Savings FAQs
Your questions. Answered.
If you're scratching your head about something, we've got you covered. On this page, you'll find answers to some of the most common questions our savers ask. But, if you can't find the answer to your question - please get in touch.
Managing your account
- I've forgotten my log in details - what should I do?
- How do I change my personal details and email address online?
- What is a Nominated Account?
- How do I change my Nominated Account online?
- How do I change my 6 digit security number (6DSN) online?
- Can I manage an account for someone else?
- Why has my account been deactivated and how can I re-activate it?
- What is the interest rate on my account?
- What happens when my Online Bond matures?
- Are my savings covered by the Financial Services Compensation Scheme?
Paying your money in and taking it out
- How do I pay money into my account online?
- How do I take money out online?
- How much can I take out online?
- When will the money I've taken out reach my Nominated Account?
- I've paid money into my account, how long until I can take it out?
- What's the difference between my balance and my available balance?
- Can I take money out of my Bond?
- How do I take money out of my Online Notice Saver?
About tax and your account
Closing your account
Keeping you safe online
Getting in touch with us
Not found the answer to your question? Contact us here.
Managing your account
I've forgotten my log in details - what should I do?
Just call us on 0345 602 3409* and let us know. We'll send your new log in details in the post which may take 4 or 5 business days to arrive - so please bear this in mind.
*Call costs may vary depending on your service provider. Calls may be recorded, monitored and used for training and compliance purposes. Opening times: Monday to Friday 8am - 10pm, Saturday and Sunday 8am - 6pm, Bank Holidays 10am - 5pm
How do I change my personal details and email address online?
It's really important we hold up-to-date and correct personal details for you. So, if you need to change your details simply log in and select Savings Account Management > Amend Personal Details.
You can update your email address and phone number instantly online. To update your postal address you'll be asked to print off a form, complete it and then post it to us.
To update your name simply write to us along with evidence of your new name, for example, a certified copy of your marriage certificate. The address to write to is:
Post Office Money Savings
PO Box 87
Armagh
BT61 0BN
What is a Nominated Account?
When you pay money into your savings account, or take it out, you'll need to nominate a bank account to do it. Typically, it'll be a current account with your bank and you'll already have given us those details when you opened your account.
How do I change my Nominated Account online?
Simply log in and select Nominated Account > Change Nominated Account.
You'll see a list of all your Post Office Money accounts and the Nominated Accounts linked to them. Choose the account you'd like to change from the list and follow the instructions. Please note:
•For Online Saver, Online Notice Saver and Online Reserve: when you change your nominated account we'll cancel your existing Direct Debit and set a new one up, this can take between 7 to 8 business days.
•For Online Easy Saver, Instant Saver and Easy Saver only: you can also add a new Nominated Account online. Simply select Nominated Account > Add Nominated Account.
How do I change my 6 digit security number (6DSN) online?
Log in and select Savings Account Management > Change Security Number. Make sure your new security number is difficult for anyone to guess, don't tell anyone what it is and, if you do write it down, disguise it or put it in an order or code only you can understand.
Can I manage an account for someone else?
A power of attorney will normally allow you to open or run an account on another person's behalf. We can't provide any advice about this so please contact your legal adviser.
We will not normally accept any other form of third party authority. To apply for a Post Office Money savings product under a power of attorney, we'll need both the details of the Donor and their Representatives. 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 may have requested.
You can find the Power of Attorney document here
Why has my account been de-activated and how can I re-activate it?
If you don't complete any transactions on an account for three years we'll temporarily de-activate it. We do this because inactive accounts can be at a higher risk of fraud and identity theft. Don't worry, we will contact you before we de-activate your account to explain how you can stop your account from being de-activated.
Once an account is de-activated you won't be able to access your money and we won't send you any more information about your account - statements or letters, for example. The account will continue to earn interest and you'll be able to reactivate your account at any time.
If your account has been suspended it's easy to re-activate it. Simply:
Call us on 0345 602 3409* and ask for your account to be re-activated. One of our team will help you through the steps necessary to get your money. To re-activate your account you will need your 6 digit security number we sent you when your account was first opened. If you no longer have this we can re-issue it to you when you call. Otherwise, you can write to us and ask for your account to be re-activated.
As part of doing that we will need to complete security checks. You should keep in mind that this may take up to 5 -10 business days as we may need you to supply documents to confirm your identity.
Once your account is re-activated you will be able to access your money and we'll start sending you statements and other information about your account.
*Call costs may vary depending on your service provider. Calls may be recorded, monitored and used for training and compliance purposes. Opening times: Monday to Friday 8am - 10pm, Saturday and Sunday 8am - 6pm, Bank Holidays 10am - 5pm
What is the interest rate on my account?
It's easy to find out the interest rate your savings are earning. We will display your interest rate when you log in online, as well on as on your regular statements. But please bear in mind that the rate will be correct for the date the statement was produced.
