Post Office® Online Saver | frequently asked questions

This is a requirement of UK legislation that is designed to comply with new US legislation known as 'The Foreign Account Tax Compliance Act'. All UK financial institutions are required to gather this information as part of account opening.

Why do you also need to know about countries or territories outside of the UK?

UK legislation requires UK financial institutions to collect details from customers of all countries and territories where they are resident for tax purposes and in some cases undertake further information gathering.

I'm a UK resident for tax purposes how could I have more than one tax residency?

It is possible to have income in another country that is taxable in that country. If you are unsure please speak to a tax adviser or accountant.

I don't know if I am tax resident in any other country what shall I tick?

If you are unsure whether you are tax resident in another country please speak to a tax adviser or accountant.

I don't have a tax adviser can you recommend one?

No - we are not allowed to recommend an adviser or accountant. You should speak to your accountant or legal adviser if you have one. Alternatively you could search the internet for a suitably qualified adviser or ask HMRC your questions.

I'm a Power of Attorney/Adult representative- do you also need to know my US Citizenship or outside of UK information?

Yes, in case we need to validate the information for the applicant you represent.

What is a TIN?

'TIN' stands for Tax Identification Number, being your unique reference for the country in which you are resident to pay tax. An equivalent in the UK is your National Insurance Number (NIN) or tax reference number.

Do I have to provide my TIN?

It is mandatory for US Citizens or US tax residents to provide their TIN in the application form. Tax residents of Jersey, Guernsey, Isle of Man and Gibraltar should provide their TIN if they have one.

You do not need to provide any tax identification details for any other country and may tick the 'I do not have a Tax Identification Number' box.

What should I do if I don't have a TIN?

You should only tick the 'I do not have a Tax Identification Number' box if you do not have one or are not required to provide it as indicated above.

How will you use my Tax residency information?

We will hold the information you have provided and contact you if we need any more information.

We also pass on information about accounts to HMRC where required to do so by UK legislation.

Logging in to the Online Banking Service

Can I change my 6 digit security number to something more memorable?

Yes, simply select 'Change security number' under Savings Account Management and following the on–screen instructions.

When choosing your 6 digit security number please make it memorable to you but do not make it easy to guess, i.e. do not use your date of birth, the same numbers i.e. 111111 or a sequence of numbers, i.e. 123456.

Using your Post Office^® Online Saver account

Where can I manage my Post Office^® Online Saver?

The Post Office^® Online Saver is designed to be managed exclusively online using our online banking service.

If you have any technical queries you can call our Online Banking Support Number (0345 6005580). Please note you will not be able to manage your account (i.e. request deposits/withdrawals) using the telephone.

Online Saver accounts cannot be accessed through any Post Office^® branches.

What is a business day?

A business day is any day from Monday to Friday (excluding bank holidays) when we are open for business as required for the execution of a payment transaction.

How do I make deposits to my Post Office^® Online Saver?

Please bear the following in mind when making deposits:

Deposits requested on, or future–dated to, a non–business day will take place on the next business day
Deposits requested after 5pm on a business day will not be processed until the following business day
Deposits from an existing Post Office^® savings account will be processed immediately
Deposits made from your nominated account require a Direct Debit link between your Online Saver and nominated account – this typically happens at account opening in which case your initial deposit will take up to 8 business days to be deposited in your Online Saver (whilst the Direct Debit link is set up). You'll earn interest from the day we receive your money from your bank/building society.
If you are unsure which account number or sort code to use, please contact your bank or building society

Under 'Savings Account Management' in our online banking service, you can make deposits in one of three ways:

1. For one–off deposits from your nominated account:

Select 'Transfer Money in'
Select 'From Nominated Account'
Select the account you wish to transfer money to (your Online Saver account)
Enter the amount you wish to deposit and the date you wish the transfer to take place
Click 'Complete'

The money will be taken from your nominated account. When you set-up a new Direct Debit the money will be deposited in 8 business days from the date selected. After this deposits arrive in 4 business days from the date selected.

