Press release -
Post Office Launches Competitive Range For UK Savers
- Attractive products include Online Saver, Reward Saver and Cash ISA
- Products are available online, in-branch, by phone or by post
Post Office is to launch a number of savings products with new, improved rates across the majority of its range. The revision includes new issues of its Online Saver, Reward Saver, Growth Bonds, Online Bonds, and Cash ISAs. The new issues are available to customers from Friday 12th September 2014.
The new range includes:
Online Saver Issue 12: 1.40% gross^/AER*Variable
Reward Saver Issue 7: 1.35% gross^/AER* Variable
Premier Cash ISA Issue 7: 1.55% tax-free† /AER* Variable
Growth Bond Issue 23:
- One year – 1.80% gross^/AER*Fixed
- Two Year – 2.05% gross^/AER*Fixed
- Three Year – 2.20% gross^/AER*Fixed
Online Bond Issue 12:
- One Year – up to 1.81% gross^/AER*Fixed
- Two Year – up to 2.06% gross^/AER*Fixed
- Three Year – up to 2.21% gross^/AER*Fixed
Fixed Rate Cash ISA 13:
- One Year – up to 1.70% tax-free† /AER*Fixed
- Two Year – up to 1.95% tax-free† /AER*Fixed
- Three Year – up to 2.10% tax-free† /AER*Fixed
Henk Van Hulle, Head of Savings and Investments at Post Office, said: “Our new range of products reinforces our commitment to supporting the UK’s savers by providing long-term value and competitive rates. The wide range of products available caters for the varying needs of any number of savers. Whether it is a short or medium-term savings goal, for example an upcoming wedding, or a longer-term aim such as a deposit for a home, Post Office has a suitable savings product for all.
“Post Office recently conducted the Future of Savings study with the Cebr and found that the average amount UK households have available to save is set to fall year-on-year. We understand the ongoing struggle for families trying to put money aside and want to help people make the most of their savings.”
Savers can apply for Growth Bonds, Cash ISAs and the Reward Saver in-branch, by phone or by post. Online Bond and Online Saver are available online only.
Ends
For more information, please contact:
Gabrielle O’Gara
Post Office Press Office
0207 250 2534/0743 6034 094
Gabrielle.ogara@postoffice.co.uk
www.postoffice.co.uk
Notes to editors
Online Saver Issue 12:
Interest rate |
Annual interest: 1.40% gross^ /AER* variable Rate includes a fixed bonus of 0.65% gross^ for 12 months from account opening date, after which the rate will revert to the underlying rate of 0.75% gross^ / AER* variable. Monthly interest: 1.39% gross^ variable / 1.40% AER* variable Rate includes a fixed bonus of 0.64% gross^ for 12 months from account opening date, after which the rate will revert to the underlying rate of 0.74% gross^ / 0.75% AER* variable. |
Minimum opening deposit |
£1 |
Max deposit |
£2,000,000 |
Additional deposits |
You can make deposits up to a maximum total balance of £2,000,000 |
Withdrawals |
There are no limits on the number or value of withdrawals that you can make, subject to having sufficient funds in your account. Money from withdrawal requests will be transferred to your nominated account. |
Interest paid |
The interest rate is variable with a fixed bonus for the first 12 months. The customer can select to have their interest paid annually or monthly. |
Reward Saver Issue 7:
Interest rate |
Annual interest: 1.35% gross^ /AER* variable Rate includes a fixed bonus of 0.60% gross^ for 12 months from account opening date, after which the rate will revert to the underlying rate of 0.75% gross^ / AER* variable. Monthly interest: 1.34% gross^ variable / 1.35% AER* variable Rate includes a fixed bonus of 0.59% gross^ for 12 months from account opening date, after which the rate will revert to the underlying rate of 0.74% gross^ / 0.75% AER* variable. |
Minimum opening deposit |
£500 |
Max deposit |
£2,000,000 |
Additional deposits |
You can make deposits up to a maximum total balance of £2,000,000 |
Withdrawals |
The minimum withdrawal amount is £50 or the whole balance of the Account if the withdrawal takes the balance below £50. Withdrawals are paid to the customer’s nominated account. Free withdrawals with 30 days’ notice. No-notice withdrawals are subject to the payment of an interest penalty which will be the loss of 30 days gross interest on the amount withdrawn. Up to £15,000 can be withdrawn by telephone each day. |
Interest paid |
The interest rate is variable with a fixed bonus for the first 12 months. The customer can select to have their interest paid annually or monthly. |
Premier Cash Isa Issue 7:
Interest rate |
Annual interest: 1.55% tax-free† variable Rate includes a 0.80% tax-free†/AER* fixed bonus for the first 18 months from account opening, after which the rate will revert to the underlying rate of 0.75% tax-free† / AER* variable. |
Minimum opening deposit |
£100 |
Max deposit |
You can make deposits up to £15,000 each tax-year (subject to stocks and shares ISA contributions). Unlimited transfers–in accepted. |
Additional deposits |
Additional deposits can be made at any Post Office branch, by post or by phone (minimum of £10 for debit card payments over the phone). Deposits can also be made by transfers from an existing ISA or Post Office savings account or by setting up a Direct Debit. |