In addition, if you know the issue number of your savings account, for example 'Online Saver Issue 20', you can take a look at the interest rates page of our website. This is where we display all the account types we offer (or have offered in the past) and the interest rate each one pays. Just click on the relevant account type and issue to see your current interest rate.
What happens when my Online Bond matures?
We'll email you around 30 days before your Online Bond matures and again 14 days before to let you know your options. It's really important we hold the correct email address for you so make sure you keep your details up to date. We'll include a summary box setting out all your options which you should read carefully. We also recommend you save this or print it for your records.
Once you've received your email you'll be able to log in and tell us what you'd like to do next by selecting the 'reinvest today' button beside your maturing bond.
Amongst your options you'll be able to reinvest in our Online Bonds. Some may have exclusive loyalty interest rates - our way of saying a big thank you for reinvesting.
Giving us your reinvestment choices online is quick and easy and you'll benefit from our reinvestment promise when you choose to reinvest into another Online Bond. If you do so, we promise that you won't lose out if we have a better deal available on the day of maturity. If an Online Bond with the same term and higher rate is available from us on the day of maturity - we'll upgrade you to that deal.
And, don't worry, if you make reinvestment choices and then change your mind, just log in to your account and cancel your reinvestment choices - you can do it right up to 7pm the business day before your bond matures. Then, if you'd still like to reinvest with us, select 'reinvest today' and let us know your new choices.
If you don't want to reinvest all of your money we'll pay the rest into a new Online Easy Saver in your name whilst you make up your mind. To make withdrawals from your new Online Easy Saver you'll need to add a Nominated Account. You can do this up to 30 days before maturity - either when you make your reinvestment choices or by selecting Nominated Account > Add Nominated Account.
When you add your Nominated Account we'll make some simple checks so we're sure the account belongs to you.
This takes 5 business days and you won't be able to make any withdrawals during this time. So, make sure you let us know your Nominated Account at least 5 business days before your Online Bond matures to avoid any delays.
Are my savings covered by the Financial Services Compensation Scheme?
Your eligible deposits with Bank of Ireland (UK) plc are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. This limit is applied to the total of any deposits you have with the following: 'Bank of Ireland UK' and 'Post Office Money' and savings accounts under the 'AA Savings' brand deposited with Bank of Ireland UK. Any total deposits you hold above the limit between these brands are unlikely to be covered.
Paying your money in and taking it out
How do I pay money into my account online?
Easy. If you have one of our online savings accounts you can use online servicing to pay money in.
•By Direct Debit from your Nominated Account: simply log in and select Transfer Money In > From Nominated Account and follow the instructions.
•By Debit Card: simply log in and select Transfer Money In > By Debit Card and follow the instructions.
You can also use your current account provider's telephone or online service to send payments to your Post Office Money Savings account.
How do I take money out online?
It's easy. Simply log in, select Transfer Money Out and follow the instructions.
How much can I take out online?
•Unlimited: from an Online Saver, Online Notice Saver, Online Reserve or Online Easy Saver.
•Up to £50,000 each business day from an Instant Saver, Reward Saver or Easy Saver.
When will the money I've taken out reach my Nominated Account?
•Up to £99,999.99 - if you ask to take money out before 5pm on a business day it will reach your Nominated Account the following business day. If you ask between 5pm and midnight, it'll take two business days.
•£100,000 or over - we'll use CHAPS, which is a same day payment service, if we hear from you before 2pm on a business day. After 2pm, it'll arrive on the following business day. Please check your bank or building society accepts CHAPS payments before you ask to move £100,000 or more to your Nominated Account.
I've paid money into my account, how long until I can take it out?
Sometimes you can take the money out immediately, but it depends on how it was paid in:
| How long until it's available | How the money was paid in |
| Immediately | Transfer from another Post Office Money Savings Account |
| Immediately | Debit Card – but sometimes it can take up to 4 business days |
| 3 business days | Direct Debit |
| 3 business days | Cheque |
But remember, you can't take money out of a Bond. You may also have to wait if you have one of our notice accounts.
What's the difference between my balance and my available balance?
Your balance is the total amount of money in your account that you are earning interest on. Your available balance is the amount of your balance you can actually take out. Your available balance may be lower than your balance if you:
•Have recently paid money in that hasn't yet cleared •Have money coming out that hasn't yet left your account yet
You can see your available balance when you log in. Simply click on an account from your account summary page. The next page shows everything that's recently happened in your account. You can see your available balance just above this table on the left hand side.
Can I take money out of my Bond?
You can't make withdrawals from a Fixed Rate Bond so please make sure you won't need access to your money during the fixed term.
In exceptional circumstances we may allow you to close your bond early. These are circumstances that are outside your control that you could not have reasonably foreseen when you opened the bond. They are likely to cause you significant financial loss or personal distress, for example bankruptcy or diagnosis of a terminal illness. We wouldn't normally agree that buying a property is an exceptional circumstance unless not buying it would cause you significant financial loss or personal distress.