2. For regular deposits by Direct Debit from your nominated account:

Select 'Regular Deposit'
Select 'Set Up New'
Select the account you wish to transfer money to (your Online Saver account)
Enter the frequency of the regular deposit, i.e. monthly and the amount you wish to deposit
Enter the date you wish the regular deposit to begin and the date you wish the regular deposit to end (leave blank if indefinite)
Click 'Complete'

3. For one–off deposits by Debit Card:

Select 'Transfer Money in'
Select 'By Debit Card'
Select the account you wish to transfer money to (your Online Saver account)
Enter the details of the Debit Card you wish to make the transfer from and the amount you wish to deposit
Click 'Complete Transfer'

The money will be taken from your debit card instantly and credited to your Online Saver in 2 business days.

4. For deposits from another Post Office^® savings account:

Select 'Transfer Money in'
Select the Post Office^® savings account you want to move money from the drop down list
Select the account you wish to transfer money to (your Online Saver account)
Enter the amount you wish to deposit and the date you wish the transfer to take place
Click 'Complete'

The transfer will take place immediately

How do I make withdrawals from my Post Office^® Online Saver?

Simply log in to our online banking service and select your Online Saver Account
Select 'Transfer Money Out'
Select the account you wish to transfer money from (your Online Saver account) and the account you wish to transfer money to (either your nominated current account or another one of your Post Office^® savings accounts)
Enter the amount you wish to withdraw and click 'Continue'
You will then be shown a confirmation of your request and you will be asked to provide 3 random digits of your 6 digit security number. If you wish to continue with your request, enter the requested digits, click 'Confirm'

Transfers from your Online Saver account to another Post Office^® savings account will happen immediately. Transfers to your nominated account will be withdrawn immediately and will arrive in your nominated account in around 1 business day.

When are deposits in my Post Office^® Online Saver available for withdrawal?

If you made an initial deposit by cheque, you will be able to withdraw against this cheque 5 business days after we receive your cheque (we begin the clearing process the day after we receive your cheque).

If you have made your initial deposit or any subsequent deposits by transfer from another one of your Post Office^® savings account, you will be able to withdraw against the funds immediately.

Direct Debit deposits can be withdrawn against 3 business days after the money reaches your Online Saver. Debit card deposits can be withdrawn against as soon as the money reaches your Online Saver.

Are there any penalties or notice periods for withdrawals from my Post Office^® Online Saver?

No – you can make unlimited withdrawals whenever you choose using our online banking service. There are no charges, penalties or notice periods.

How can I save regularly to my Post Office^® Online Saver?

Please bear the following in mind when making deposits:

Deposits requested on, or future–dated to, a non–business day will take place on the next business day.
Regular deposits made from your nominated account require a regular saver Direct Debit link between your Online Saver and nominated account – Please allow 8 business days from today before the date of your first deposit (whilst the Direct Debit link is set up).

For regular deposits by Direct Debit from your nominated account:

Select 'Regular Deposit'
Select 'Set Up New'
Select the account you wish to transfer money to (your Online Saver account) and enter the frequency of the regular deposit, i.e. monthly
Enter the amount you wish to deposit and enter the date you wish the regular deposit to begin
Enter the date you wish the regular deposit to end (leave blank if indefinite) and click 'Complete'

How long does it take for withdrawals from my Post Office^® Online Saver to reach my nominated current account?

It normally takes 1 business day for withdrawals to reach your nominated current account.

What is the difference between 'Balance' and 'Available Balance'?

When you log in to your account summary you will see both a 'Balance' and 'Available Balance' for each savings account you hold. 'Balance' is the amount of money on which you are earning interest. 'Available Balance' is the amount of cleared money in your account against which you can make withdrawals (subject to the Terms & Conditions of your account).

How do I cancel a deposit request made by Direct Debit?

If you have made a request for a deposit to be made in the future (by Direct Debit) you can cancel it up to 3 business days before the transfer is made:

Select 'Regular Deposit'
Select 'Amend/Cancel Existing'
Choose the payment you wish to cancel

You will see a Confirmation page.

Will I receive statements for my Post Office^® Online Saver?

