Saver of the week: Post Office Online Saver

Published by Rebecca Rutt on 21 June 2012.
Last updated on 26 June 2012

The Post Office has launched a new issue of its market-leading online savings account, which is paying a competitive 3.17%.

The instant-access account is only rivalled in interest by a similar offering from BM Savings, which pays 3.2%, but this requires a £50,000 deposit to open the account, which won't be an option for most people.

The Post Office Online Saver account, however, can be opened with just £1.

Great rate of return

"Not only will savers benefit from a great rate of return, they will have the flexibility and reassurance of unlimited access to their money with no penalties for doing so," says Richard Norman, Post Office director of savings.

However, it's not all good news as there is a bonus rate of 1.52% attached to the account for the first 12 months.

Although this is quite common with short-term accounts, it means you'll have to move your money at this point to make sure you continue to get a decent interest rate.

Interest can be paid monthly or yearly, and more information can be found at postoffice.co.uk.

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