Post Office Instant Saver account introduced

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Post Office Instant Saver account introduced

Mon 3rd Apr 2006

The new Post Office Instant Saver account has been launched today, with an interest rate of 4.75 per cent – this includes an introductory bonus of one per cent on balances of £500 or more for 12 months from the opening of the account.

According to the Post Office, this rate offers UK savers a collective interest benefit of £9 billion, compared to the average 2.7 per cent interest that the £452 billion worth of savings in the UK was earning at the end of 2005.

A guarantee is given that this rate – which is available at all of the 14,500 Post Office branches in the UK – will remain within one per cent of the Bank of England base rate.

"We're providing top interest rates to everyone and letting our customers decide whether they want to do their business by telephone, online or face to face with their local subpostmaster – its entirely up to them," said Alan Cook, Post Office managing director.

Six free withdrawals per year are permitted with the Post Office Instant Saver account, with a flat £1 fee after that.

The minimum opening balance of the product is £500.

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