You can view and print-off your balance and transactions online 24/7 using our online banking service. You will also receive a quarterly e-statement (when you have made a deposit or withdrawal during that quarter) which you can print and save. We will email you when your statement is ready with instructions as to where it can be found. In addition to these, you'll also benefit from an Annual eTax Certificate – we'll email you when this is available to view in the Online Bank.

Are there any charges for using my Post Office^® Online Saver?

There are no charges for the day–to–day operation of your account.

How do I change my nominated account?

Simply log in to our online banking service and select 'Change Nominated Account', following the on–screen instructions to change your current nominated account.

Amending your nominated account will require you to set up a new Direct Debit mandate with your new bank account which will take up to 8 business days. You will not be able to make any deposits by Direct Debit or withdrawals during this period.

You can also change your nominated account by downloading the PDF, 60 KB Direct Debit mandate (60 KB) and sending it to us at Freepost RSKH–AYTT–CRAB, Post Office Money^® Savings, PO Box 87, Armagh, BT61 0BN.

If you had previously set up a regular deposit into your Online Saver account you will need to set this up from your new nominated account. Please follow the step by step instructions in 'How can I save regularly to my Online Saver?'

How do I update the personal details that you hold for me?

You can update your email address, phone numbers and postal address using our online banking service.

To do so simply log in to our online banking service and under 'Savings Account Management', select 'Amend Personal Details' and follow the on–screen instructions
We will update your email address and phone number instantly
If you wish to change your postal address you will be prompted to print off a form which you will need to sign and date before posting to us
Please note: For your security, when you change your address you will not be able to make any deposits or withdrawals for 5 business days
If you wish to change your name, please write to us, providing evidence (i.e. copy of your marriage certificate) at Freepost RSKH–AYTT–CRAB, Post Office Money^® Savings, PO Box 87, Armagh, BT61 0BN, with your new details

Please note if you did not provide a copy of your signature during the account opening process you will need to complete a Signature Mandate at the same time – simply follow the on–screen instructions to do this.

How do I add a / change an existing nickname for my Post Office^® Online Saver?

To help you manage your savings you can add a nickname to your account, for example, "money for wedding". To do this, under 'Savings Account Management' select 'Other' and select 'Change account nickname' and follow the on screen instructions.

How do I close my Post Office^® Online Saver?

Please send us a letter confirming you wish to close your account to Freepost RSKH–AYTT–CRAB, Post Office Money^® Savings, PO Box 87, Armagh, BT61 0BN. We will send the final balance, together with any accrued interest, to your nominated account.

Please print off any eStatements, transaction histories or eTax certificates before you close your account.

What happens to my Post Office^® Online Saver if I die?

For accounts held in your sole name the account may be closed and the balance of the account, together with any interest accrued up to the date of Withdrawal, will be paid to the personal representatives.

Where an Account is held on a joint basis, the Account may, at the request or with the agreement of the surviving Account Holder, continue in the name of the deceased Account Holder and the surviving Account Holder.

Nominated Accounts

What is a nominated account?

A nominated account is a current account that we link to your savings account so that you can transfer money between accounts safely and securely whenever you like. It should be a UK personal bank or building society account in your name(s) that accepts Direct Debits.

Can I use a joint current account as my nominated account?

For sole Online Saver accounts: Yes – if you want to open a sole Online Saver your nominated current account can be either a sole or a joint account (to which you are a party).

For joint Online Saver accounts: If you want to open a joint Online Saver your nominated current account must be a joint account in the same names as your Online Saver account.

Can I change my nominated account?

Yes – once your account is open simply log in to our online banking service. Under 'Savings Account Management' select 'Change nominated Account' and follow the on–screen instructions to change your current nominated account.

If you are unsure which account number or sort code to use, please contact your bank or building society

Amending your nominated account will require you to set up a new Direct Debit mandate with your new bank account which will take up to 8 business days.

Interest and tax

How is interest calculated?

We calculate interest on a daily basis on the total balance in your account at the end of the day at the relevant gross rate (subject to your meeting our minimum balance criteria).

When is interest paid?

