Base rate held but savers shouldn’t be complacent

With Post Office Instant Saver customers now benefiting fully from July’s interest rate rise as their savings rate hit 6 per cent on 1 August, the Post Office urges savers not to be complacent with their money just because the base rate hasn’t gone up this time.

Post Office head of savings Richard Norman said: “Even though we have now seen five base rate rises in the last year, many savers are unaware they aren’t receiving the full benefit of these increases.

“A further base rate increase is expected this year, so savers must make sure they are with a provider that will pass on any increases. We are proud that the Post Office is 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.

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.