Post Office increases savings rates

The Post Office has increased the interest rate for its Online Saver account to 2.90% AER, putting it straight to the top of the Best Buy tables for easy access accounts.  It has also launched a new issue of its one year Online Bond paying a Best Buy rate of 3.00% AER.  Both deals are available immediately.

The new rates reflect the Post Office's commitment to offering a wide range of competitive savings products for savers.

Since the beginning of July the Post Office has launched a total of five new savings products as part of its plans to expand its savings range and increase its overall financial services proposition.  The range includes a selection of branch and online based products with market leading rates and long term value, offering even greater choice for customers and a real alternative to high street banks.

Post Office Director of Savings and Investments, Richard Norman, said: "The Post Office is dedicated to growing and expanding our savings range to give customers not only great value, but also choice and flexibility with their savings. The Online Saver and Online Bond have proved extremely popular and these rate increases will help even more people make their money work harder for them."

Customers can apply for an Online Saver and Online Bond at the Post Office website postoffice.co.uk.