You can choose whether your interest is paid monthly or annually at account opening:

Annual interest is paid between the 20th and 25th March each year
Monthly interest is paid on the first Business Day of each month

Where is interest paid?

Interest will be paid to your Online Saver account.

What is the difference between net and gross interest?

Gross interest is the interest credited without deducting tax. Net interest means the interest left over after tax has been deducted at the prevailing rate.

Will you provide me with a Tax Certificate?

Yes – you'll benefit from an eTax Certificate each year. We'll email you when this is available to view in the online bank.

Power of Attorney

A power of attorney will normally allow you to open or operate an account on behalf of another person.

We cannot provide any assistance on acquiring a power of attorney. Please contact your legal adviser about this.

To apply for a Post Office^® Online Saver under a power of attorney, you'll need to provide your own details and the Donor's personal details too.

This includes:

Full name and address
Date of birth
Telephone number
Occupation
Bank details (Donor only)
E–mail address
Mother's Maiden Name
Place of Birth
Country of Residence (for tax purposes)
Nationality

You'll also need to provide:

An original or certified copy of the complete power of attorney document
A note of the reason for granting the power of attorney
Any further identification documents we've requested

Please note we will not agree to give anyone else authority over your Account except under an Enduring Power of Attorney or a Property and Financial Affairs Lasting Power of Attorney that is registered with the Court of Protection. Only in exceptional circumstances will we accept unregistered forms of Attorney or other third party authorities to operate the Account.

To open a Post Office^® Online Saver or take over the management of an existing account under a power of attorney, please complete the relevant form, which can be found by clicking here.

Technical Queries

What is a cookie?

A cookie is a file that provides a means for storing and retrieving information for use by Post Office^® online banking.

How do I enable cookies on my PC?

If you are using Internet Explorer:

Select 'Tools' option
Select the 'Internet Options'
Click on Security tab
Click on Custom Level
Scroll down to Cookies
'Allow cookies that are stored on your computer' and 'allow per session cookies' should both be enabled

If you are using Mozilla Firefox:

Select 'Tools' option
Click on 'Options'
Click on the 'Privacy' tab
Under Cookies, ensure that 'Accept cookies' from site is ticked
Click 'OK'

If you are using Safari:

From the Safari menu, click 'Preferences'
From the Security dialog box, under 'Accept Cookies', click to select 'Always'
Click 'Close'

If I choose not to accept a cookie, can I still access Post Office^® online banking service?

No. You will need to enable cookies on your computer.

What browsers can access the Post Office^® online banking service?

For both technical and security purposes, the following Internet browsers are the minimum recommended when accessing Post Office^® online banking service:

Internet Explorer 7.0
Mozilla Firefox 3.0
Safari 2.0

If your browser is older than the minimum recommended you may need to upgrade your browser. To do this download the latest version from the appropriate site below, or contact your internet service provider for details:

Internet Explorer: http://www.microsoft.com
Mozilla Firefox: http://www.mozilla.com
Safari: http://www.apple.com

How do I know what version browser I have?

Click on 'Help' on the menu bar of your browser. Select the "About...." text. Full details about your browser as well as the version will be detailed.

Online Banking Security

How do we protect you online?

Secure log in

Our log in page is a secure page. When you log in successfully your web browser will establish a 128–bit secure socket layer (SSL) connection between your computer and our web servers.

SSL stands for "Secure Socket Layer". SSL is a protocol used to transmit information securely over the internet. The SSL encrypts sensitive information so it cannot be opened or understood by anyone other than the intended receiver.

You can see whether a web page is secure in two main ways:

Check the web page URL.

Normally, when browsing the web, the URLs (web page addresses) begin with the letters "http". However, over a secure connection the address displayed should begin with "https" – note the "s" at the end.
Look for the padlock icon

Most web browsers display a "padlock" icon somewhere in the window of the browser. Click (or double–click) the "padlock" icon of your web browser to see details of the site's security.

Number of log in attempts

To reduce the risk of your User ID and password being guessed by a fraudster we limit the number of attempts allowed to enter the information to 3. After 3 unsuccessful attempts to provide the information we disable access to your accounts online. To re–enable access simply call us on 0345 6005581* – if you require a new User ID and/or 6 Digit Security Number we will send these in the post and they will arrive separately within 4 business days.

