Press release -
Post Office offers table topping rates on Premier Cash ISA and Reward Saver
- Increased rates on Premier Cash ISA to 1.80% tax-free†/AER* variable
- Reward Saver interest rate increases from 1.50% to 1.60% gross/AER* variable
The Post Office continues to provide some of the best savings rates on the market with table topping increases to its Premier Cash ISA rate of 1.80% tax-free†/AER* variable and Reward Saver rate of 1.60%gross^/AER* variable.The new rates will be available to customers from Friday 18th October, 2013.
Premier Cash ISA interest rate has been increased from 1.75% to 1.80% tax-free†/AER* variable including an 18 month fixed bonus of 0.90% tax free†/AER* variable, after which the underlying rate will revert to 0.90% tax-free†/AER* variablevariable. Premier Cash ISA also allows unlimited transfers-in.
Reward Saver rate has also increased from 1.50% to 1.60% gross^/AER* variable.The new rate includes a fixed bonus of 0.70% gross^ for 12 months, after which the rate will revert to the underlying rate of 0.90% gross^/AER* variable.
Applications are available in-branch, online, by phone or by post.
Henk Van Hulle, Head of Savings and Investments for Post Office, said: “Post Office continues to challenge a tough savings environment by increasing interest rates on both Premier Cash ISA and Reward Saver, offering some of the most competitive savings products on the market.
“Not only do both products have very attractive interest rates they also offer savers excellent features such as transfers-in and up to two withdrawals each tax year on our Premier Cash ISA. With minimum deposits of £100 to £500 for Premier Cash ISA and Reward Saver respectively; available in branch, online, by post or over the telephone, these products are designed to cater to the varying needs of today’s savers.
“The increase means we are now topping savings tables for three of our products including the one year term Fixed Rate Cash ISA of 1.90% tax-free†/AER*variable.
Premier Cash ISA Issue 5
Interest rate |
Annual interest: 1.80% tax-free† Rate includes a fixed bonus of 0.90% tax-free†/AER* variable for 18 months from account opening, after which the rate will revert to the underlying rate of 0.90% tax-free†/ AER* variable. |
Minimum opening deposit | £100 |
Maximum deposit | You can make deposits up to £5,760 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 |
Reward Saver Issue 5
Interest rate | Annual interest: 1.60% gross^ /AER* variable Rate includes a fixed bonus of 0.70% gross^ for 12 months from account opening date, after which the rate will revert to the underlying rate of 0.90% gross^ / AER* variable. |
Minimum opening deposit | £500 |
Maximum 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. 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 is provided by Family Investments. Funds are 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 any deductions of income tax. ^Gross rates do not take account of deductions of income tax. †Tax-free means the interest paid will be free of UK Income Tax and Capital Gains Tax. Tax treatments are not guaranteed and may change in the future subject to tax law..
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 won the following awards for its popular savings range:
- Best Direct Savings Account Provider – Your Money Direct Awards 2013
- Best Fixed Rate Provider 2012 – Moneyfacts
- Trusted Provider – Moneywise 2012
- Best ISA provider for consistency of rates 2012 – Moneywise 2012
- Best Fixed Rate Bond Provider 2012 – Moneynet
- 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
Contact - Gabrielle O’Gara
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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/.
Please note the Press Office team can only deal with enquiries from the media. Unfortunately they do not have access to customer information so can not help with customer enquiries.
If you have an enquiry regarding any Post Office product or service please visit postoffice.co.uk or call 0845Local call rates apply. Call costs may vary depending on your service provider. Calls may be monitored or recorded for training and compliance purposes. 611 2970.
