account terms and conditions found on their website for more details.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Regards,
Jhezelyn
Hi, I need a savings account that I can put money into at any time and I need to have a month notice to withdraw the money
Hi Stupilan,
Thanks for getting in touch with finder.
I understand you are looking for a savings account. Please go to this page to compare your options. On that page, you will see a table that will help you compare savings accounts.
Read on to find out more and make the choices that get your money working as hard as possible.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua