Interest rise on Post Office Instant Saver

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Interest rise on Post Office Instant Saver

The Post Office Instant Saver account is to have an interest rate rise of a quarter of a per cent in accordance with the rise of the Bank of England's base rate announced today.

With the base rate increasing to five per cent, the Post Office Instant Saver will boast an interest rate of 5.25 per cent to new and existing customers as of December 6th this year.

Allied to this, the Post Office Instant Saver is guaranteed to stay within one per cent of the Bank of England base rate throughout the term of the account.

Richard Norman, head of savings at the Post Office, remarked: "The Post Office is committed to offering great customer value. That's why we guarantee to raise rates on the Instant Saver account in line with any increases in the Bank of England base rate until January 2008."

The account offers customers the opportunity to make six withdrawals per year for free, thereafter they will cost £1 each and the Post Office declares that there are no hidden withdrawal charges on the account.

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