Post Office account proves popular with savers

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Post Office account proves popular with savers

Post Office Financial Services announced today that it had garnered over £3 billion in savings deposits, making it one of the fastest-growing financial service providers in the market.

The firm puts the success of its instant access savings account, Instant Saver, down to the "consistently good" rate it offers customers.

Its current interest rate is 5.75 per cent and the Post Office guarantees to remain within one per cent of the base rate for the life of the account.

Post Office managing director Alan Cook said that in the current uncertain financial climate, "consumers are looking for financial products that give them a good deal with no hidden catches".

The Post Office announced yesterday that over half a million people have taken out its car insurance and said their van insurance business is "booming", hitting 12,000 sales in under a year.

It launched its car insurance business in July 2004 and currently offers £50 cash back or a month's free insurance to new customers.
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