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This comparison simply includes all savings accounts.

Post Office
Online Saver Post Office
Min deposit £1
Term Instant Access
Interest AER 1.22%

Why we like it: REGULAR SAVER, LOWEST MINIMUM. Earn 1.22% gross/AER variable. Open with £1. Unlimited free withdrawals. Interest paid monthly or annually. Manage your account online. FSCS protected

RCI Bank
Freedom Savings Account RCI Bank
Min deposit £100
Term Instant Access
Interest AER 1.30%

Why we like it: MARKET LEADING RATE. No notice period. Deposit from £100. Interest paid monthly or annually. Apply in minutes.

Ford Money
Flexible Saver Ford Money
Min deposit £1
Term Instant Access
Interest AER 1.17%

Why we like it: Open with £1. Unlimited deposits and withdrawals. Open an account singly or jointly. Interest can be paid monthly or annually. Eligible deposits covered by UK FSCS.

The Access Bank UK
Fixed Rate Bond The Access Bank UK
Min deposit £5000
Term 1 Year
Interest AER 1.80%

Why we like it: Save from £5,000 to £500,000. No additional deposits or withdrawals permitted. FSCS Protected

Ford Money
Fixed Saver Ford Money
Min deposit £500
Term 1 Year
Gross AER 1.70%

Why we like it: Minimum deposit £500. Open an account singly or jointly. Interest can be paid monthly or annually. Eligible deposits covered by UK FSCS.

The Access Bank UK
Fixed Rate Bond The Access Bank UK
Min deposit £5000
Term 2 Years
Interest AER 2.05%

Why we like it: Save from £5,000 to £500,000. No additional deposits or withdrawals permitted. FSCS Protected

Ford Money
Fixed Saver Ford Money
Min deposit £500
Term 2 Years
Gross AER 1.85%

Why we like it: Minimum deposit £500. Open an account singly or jointly. Interest can be paid monthly or annually. Eligible deposits covered by UK FSCS.

Masthaven Bank
Flexible Term Saver Masthaven Bank
Min deposit £500
Term 30 Months
Interest AER 1.85%

Why we like it: 30 month term. Interest can be paid monthly or annually. Minimum deposit £500, Maximum deposit £250,000. No withdrawals permitted. FSCS Protected

The Access Bank UK
Fixed Rate Bond The Access Bank UK
Min deposit £5000
Term 3 Years
Interest AER 2.25%

Why we like it: Save from £5,000 to £500,000. No additional deposits or withdrawals permitted. FSCS Protected

Masthaven Bank
Flexible Term Saver Masthaven Bank
Min deposit £500
Term 4 Years
Interest AER 2.23%

Why we like it: 4 year term. Interest can be paid monthly or annually. Minimum deposit £500, Maximum deposit £250,000. No withdrawals permitted. FSCS Protected

Masthaven Bank
Fixed Rate Bond Masthaven Bank
Min deposit £500
Term 5 Years
Interest AER 2.30%

Why we like it: 5 year term. Interest can be paid monthly or annually. Minimum deposit £500, Maximum deposit £250,000. No withdrawals permitted. FSCS Protected

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. For example, TSB are offering 5% AER on their TSB current account for balances up to £2,000, while Santander pay 1.5% AER up to a limit of £20,000.

Finding the best interest rate may require you to shop around and switch to a different provider and 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, as necessary, 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 if you wish to take money out. 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 will earn a guaranteed rate of interest for the life of the bond. Fixed rate bonds usually last for 1-5 years and 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 saving, it is important to bear in mind 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 interest tax-free 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 allow you to put in and take out money whenever you want and pay variable rates of interest. 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 you have the best options in front of you when making a decision.

Latest news

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Simplysavingsaccounts.co.uk is a trading style of Fair Investment Company Ltd.

We've been comparing savings and current accounts for many years so you can trust you're in good hands.