This comparison simply includes all savings accounts.
Post Office Savings Accounts
Why we like it: Unlimited deposist and withdrawals, interest paid annually. Includes 0.61% AER bonus for first 12 months. Eligible deposits covered by UK FSCS.
Why we like it: 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: Minimum deposit £1. Unlimited deposits. Transfer in ISAs held elsewhere - no limit. Eligible deposits covered by UK FSCS.
Why we like it: Minimum deposit £500. Transfer in ISAs held elsewhere - no limit. Eligible deposits covered by UK FSCS.
Why we like it: Minimum deposit £1000. No withdrawals permitted. Apply online. Eligible deposits covered by UK FSCS.
Why we like it: Save from £5,000 to £500,000. No additional deposits or withdrawals permitted. FSCS Protected
Why we like it: Save from £5,000 to £500,000. No additional deposits or withdrawals permitted. FSCS Protected
Why we like it: Minimum deposit £1,000 - No withdrawals permitted - FSCS Protected
Why we like it: Minimum deposit £1,000 - No withdrawals permitted - FSCS Protected
Why we like it: Higher rates available if investing over £20,000 (6.06%) or over £100,000 (7.01%). Invest up to £20,000 this tax year and/or transfer in from an existing Cash ISA, Stocks & Shares ISA or IFISA. When you join the easyMoney family you will automatically become an easyMoney plus card member, offering savings at over 1,000 of Britain’s biggest retailers and more! e-Money Capital Ltd trading as easyMoney is authorised and regulated by the FCA (FRN 231680). As with all investing, your capital is at risk when you lend to businesses and returns are not guaranteed. No FSCS. For more details please refer to our full risk statement.
Disclaimer: When making a peer to business loan, your capital lent to a borrower is not covered in the event of loss by the FSCS
Why we like it: Invest up to £20,000 this tax year (2018/19) and/or transfer in from an existing Cash ISA, Stocks & Shares ISA or IFISA. Invest over £1,000 and you will automatically become an easyMoney plus card member, offering savings at over 1,000 of Britain’s biggest retailers and more! e-Money Capital Ltd trading as easyMoney is authorised and regulated by the FCA (FRN 231680). As with all investing, your capital is at risk when you lend to businesses and returns are not guaranteed. No FSCS. For more details please refer to our full risk statement.
Disclaimer: When making a peer to business loan, your capital lent to a borrower is not covered in the event of loss by the FSCS
Why we like it: 5.00% interest for 12 months on balances up to £2,500 for the first year. You must pay in £1,000 or more each month to receive interest (excluding transfers from any Nationwide account held by you or anyone else). 12 month fee-free arranged overdraft available. No monthly fee. Must be aged 18 or older.
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.
