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Try the Post Office for UK savings accounts

Looking for  a new home for your UK savings accounts? With the British public somewhat suspicious of the big banks in these times of economic volatility, some are opting for the familiarity of their local post office.

The Post Office (www2.postoffice.co.uk) offers a range of savings accounts, including some of the Government National Savings and Investments products.

The easy access Online Saver account offers a 3.01% interest rate on balances up to £2 million. The annual interest rate includes a 1.36% fixed interest bonus for the first 12 months, so after that you'll need to shift your cash to an account paying better rates.

If you are willing to leave your money untouched, why not consider an Online Bond? With a single deposit of between £500 and £2 million, you can collect 3.41% interest over one year, or 3.96% over 2 years. You can't make any additional deposits or withdrawals during the fixed term.

For traditionalists the Post Office offers NS & I (www.nsandi.com) savings accounts, 100% backed by the UK government. These include investment accounts and easy access savings accounts with passbooks, which offer tiered interest rates. The returns aren't great, but these accounts offer security and peace of mind.

The Post Office's UK savings accounts are provided by the Bank of Ireland UK, covered by the Financial Services Compensation Scheme (FSCS), which means that the first £85,000 of your savings are secured. In some cases they are also 100% guaranteed by the Irish government.

 

 

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