New Best Rate savings account from the Post OfficeOnline Saver account pays 2.85%

17 May 2011

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Post Office Online Saver pays 2.85%

The Post Office has today announced the launch of a new issue of its Online Saver account, offering a competitive annual rate of 2.85% gross/AER, on interest paid annually. 

The new rate is available on new accounts opened from today.

The rate includes a fixed bonus of 1.20% gross/AER for the first 12 months from account opening. After 12 months the rate will revert to an underlying rate, currently 1.65% gross AER. The account immediately enters our Best Rate tables for instant access accounts.

The Post Office Online Saver account allows people to manage their money online at any time, with unlimited free withdrawals. Accounts can be opened instantly online with a minimum of £1 deposit.

Watch out for the bonus

Post Office Director of Savings, Richard Norman, said: 'This new launch offers savers looking to manage their money online the opportunity to do so without sacrificing good return on their money. The Online Saver account offers flexibility by allowing savers to access their money at any time and make unlimited withdrawals with no penalties.'

However, consumers should watch out for the bonus on this account. Jo Langenhan, Which? savings expert, commented: 'This new account issue from the Post Office pays a competitive rate, however customers must remember to move their money after the first 12 months as it reverts to an underlying rate - currently 1.65%'.

Our Best Rate tables for savings will always provide the bonus details for any accounts featured.

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