No notice period. Interest paid monthly or annually. Apply in minutes. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the FSCS
Instant access to your savings. Unlimited deposits and withdrawals. Interest paid monthly, either to a linked current account, or adding it to your Online Flexi Saver account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Must have a linked UK current account. Your eligible deposits with Investec Bank are protected up to a total of £85,000 by the FSCS
Save from £1. Unlimited payments and withdrawals. Interest paid annually. Open in a single or a joint name. Maximum deposit £500,000. Open and manage account online. FSCS Protected. Must be UK resident. Must be aged 16 or older
Choose monthly or annual interest payments. Unlimited deposits and withdrawals. 24/7 access to your savings. Open and manage online. After 12 months the rate will revert to the underlying rate, currently 1.45% gross/AER variable. Post Office Online Saver is provided by Bank of Ireland UK. FSCS protected
Unlimited withdrawals subject to 95 days notice. No notice period. Interest paid monthly or annually. Apply in minutes. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the FSCS
The interest rate tracks the Bank of England (BoE) Base Rate. Interest is calculated on the minimum daily balance and applied to the account on the first day of every subsequent month. Open and manage account online. Your eligible deposits are protected up to £85,000 by the FSCS. The maximum deposit you may pay into any one OakNorth Account is £500,000. The maximum amount (excluding the interest) that you will be allowed to hold on deposit with OakNorth Bank across multiple accounts is also £500,000. Unlimited withdrawals, subject to 95 days notice. Available to individuals only
Unlimited deposits and withdrawals. Interest paid monthly: can be added to your Notice Saver or paid to your linked account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Withdrawals subject to 90 days notice. Must have a linked UK current account
All funds deposited into the RCI Bank E-Volve Savings 14 Day Notice Account will be used to fund pure electric vehicles and charging facilities. Interest paid monthly or annually. Manage account online. UK-based support, seven days a week. Unlimited withdrawals subject to 14 days notice. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the FSCS
3 penalty-free withdrawals in a 12 month period. 4.72% AER/4.62% gross (3.82% AER/3.75% gross + 0.90% AER/0.87% gross 12-month boost). Interest paid monthly. Deposit and withdraw almost instantly. No fees or charges for holding account. FSCS eligible on your deposits. 3.62% AER/3.55% gross if 4 or more withdrawals are made within 12 months (on boosted rate). 2.72% AER/ 2.68% gross if 4 or more withdrawals are made within 12 months (without 12 month boost). Must be UK resident. Must be aged 18 or older
The Standard Account is a straightforward current account that offers free everyday banking with no hidden charges. The Post Office offers the usual necessities of a current account, such as:
Visa debit card with contactless payments and a cheque book
A competitive overdraft 14.6% EAR
Management of your account online, in-branch, over the phone and by mobile
Setting up Direct Debits and payments
The Post Office is also offering a basic account, called Control which is aimed at people who have previously had trouble with hefty overdraft charges or are trying to stay in control of their finances. It comes with a full banking service, including a debit card.
Control can protect account holders from unexpected bank charges and from accidentally going overdrawn but costs £5 a month. Some other banks offer this service for free so it's worth checking if there might be a better option.
The standard account is for those who want something straightforward and free, provided you stay in credit. You get a debit card and can request a chequebook and apply for an overdraft. You can bank in the standard ways, such as: online, at cashpoints ,on the phone or over the counter.
Overdraft
The Post Office overdraft has a great overdraft option. They maintain that their accounts have a simple overdraft structure with a competitive overdraft interest rate. Rather than having a range of overdraft fees and charges the Post Office has chosen to launch a simple charging structure, with authorised overdrafts costing 14.9% EAR. They don’t have any unauthorised overdraft charges and only charge a £15 fee for payments that are rejected.
On their website they give the representative example: ‘Based on an overdraft limit of £1,200 used in full for a one month period where the variable rate of interest is currently 13.72% per annum, the total charge for credit would be £13.72.’
The Post Office account is has the advantage of a huge network of more than 11,500 branches which is more than all the main UK banks combined. This means you should always be able to find a branch local to you which is very convenient especially for those living in more rural areas.
Overall this is a great standard account with an attractive overdraft rate and plenty of branches. It does not provide interest on your money however, which could be an issue for savers.
