Savers get flexibility with new PO 'Reward Saver' account

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Savers get flexibility with new Post Office ‘Reward Saver’ account

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• New ‘Reward Saver’ available from Monday 5 July paying 2.5% AER* variable
• Choice of 30 days notice or no-notice withdrawals


The Post Office today announced the launch of a new Reward Saver account, offering a competitive 2.5% AER* variable, available to customers from Monday 5 July.

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, who can choose whether they want to save online at http://www.postoffice.co.uk" onclick="window.open(this.href);return false;, by telephone on 0800 169 7500 or in one of Post Office’s 12,000 local branches.

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, log onto http://www.postoffice.co.uk/savings" onclick="window.open(this.href);return false;, call 0800 169 7500 or visit one of 12,000 local branches - of which 90 per cent of people live within one mile.

Ends

*AER stands for Annual Equivalent Rate and illustrates what interest a saver would receive if the interest was paid and compounded each year. Rate includes a 1% fixed bonus for the first 12 months from account opening.
**Post Office Savings range includes:

Instant Saver
Rate of 2.10% Gross/AER variable
 Instant access online by phone, ATM, post or at your local Post Office
 6 free withdrawals per year3and only £1 per withdrawal thereafter
 Rate includes 2% gross introductory bonus for 12 months from account opening

Cash ISA
2.25% AER variable
 Deposit up to £5,100 a year tax-free in a Post Office Cash ISA
 Ability to transfer funds from an existing cash ISA to your Post Office Cash ISA
 Investment ISA also available
 Rate includes a 2% bonus on all deposits made in the current tax year for 12 months from the first deposit

Fixed rate Cash ISA
Guaranteed rate of 3% AER
 1 year fixed term
 Guaranteed fixed rate of 3% AER with a tax-free return
 Minimum deposit of £500 and a maximum of £5,100
 Open with a lump sum deposit or a transfer of a cash ISA held with another provider
 Withdrawals not permitted during the fixed term. Early closure subject to a Breakage Charge

Growth Bonds
Guaranteed fixed rates of interest - up to 4.10% gross/AER
 Minimum investment £500
 Maximum investment £1,000,000
 Option to invest money for 1, 2 or 3 years
 Growth Bond Issue 12 is available for a limited term, apply today


Issued by Post Office Ltd:
100 Victoria Embankment
London
EC4Y 0HQ
http://www.postoffice.co.uk" onclick="window.open(this.href);return false;

Notes to Editors

About financial services from the Post Office
With around 12,000 branches nationwide, the Post Office is the largest retail and financial services chain in the UK. Its network is larger than all of the UK banks combined. Around 99 per cent of the UK population lives within three miles of a Post Office branch and almost 20 million customers visit every week.

The Post Office first launched into the financial services market in 1993, offering foreign currency through its supplier, First Rate Exchange Services (which is a partnership between the Post Office and Bank of Ireland).

In 2004, the Post Office and the Bank of Ireland formed a joint venture to offer Post Office customers a wider range of financial services including savings, insurance and lending.

Post Office Financial Services now has more than two million customers, making it one of the fastest growing financial services providers in the UK. Products offered through the joint venture include savings, insurance (car, motor, home, van, pet and motorcycle), mortgages, credit cards, personal loans, life insurance and over 50s life cover.

To find out where your nearest Post Office branch is call 08457 22 33 44 or visit http://www.postoffice.co.uk" onclick="window.open(this.href);return false; for more information.