Post Office boosts Instant Saver rate to 6 per cent

The Post Office is increasing the rate on its Instant Saver account from 5.75 per cent to 6.00 per cent following today’s rise in the Bank of England base rate.

The new rate will be available to new and existing Instant Saver customers from 1 August 2007.

Post Office Head of Savings Richard Norman said: “The Post Office continues to be one of the few savings providers to consistently pass on base rate rises in full to customers, and we guarantee to do so until 2010.”

Post Office Instant Saver also guarantees to remain within 1.0% of the Bank of England base rate for the life of the account and offers six free withdrawals a year with a flat fee of just £1 for future withdrawals.

Richard Norman added: “People need to check they will benefit fully from any rise in interest rates, and switch their savings account if they don’t.”

Instant Saver is available at all of the UK’s 14,000 Post Office branches, by telephone and online. Withdrawals can be made both at branches and ATMs, offering unrivalled choice and convenience.

To find out more about Instant Saver, log onto postoffice.co.uk.