Post Office Online Saver launches with a rate of 2.75% AER (variable)
The Post Office's new savings product goes straight to the top of our instant access savings Best Buy table.
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Monday 23rd August 2010
By Rassam Fakour-Zaker
Know Your Money Editor
This week sees the launch of the Post Offices Online Saver - an online easy access savings account with a market-leading interest rate - which puts it at the top of Know Your Money's Best Buy instant access savings comparison table.
The new product comes with a rate of 2.75% AER (variable) that includes an introductory fixed bonus applied to the account for the first 12 months.
Unlike many of their competitors' products, the Post Office Online Saver reverts to a decent underlying rate, so savers will still be earning 1.50% AER (variable) on their funds after the initial bonus period.
A Post Office Online Saver can be opened with an initial deposit of just £1 using the Post Office's quick and simple online processing facility which allows customers to complete an application, have their personal details verified electronically and fund their account by debit card or Direct Debit all within just 10 minutes.
The Post Office Online Saver can be managed entirely online and gives accountholders the freedom and flexibility to make unlimited withdrawals and deposits 24/7 via online access facilities.
To compare the Post Office Online saver against other leading UK savings accounts visit our instant access savings comparison page here.
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(2) Comments so far | Post a comment
Paul Young wrote:
The Post Office (new on line saver account) are agents for the Bank of Ireland.
Does this give the same saver protection as mainland UK providers?
Thank you
Thursday, Sep 23 2010
Rass - KYM Editor wrote:
Hi Paul,
Currently the Bank of Ireland is subject to limited regulation by the Financial Services Authority, so you may not get the same protection as you would get from a UK bank. However, the bank is planning to transfer some of their UK business to a UK subsidiary in November which, if it comes to fruition, would be fully regulated by the FSA.
I hope this helps. If you require further information on this matter you can request it directly from the Bank of Ireland.
Kind regards,
Rassam Fakour-Zaker
Know Your Money Editor
Friday, Sep 24 2010