Withdrawals |
You can make up to 2 withdrawals each tax year – if you need access to your money after this you’ll need to transfer to another provider or close your ISA. The minimum amount you can withdraw is £10 or the value of your ISA. |
Interest paid |
The interest rate is variable with a fixed bonus for the first 18 months. |
Transfers-in |
Accepted |
Growth Bond Issue 23:
One Year |
Two Year |
Three Year |
|
Interest rate |
Annual interest: 1.80% gross^/AER* Fixed |
Annual interest: 2.05% gross^/AER* Fixed |
Annual interest: 2.20% gross^/AER* Fixed |
Minimum opening deposit |
£500 |
||
Max deposit |
£1 million |
||
Additional deposits |
No additional deposits during fixed term |
||
Withdrawals |
No withdrawals during fixed term. Early closure in exceptional circumstances and may be subject to a breakage fee meaning you could get less back than you put in |
||
Interest paid |
For terms of 1 year, interest will be paid at the end of term. If you choose a term longer than 1 year, interest will be added to your account annually on the anniversary of the account opening. |
Online Bond Issue 12:
One Year |
Two Year |
Three Year |
|
Interest rate |
Annual interest 1.81% gross^/AER* Fixed Monthly interest 1.79% gross^/1.81% AER* Fixed |
Annual interest 2.06% gross^/AER* Fixed Monthly interest 2.04% gross^/2.06% AER* Fixed |
Annual interest 2.21% gross^/AER* Fixed Monthly interest 2.18% gross^/2.21% AER* Fixed |
Minimum opening deposit |
£500 |
||
Max deposit |
£2 million |
||
Additional deposits |
No additional deposits during fixed term |
||
Withdrawals |
No withdrawals during fixed term. Early closure in exceptional circumstances and may be subject to a breakage fee meaning you could get less back than you put in |
||
Interest paid |
Interest can be paid monthly or annually. Interest can be capitalised to the account or paid away to a nominated account |
Fixed Rate Cash ISA Issue 13:
One Year |
Two Year |
Three Year |
|
Interest rate |
1.70% tax-free /AER* fixed |
1.95% tax-free /AER* fixed |
2.10% tax-free/AER* fixed |
Minimum opening deposit |
£500 |
||
Transfers-in |
Accepted |
||
Maximum deposit |
£15,000 for 2014/15 tax year subscriptions (subject to stocks and shares contributions) Unlimited for transfers-in |
||
Additional deposits |
No additional deposits during fixed term |
||
Withdrawals |
No withdrawals during fixed term - account can be closed early for a breakage fee |
||
Interest paid |
Interest paid on the anniversary of the start date of the account |
Online Saver, Online Bond, Reward Saver and Growth Bond are provided by Bank of Ireland UK. Post Office ISAs are provided by Family Investments. Money in Post Office Cash ISAs is deposited with Bank of Ireland UK.
*AER stands for Annual Equivalent Rate and illustrates what the interest would be if interest was paid and compounded once a year.
^Gross rates do not take into account deductions of income tax.
†Tax-free means the interest paid will be free from UK Income Tax and Capital Gains Tax.
Deposits are protected by the Financial Services Compensation Scheme. Eligible deposits are protected up to the value of £85,000 per depositor, per institution.
The Post Office has a well-established history of winning awards for its popular savings range:
- Best Cash ISA Provider - Moneynet Awards 2014
- Most consistent Fixed Rate Bond Provider – Moneynet Personal Finance awards 2013
- Best Direct Savings Account Provider – Your Money Direct Awards 2013
- Best Fixed Rate Provider – 2012 Moneyfacts Awards
- Trusted Provider – Moneywise 2012
- Best ISA provider for consistency of rates 2012 – Moneywise 2012
- Best Fixed Rate Bond Provider – 2012 Moneynet Awards
- Best Savings Provider – MoneySupermarket Supers Awards 2011
- Best High Street Savings Provider - Consumer Moneyfacts Awards 2011
- Best Savings Account for consistency of rates - Moneywise Awards 2011
- Best Savings Provider - What Investment Readership Awards 2011
- Best Fixed Rate Bond Provider - 2011 Moneynet Awards
- Best Fixed Rate Savings Provider - 2010 Moneyfacts Awards
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About the Post Office
The Post Office (Post Office Limited) has an unrivalled national network of over 11,500 branches across the UK, more than all the high street banks combined, and sits at the heart of communities in Northern Ireland, Scotland, Wales and England. The Post Office has made a commitment to maintaining its network of branches at its current size and reach. It provides around 170 different products and services spanning financial services including savings, insurance, loans, mortgages and credit cards; Government services; telephony; foreign currency; travel insurance and mail services.
The Post Office serves over 17 million customers a week and a third of small businesses. Some 99.7% of the total population live within three miles of a post office and over 97% live with one mile of a post office. For many rural communities, the post office is the only retail outlet. Post Offices branches remain highly valued and trusted, and are the focal point of many communities. For more information, visit http://www.postoffice.co.uk/.
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