Post Office Money holds chart places | Product News - Moneyfacts

Product News

Post Office Money holds chart places

Post Office Money holds chart places

Category: Savings
Date: 15/02/2016

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Post Office Money has reduced the rate paid on selected accounts, but despite this, its one-year fixed rate ISA has maintained a top-10 place on the charts while its easy access deal has held its position as a market-leader.

The basics…

Online Saver Issue 19 now pays a joint market-leading variable rate of 1.20% yearly, which includes a 12-month bonus of 0.55% (1.19% monthly including a bonus of 0.54%). Meanwhile, Online ISA – 1 Year Fixed Rate Issue 5 pays a competitive 1.45% yearly.

The finer details…

Both accounts must be opened and operated online.

The easy access deal requires a minimum investment of just £1 and permits an unlimited number of additions and withdrawals without penalty or notice. Savers should note that access will be via a nominated account.

The ISA, on the other hand, needs an initial investment of at least £500. Further additions are not allowed but transfers in of existing ISAs are welcomed. Access is also possible, although this will result in closure of the account and the loss of 90 days' interest, the same penalty as applies to transfers away. Savers should be aware that a Holding Account will be automatically opened alongside this ISA for transactional purposes.

Why we like them…

Both of these accounts may have had a slight rate reduction, but this hasn't dented their competitiveness enough to remove them from the Moneyfacts charts. Indeed, the easy access deal remains at the very top of the charts thanks to its still-competitive rate and inherent flexibility. This account will suit those who want full control over their savings, although it will require reassessment in a year's time when the bonus rate expires.

Moneyfacts rating: Excellent

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
Close