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Post Office savings storm the charts

Post Office savings storm the charts

Category: Savings
Date: 19/12/2014

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 It is now over 6 months old so the content may be out of date.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 has reviewed its savings offerings and amended rates by up to 0.20%, as well as introducing an all-new deal. This has boosted some accounts into the charts for the first time and shored up the position of others by increasing their competitiveness.

The basics…

Online Saver Issue 13 pays 1.40% yearly, including a 0.75% bonus for 12 months (1.39% monthly including 0.74% bonus for 12 months), helping it retain its market-leading status in its sector.

Meanwhile, the brand new two-year variant of Online Bond Issue 13 pays an attractive rate of 2.06% yearly (2.04% monthly), which puts it firmly among the best buys for its sector.

The finer details…

Online Saver must be opened and operated online with a minimum deposit of just £1. This easy access account allows unlimited withdrawals as well as further additions, giving savers a great deal of flexibility.

Online Bond must be opened and managed online with a minimum deposit of £500. Like many fixed rate accounts, it does not allow further additions or withdrawals, although early access can be made in exceptional circumstances upon the payment of a breakage fee.

Both accounts are operated by Bank of Ireland, which is protected by the Financial Services Compensation Scheme up to £85,000.

Why we like them…

These accounts offer internet investors some great deals, with both achieving chart places. The easy access Online Saver is offering a particularly good deal as it sits in a market-leading position, although its rate does include a 12-month bonus, so savers will need to reassess the competitiveness of the account in a year's time.

Four Moneyfacts Stars have been awarded.

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 Any products featured may be withdrawn by their provider or changed at any time.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 Any products featured may be withdrawn by their provider or changed at any time.

 
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