This comparison simply includes all savings accounts.
Post Office Savings Accounts
Why we like it: No minimum monthly funding or monthly fee to maintain the account. Earn up to 15% cashback with Retailer Offers. Stress-free account switching in 7 days with the Current Account Switch Service. £300 ATM withdrawal per day, Arranged Overdraft facility (subject to status). Online and Mobile Banking with text and email alerts. Must be 18 or older and live in the UK permanently. 39.94% EAR overdraft charge. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: SPECIAL OFFER - £125 for SWITCHING to an HSBC Advance Account. Earn 1.00% AER/gross when you save between £25 and £250 per month. Arranged overdraft limit of at least £1,000 on account opening. Money banking app. No monthly account fee. Easy switching with the Current Account Switch Service. Must be 18 or older and be UK resident. Must pay in £1,750 per month or £10,500 over 6 months. Must be approved for an arranged overdraft of £1,000+. Get the £125 when switching to an HSBC Advance Account as a new customer with at least 2 Direct Debits or standing orders. Offer for new customers only who haven’t held an HSBC current account, or opened a first direct account since 1 January 2018. Eligibility criteria and T&C’s apply. Offer may be withdrawn anytime
Why we like it: Earn 0.30% AER (variable) interest on balances up to a maximum of £20,000. Up to 3% cashback on household bills - 1% on council tax bills, Mobile and home phone bills, broadband and paid-for TV packages, and Santander monthly mortgage payments. 2% on Gas and electricity bills, Santander Home Insurance premiums and Santander Life Insurance premiums, and 3% on water bills. Monthly fee of £4. Cashback capped at £5 for each cashback tier each month. Must pay in £500 pm. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: Save from £5,000 to £500,000. No additional deposits or withdrawals permitted. FSCS Protected
Why we like it: MARKET LEADING. Save from £5,000 to £500,000. No additional deposits or withdrawals permitted. FSCS Protected
Why we like it: MARKET LEADING. Save from £5,000 to £500,000. No additional deposits or withdrawals permitted. 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: Market Leading. Balances from £1,000 to £1 million. Unlimited withdrawals without restriction or loss of interest. Eligible deposits covered by UK FSCS.
Why we like it: Unlimited withdrawals subject to 95 days notice.
Why we like it: Which? Recommended Savings Provider. Save from £1,000 to £1,000,000. No withdrawals before the end of the term. 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: Which? Recommended Savings Provider. Save from £1,000 to £1,000,000. No withdrawals before the end of the term. 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: Free current account. Pays 0.05% AER interest on balances up to £85,000. Get set up in minutes. Send money abroad: Fast and secure money transfers to bank accounts in 38 countries worldwide. No fees when you pay with your card abroad or withdraw money. Get a spotlight on your spending: See what you’ve spent instantly with real-time payment notifications. 3 month interest holiday on the first £500 of an arranged overdraft. Best British Bank and Best Current Account in 2020 at the British Bank Awards. Awarded 5 stars by Defaqto. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Compare Post Office savings accounts
Putting money into a savings account can be a smart move, as long as you find the right one for your financial circumstances and saving goals. Below is a list of the main types of savings accounts the Post Office currently offers so you can find out more before moving forward.
Current Accounts
Post Office current accounts are provided by Bank of Ireland UK. Current accounts often give better rates of interest than a lot of dedicated savings accounts, but these rates are only available on deposits up to a certain size.
Finding the best interest rate may require you to shop around and switch to a different provider. It is worth bearing in mind that many of the best rates only apply for an introductory period. After this initial window, the interest rate may drop considerably.
Instant Access Savings Accounts
If you have a lump sum that you want the freedom to add to or take money out of, an instant access account is a wise choice. You will usually be able to make deposits and withdrawals without paying a fee, although there may be restrictions on how many times you can do this annually.
Instant access accounts can usually be managed online or by phone, and you may be issued with a cash card allowing you to make withdrawals at cash points.
Notice Savings Accounts
The Post Office currently offer a Reward Saver account, which is a form of notice savings account. This gives you a slightly better rate of interest than an instant access savings account, but in exchange you will have to give 30 days’ notice for any withdrawal. If you want to remove funds sooner than this, you will have to pay a no-notice penalty fee.
Fixed Rate Bonds
If you would like to know for definite how much you will get back from your savings, a fixed rate bond may be the best bet. You can usually deposit very large sums into a fixed rate bond if necessary, and you will earn a guaranteed rate of interest for the life of the bond. Fixed rate bonds usually last for 1 to 5 years. Bear in mind that the longer the bond term, the higher the interest rate will be.
Fixed rate bonds are best suited to long term saving, as you cannot normally take money out until the bond term expires.
Cash ISAs
When planning your savings, it is important to know that you will usually have to pay tax on the interest you receive. The exception for UK tax payers is when you place your money into a cash ISA. These allow you to earn tax-free interest on deposits up to a certain size.
This amount you can put into an ISA is set by the UK government and is £20,000 for the 2017/18 tax year.
The main types of ISAs are known as instant access cash ISAs and fixed term cash ISAs. Instant access ISAs pay variable rates of interest, and allow you to put in and take out money whenever you want. Fixed term ISAs are like fixed rate bonds, giving guaranteed interest rates over a set period in exchange for locking your money away.
Find the best Post Office savings account for you
How do you know which savings account will offer you the best deal for your savings? Our comparison tool at the top of the page allows you to easily see what the most attractive accounts from across the market have to offer. That way you can be confident that you have the best options in front of you when making a decision.