If you need to close your bond please write to us explaining why. We may ask for evidence to help us decide whether the bond can be closed.
We will normally charge you a fee to close your bond early. This means you could get back less than you originally invested. You can find out more in the product's Terms and Conditions.
How do I take money out of my Online Notice Saver?
You need to give us 35 days' notice to make a withdrawal – you can arrange this easily online:
Simply log in, select Transfer Money Out and follow the instructions. At the end of the 35-day notice period we'll transfer your money to you but it will take one further business day for the money to arrive in your Nominated Account.
About tax and your account
Can I get my statements and tax certificates online?
Yes. All our online savings accounts automatically offer eStatements and eTax Certificates. If you have one of our other variable rate savings accounts and want online statements simply register for these through online servicing.
Is tax taken off my interest?
Any interest earned from April 2016 onwards, is now always paid gross (without any tax deducted).
Closing your account
Don't worry. If you've changed your mind you have 14 days from the date you receive your account welcome letter to call or write to us to cancel. We'll then close your account without charge and return your money, together with any interest earned.
If your account has been open for more than 14 days, please see "How do I close my account?" below.
How do I close my account?
| Closing balance* | What you need to do |
| Below £50,000 | Call us or select the closure checkbox to transfer money out online |
| Above £50,000 | Write to us or select the closure checkbox to transfer money out online for Online Saver, Online Easy Saver, Online Reserve or Online Notice Saver |
| Above £50,000 | Write to us for Reward Saver, Easy Saver or Instant Saver - please print off or save any eStatements or eTax Certificates before closing your account |
*This is the balance of your account with interest on the day you went to close your account.
Keeping you safe online
What browsers work with my online servicing?
Your online servicing is designed to work with the latest versions of:
•Google Chrome
•Microsoft Internet Explorer
•Mozilla Firefox
Please bear in mind that online servicing has been designed for desktops and laptops. It hasn't yet been designed to work at its best on mobile phones or tablets.
How do you keep my money and details secure online?
We take the security of your money, and your details, very seriously. Here are just a few of the things we do to help keep you safe online:
•We use secure technology - when you log in your browser establishes a 128 bit secure socket layer (SSL) connection between your computer and our web servers. Sounds complex but it simply means we encrypt sensitive information so it cannot be opened or understood by anyone but us. •You will need your User ID, date of birth and three digits from your security number to access your account(s). We don't ask you to reveal or enter your full security number. •We never send you an email encouraging you to click a link to log in to your account. If you receive an email like this please let us know. •We will automatically sign you out after several minutes of inactivity in case you forget to sign out or leave your device unattended. •We monitor your account(s) for any unusual behaviour. •We will temporarily suspend your account(s) after a number of incorrect sign in attempts in case fraudsters are trying to guess your details. •We partially hide your account numbers to help protect you against online fraud.
You can help keep yourself safe online:
•Choose difficult passwords or security numbers - don't tell anyone what they are.
•Use anti-virus software - this can help prevent infection from viruses and other types of malicious software.
•Use a firewall - it can help prevent potential intruders from accessing your device.
Getting in touch with us
How can I get in touch?
If you need to get in touch we're just a phone call away:
•Servicing your account or if you'd like to complain, call us on: 0345 602 3409*
•Reporting a lost or stolen Instant Saver card, call us on: 0800 783 5083*
•Opening a new account, call us on: 0800 169 7500*
*Call costs may vary depending on your service provider. Calls may be recorded, monitored and used for training and compliance purposes. Opening times: Monday to Friday 8am - 10pm, Saturday and Sunday 8am - 6pm, Bank Holidays 10am - 5pm
You can also write to us at:
Post Office Money Savings
PO Box 87
Armagh
BT61 0BN
How do I make a complaint?
If you're unhappy about something, we'll do our very best to sort it out. To make a complaint, just get in touch using the contact details below:
Post Office Money Savings
PO Box 87
Armagh
BT61 0BN
We'll try to resolve things quickly and will get back to you within five working days. When you first hear from us, we'll send a written summary of the steps we'll be taking to resolve the issue. You can request a copy of these at any time.
We hope to be able to offer a satisfactory solution to any complaint. But if you feel you need to, you may be able to refer things to the Financial Ombudsman Service. Making a complaint won't affect your legal rights. You can contact the Financial Ombudsman Service by writing to:
The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
Telephone: 0800 0234 567
Website: financial-ombudsman.org.uk
Email: complaint.info@financial-ombudsman.org.uk
If we have not been able to resolve your complaint to your satisfaction and you have bought our product or services online:
The European Commission has established an online dispute resolution platform (ODR platform). It is specifically designed to help you if you're resident in the European Union. If you haven't been able to resolve your complaint with us for goods or services you've bought online, you can submit your complaint online through the ODR platform in any of the official languages of the European Union. The platform will then send your complaint to the Financial Ombudsman Service for an independent review within 90 days. You can access the ODR platform at http://ec.europa.eu/odr
