Savers get flexibility with Post Office Reward Saver account

The Post Office Reward Saver account offers a competitive 2.5% AER variable rate. The Reward Saver reflects the need for greater flexibility within savings accounts by offering savers two withdrawal options, depending on how quickly they want to access their money.

Withdrawals are completely free with 30 days’ notice, while those needing their money sooner can request a no-notice withdrawal for which they will only be charged 30 days’ interest on the amount they withdraw. This means they can still earn interest on the rest of their savings. And unlike many other accounts on the market, there is no limit to the number of withdrawals made per year.

Like the rest of the Post Office’s savings range, the Reward Saver will be accessible to ALL savers.

Post Office Director of Savings and Investments, Richard Norman, said: "The Reward Saver gives customers the best of both worlds. Those who don’t want to touch their money can benefit from a good interest rate, while those who may need emergency access to their cash can have this without paying a heavy premium - and there is no limit of number of withdrawals too. Savers get even more flexibility with the option to have their interest paid monthly or yearly, and all applicants can benefit whether they are investing £500 or £2 million.

"The launch of the Reward Saver shows the Post Office’s commitment to delivering products that are consistently competitive, but flexible enough to offer people a variety of ways to make the most out of their money. We have recently expanded our mortgage range, and this new addition to our savings family is another step forward in increasing our overall financial services proposition and giving people a serious alternative to high street banks."

The 2.5% AER rate includes a 1% bonus guaranteed for the first 12 months and the Post Office offers a lifetime guarantee to customers that the Reward Saver will never be more than 1% below the Bank of England Base Rate for as long as customers hold the account. Savers have the flexibility to make ad-hoc or regular deposits into their account, both in-branch, online and via the telephone.

To find out more about the Reward Saver or any other Post Office savings product, visit postoffice.co.uk/savings.