This comparison simply includes all savings accounts.
Post Office Current Account
Why we like it: Interest paid annually. Unlimited deposits and withdrawals. Open and manage online. FSCS Protected. Must be UK resident and be aged 18 or older
Why we like it: Easy access savings account that tracks the Bank of England base rate. Wave goodbye to the constant cycle of account hopping and forget waiting for banks to pass on higher interest rates. Interest rate moves with the Bank of England base rate, guaranteeing a fixed margin of up to 0.5% below, and adjusts the very next day. Easy access to your money with once a month withdrawals, without notice and without fees. Earn daily interest on your money, and experience the power of compounding to make your savings work harder. Maximum deposit £250,000. Wombat has partnered with GB Bank to bring you the Base Rate Tracker. GB Bank is an award-winning, fully authorised and regulated UK bank. FSCS eligible on your deposits. Must be UK resident. Must be aged 18 or older
Why we like it: A new savings account from Chip built to move with the Bank of England and reward you faster than the banks. Interest paid monthly. Deposit and withdraw almost instantly. No fees or charges for holding account. FSCS eligible on your deposits. Must be UK resident. Must be aged 18 or older.
Why we like it: Save from £1. Unlimited payments and withdrawals. Interest paid annually. Open in a single or a joint name. Maximum deposit £500,000. Open and manage account online. FSCS Protected. Must be UK resident. Must be aged 16 or older
Why we like it: Choose monthly or annual interest payments. Unlimited deposits and withdrawals. 24/7 access to your savings. Open and manage online. After 12 months the rate will revert to the underlying rate, currently 1.55% gross/AER variable. Post Office Online Saver is provided by Bank of Ireland UK. Must be UK resident. Must be aged 18 or older. FSCS protected
Why we like it: Which? Recommended Savings Provider. No notice period. Deposit from £100. Interest paid monthly or annually. Apply in minutes. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services. Compensation Scheme (FSCS)
Why we like it: Instant access to your savings. Unlimited deposits and withdrawals. Interest paid monthly, either to a linked current account, or adding it to your Online Flexi Saver account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Must be aged 18 or older and have a UK address. Must have a linked UK current account. Your eligible deposits with Investec Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
Why we like it: All funds deposited into the RCI Bank E-Volve Savings 14 Day Notice Account will be used to fund pure electric vehicles and charging facilities. Interest paid monthly or annually. Manage account online. UK-based support, seven days a week. Which? Recommended Savings Provider. Unlimited withdrawals subject to 14 days notice. Must be UK resident. Must be aged 18 or older. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
Why we like it: Unlimited deposits and withdrawals. Interest paid monthly: can be added to your Notice Saver or paid to your linked account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Withdrawals subject to 90 days notice. Must be aged 18 or older and have a UK address. Must have a linked UK current account
Why we like it: 9 month term, minimum deposit £1,000, no withdrawals permitted. FSCS Protected
Why we like it: 1 year term, minimum deposit £1,000, no withdrawals permitted. FSCS Protected
Why we like it: Minimum deposit £1,000 - No withdrawals permitted - FSCS Protected
Post Office Account
The Standard Account is a straightforward current account that offers free everyday banking with no hidden charges. The Post Office offers the usual necessities of a current account, such as:
- Visa debit card with contactless payments and a cheque book
- A competitive overdraft 14.6% EAR
- Management of your account online, in-branch, over the phone and by mobile
- Setting up Direct Debits and payments
The Post Office is also offering a basic account, called Control which is aimed at people who have previously had trouble with hefty overdraft charges or are trying to stay in control of their finances. It comes with a full banking service, including a debit card.
Control can protect account holders from unexpected bank charges and from accidentally going overdrawn but costs £5 a month. Some other banks offer this service for free so it's worth checking if there might be a better option.
The standard account is for those who want something straightforward and free, provided you stay in credit. You get a debit card and can request a chequebook and apply for an overdraft. You can bank in the standard ways, such as: online, at cashpoints ,on the phone or over the counter.
Overdraft
The Post Office overdraft has a great overdraft option. They maintain that their accounts have a simple overdraft structure with a competitive overdraft interest rate. Rather than having a range of overdraft fees and charges the Post Office has chosen to launch a simple charging structure, with authorised overdrafts costing 14.9% EAR. They don’t have any unauthorised overdraft charges and only charge a £15 fee for payments that are rejected.
On their website they give the representative example: ‘Based on an overdraft limit of £1,200 used in full for a one month period where the variable rate of interest is currently 13.72% per annum, the total charge for credit would be £13.72.’
The Post Office account is has the advantage of a huge network of more than 11,500 branches which is more than all the main UK banks combined. This means you should always be able to find a branch local to you which is very convenient especially for those living in more rural areas.
Overall this is a great standard account with an attractive overdraft rate and plenty of branches. It does not provide interest on your money however, which could be an issue for savers.
