The Post Office savings review: ISAs, bonds & easy access (2024)

The Post Office is the largest retail network and financial services chain in the UK, with more branches than all of the UK’s banks and building societies put together. At the last count, there were 11,415 Post Office branches nationwide, run by local people, and more than 17 million customer visits and 47 million transactions per week.

Apart from banking services, the Post Office offers postal services, insurance, travel money, government services, money transfers and much more. It also provides tax-free saving options, with easy access to your accounts. All its individual savings accounts (ISAs) are provided by OneFamily, a mutual society, and all money saved into Post Office cash ISAs are deposited with Bank of Ireland UK.

All other Post Office savings accounts are provided by Bank of Ireland UK, which is a member of the Financial Services Compensation Scheme (FSCS). This means that should the bank cease trading, the money you have saved in all your Post Office savings accounts will be protected up to a limit of £85,000.

Continue reading to find out more about the financial and postal service provider with over 370 years of service.

Easy access savings accounts

Table: sorted by interest rate

Post Office Money®'s best easy access rate of 4.9% is significantly lower than today's market-best rate of 7.49%.

Compare more instant and easy access accounts up to 7.49%

Cash ISAs

Table: sorted by interest rate

Post Office Money®'s best cash ISA rate of 4.9% is very slightly lower than today's market-best rate of 5.25%.

Compare more ISAs up to 5.25%

Fixed-rate bonds

Table: sorted by interest rate

Post Office Money®'s best fixed-rate bond rate of 4.45% is slightly lower than today's market-best rate of 5.28%.

Compare more fixed-rate bonds up to 5.28%

What is Post Office Money®'s best savings account with the highest interest rate?

Remember that the best savings account will depend on what you want from your savings. If you're after fast access to your money then an easy access account should suit. However, if you're looking to happy to lock your money away for a period of time to unlock a higher rate, then a fixed-rate bond is a good option. Finally, if you're looking to maximise your returns and shield them from income tax, consider an ISA. Below we've listed the different types of accounts Post Office Money® offers plus the highest interest rate currently available.

Is it easy to switch to Post Office?

Post Office offers loads of different savings accounts, so how you switch will depend on what type of account you are opening. It aims to make switching as easy as possible for you, so whatever the account you can be sure the process is simple.

For an online saver, you can start an account with as little as £1, and be ready to start saving straight away. You are also able to transfer ISAs into your new account, so no need to worry when looking to switch.

How do I decide which account is for me?

You need to work out what it is you need from your savings account. Are you looking to put a bit of money away each month? Do you want to put some money away and restrict access to it? Are you after rewards or hoping to maximise interest?

You need to work out what you need before comparing the different offers available for certain types of bank account. Once you’ve done that, useful guidelines to compare include:

• Interest rates
• Fees (if there are any)
• Access to cash (if you need quick access)
• Rewards and loyalty schemes (if you’re into the add-ons or switching bonuses)

Does Post Office offer online or mobile banking?

Yes. it offers online banking through its website, but it does not have a dedicated mobile app.

Here are some of the basic features of Post Office’s online banking service:

• Check balances for any type of account.
• Transfer money between accounts
• Pay bills and people

Post Office Money customer reviews

In our independent 2024 customer satisfaction survey, 89% of Post Office Money customers said they’d recommend the brand to a friend. Customers highlighted the bank’s trustworthy reputation and excellent customer service. However, some cited its interest rate could be better.

One customer commented: “It has everything you need. There’s always post offices around”

Another customer said: “I’m overall pleased with my account but I would like a higher rate of interest.”

Pros and cons of saving with Post Office

Customer service information for Post Office Money

Bottom line

With more branches than any UK bank, and a vast range of services that you can also make use of, the Post Office could be a good option to open a savings account, especially if you prefer face-to-face contact. However, its accounts are quite basic, so you may want to look elsewhere if you want more for your money. Check out our other best savings account reviews to see if there’s an option that suits you better.