Post Office savings rates — compare every account, plus switch offers and guides

Who they are

Post Office Money is a financial services brand operated by Post Office Limited, providing savings accounts and other products to customers in the UK through Post Office branches, the internet and telephone. The savings side of things is not run by Post Office itself - the Post Office and Bank of Ireland UK have partnered for more than 20 years to offer a range of financial services under the Post Office brand. In practice, all Post Office savings accounts are provided by Bank of Ireland UK. That partnership is substantial: more than 530,000 people in the UK save with them, and depending on their product, they can manage their money online or in one of the 11,500 Post Office branches.

Savings accounts

The one savings product currently listed on DepositScout is the Online Saver, an easy access account open from as little as £1. The headline rate of 4.31% AER is variable, but there is an important detail buried in the small print - it includes a fixed bonus of 3.41% gross for the first 12 months only. After that year is up, the rate drops back to the underlying variable rate of 0.90% AER. That is a significant fall, so if you open this account, put a reminder in your calendar for month eleven and shop around before the bonus expires.

FSCS protection - a key thing to know

Your savings are covered by the FSCS. Your eligible deposits with Bank of Ireland (UK) plc are protected up to a total of £120,000 by the Financial Services Compensation Scheme. However, there is a licence-sharing point worth flagging. This limit is applied to the total of any deposits you have with Bank of Ireland UK and Post Office savings accounts provided by Bank of Ireland UK. So if you already hold money directly with Bank of Ireland UK, those balances count toward the same £120,000 cap - not a separate one. For most savers this will not be an issue, but it is worth knowing if you bank with both.

Is it right for you?

Post Office is a recognisable, trusted name and the branch network is genuinely handy if you prefer doing things in person. The Online Saver rate looks strong at first glance, but the bonus structure means it is really a short-term deal. If you are a disciplined saver who will switch when the bonus ends, it can work well. If you prefer a set-and-forget approach, you may find yourself sitting on 0.90% AER without realising it.

There are no current accounts or switch offers available here, so Post Office is purely a savings destination for now.

Rates and account terms change - check the live figures shown on this page before you decide.