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Post Office launches new issue of table topping online savings accounts

Press Release   •   Jun 23, 2013 23:00 BST

- Three new Online Bonds
- Best Buy rates for one and two year terms
- Very competitive 2.20% AER* for the three year Online Bond

The Post Office has today launched a new issue of its Online Bonds. Three new accounts feature market leading rates and are available to customers immediately.

The Online Bonds offer Best Buy rates for one and two year terms, with a very competitive 2.20% AER* for the three year term.

Online Bond Issue 9:

- One year – 1.99% AER*
- Two year – 2.10% AER*
- Three year – 2.20% AER*

Post Office Head of Savings and Investments Henk Van Hulle said: “The current environment is tough for savers but the new issue of Post Office Online Bonds, with multiple terms, offers a guaranteed return at competitive rates. This is ideal for people who have varying needs and do not require immediate access to their savings. We are always looking for ways to offer customers more choice and flexibility whilst offering a competitive rate.

“With a minimum investment of only £500, these bonds are ideal for all types of savers looking to take advantage of rates of up to 2.20% AER. Opening a new Online Bond is a great way of ensuring you are making the most of your savings.”

Online Bonds can be opened with a minimum deposit of £500 at www.postoffice.co.uk/savings

Online Bond Issue 9:

One Year

Two Year

Three Year

Interest rate

Annual interest 1.99% gross/AER*

Monthly interest 1.97% gross/1.99% AER*

Annual interest 2.10% gross/AER*

Monthly interest 2.08% gross/2.10% AER*

Annual interest 2.20% gross/AER*

Monthly interest 2.17% gross/2.20% AER*

Minimum opening deposit

£500

Max deposit

£2 million

Additional deposits

No additional deposits during fixed term

Withdrawals

No withdrawals during fixed term. Early closure in exceptional circumstances and may be subject to a breakage fee meaning you could get less back than you put in

Interest paid

Interest can be paid monthly or annually. Interest can be capitalised to the account or paid away to a nominated account

*AER stands for Annual Equivalent Rate and illustrates what interest a saver would receive if the interest was paid and compounded each year. Gross rates do not take into account any deductions of income tax.

Deposits are protected by the Financial Services Compensation Scheme. Eligible deposits are protected up to the value of £85,000 per depositor, per institution.

The Post Office has won the following awards for its popular savings range:

Best Fixed Rate Provider 2012 – Moneyfacts

Trusted Provider – Moneywise 2012

Best ISA provider for consistency of rates 2012 – Moneywise 2012

Best Fixed Rate Bond Provider 2012 - Moneynet

Best Savings Provider – MoneySupermarket Supers Awards 2011

Best High Street Savings Provider - Consumer Moneyfacts Awards 2011

Best Savings Account for consistency of rates - Moneywise Awards 2011

Best Savings Provider - What Investment Readership Awards 2011

Best Fixed Rate Bond Provider - 2011 Moneynet Awards


Contact - Gabrielle O’Gara

About the Post Office

The Post Office (Post Office Limited) has an unrivalled national network of over 11,500 branches across the UK, more than all the high street banks combined, and sits at the heart of communities in Northern Ireland, Scotland, Wales and England. The Post Office has made a commitment to maintaining its network of branches at its current size and reach. It provides around 170 different products and services spanning financial services including savings, insurance, loans, mortgages and credit cards; Government services; telephony; foreign currency; travel insurance and mail services.

The Post Office serves over 17 million customers a week and a third of small businesses. Some 99.7% of the total population live within three miles of a post office and over 97% live with one mile of a post office. For many rural communities, the post office is the only retail outlet. Post Offices branches remain highly valued and trusted, and are the focal point of many communities. For more information, visit http://www.postoffice.co.uk/.

Please note the Press Office team can only deal with enquiries from the media.  Unfortunately they do not have access to customer information so can not help with customer enquiries.

If you have an enquiry regarding any Post Office product or service please visit postoffice.co.uk or call 0845Local call rates apply. Call costs may vary depending on your service provider. Calls may be monitored or recorded for training and compliance purposes. 611 2970.