An established and reputable brand with a large nationwide branch presence
Account management and banking services are basic compared to other providers
Post Office savings accounts
Post Office Money® offers a broad range of savings accounts with interest rates up to 5.6%.
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 accounts
Table: sorted by interest rate
Post Office Money®'s best easy access rate of 4.7% is significantly lower than today's market-best rate of 8%.
Compare more instant and easy access accounts up to 8%
Cash ISAs
Table: sorted by interest rate
Post Office Money®'s best cash ISA rate of 5.55% is very slightly lower than today's market-best rate of 5.85%.
Compare more ISAs up to 5.85%
Fixed-rate bonds
Table: sorted by interest rate
Post 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 |
| FSCS protection |
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
Pros
- 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.
Cons
- 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.
Savings ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our customer satisfaction scores ("Customers say") are based on a survey of 2,224 customers carried out in December 2022.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.
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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