Firewalls

One of the security mechanisms we use to protect our systems and your information is called a firewall. During your secure online sessions, firewalls prevent unauthorised internet traffic from entering our website.

Timed logout

To protect your accounts against unauthorised access, we automatically terminate a secure online session if extended inactivity is detected. If this happens you will need to log in again to continue.

Constant updates to our systems

In order to effectively counter the latest security threats, we ensure that our systems are constantly updated to maintain the security of your accounts

How you can protect yourself online

Install and update anti–virus software

Always ensure that your PC is updated with the latest anti–virus software. This will allow you to scan your files and emails for viruses, trojan horses and other harmful programs. If these are found the anti–virus software is designed to heal or remove the harmful material.

Use a personal firewall

Any computer or device connected to the internet should be protected by a personal firewall. Firewalls will help protect your computer by creating a barrier between your computer and the rest of the internet.

Look for the padlock symbol

Most web browsers display a "padlock" icon somewhere in the window of your browser. Click (or double–click) the "padlock" icon of your web browser to see the details of the site's security.

Keep your browser and operating system up–to–date

Operating systems and software need to be regularly updated as new patches and functionality is made available – often these updates are specifically designed to fix security weaknesses in the operating system or software. You can normally either set your system to automatically check for these updates or can do so yourself manually.

Scan your computer for spyware regularly

Spyware and adware are programs that monitor your internet activity and potentially transmit information to fraudsters.

Activate a pop–up blocker

Most web browsers let you block pop–ups in the security options.

Clear your browser's cache

Clear your browser's cache and history after each session so that your account information is removed, especially if you have used a shared computer to access Online Banking.

Review your statements and transactions carefully

Make a habit of reviewing your account statements and transactions regularly. This means you may spot any unusual transactions or irregularities sooner. Please call us on 0345 600 5586* if you identify suspicious transactions.

Never respond to emails requesting sensitive information

We will never email you asking you to enter or confirm your security details. If you receive an e–mail claiming to be from the Post Office^® asking for account information, do not respond to it. Instead please let us know immediately by calling us on 0345 600 5586*.

Useful Links

For more information about how to keep yourself secure online why not visit www.getsafeonline.org or www.banksafeonline.org.uk

Complaints

How do I make a complaint?

If you need to make a complaint, please contact us and we will do everything we can to resolve your complaint as quickly as possible, but please allow up to 5 business days for a reply. When we first write to you, we will send you a summary of the procedures that we will follow when resolving your complaint. A copy of these procedures is also available on request.

You can make a complaint by calling 0345 602 3409* or writing to us at: Customer Care Team, Post Office Savings, PO BOX 27, One Temple Quay, Bristol,BS99 7AX.

If you are not satisfied with the response to your complaint, you may be able to refer it to the Financial Ombudsman Service (FOS). Making a complaint won't affect your legal rights. You can contact the FOS by:
Post: The Financial Ombudsman Service (FOS), South Quay Plaza, 183 Marsh Wall, London, E14 9SR.
Phone: 0800 0 234 567
Email: complaint.info@financial-ombudsman.org.uk
Web: www.financial-ombudsman.org.uk

Deposit Protection

How are my savings protected?

Your eligible deposits with Bank of Ireland UK are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. This limit is applied to the total of any deposits you have with the following: Bank of Ireland (UK) Plc and Post Office savings products provided by Bank of Ireland (UK). Any deposits you hold above the £85,000 limit are not covered. For joint accounts each account holder is eligible for compensation up to the maximum £85,000 limit. Please call 0800 678 1100 for further information or visit fscs.org.uk. Please note only compensation related queries should be directed to the FSCS.

*Call costs may vary depending on your service provider. Calls may be recorded, monitored and used for training and compliance purposes.

Frequently Asked Questions

Opening a Post Office® Online Saver

Can I have more than one Post Office® Online Saver?

Answering the questions on US Citizenship/Outside of UK Tax Residency

Why do you need to know if I am a US Citizen?