Our range / Easy Access Savings Account /

How it works

You can open an Easy Access Savings Account with £100 or more. After that, you can pay in money when it suits you and take out money when you need it, as long as you keep at least £100 in your account. The more money you save, the higher the interest rate.

• Paying money in
• Cheque and debit card clearance
• Taking money out
• Saving regularly
• Tiered interest rates
• Interest and tax
• Who can open an account?
• Joint accounts
• Investment limits
• 100% security
• Keeping track of my money
• About the terms and conditions
• Protecting your personal information
• Banking Code

Paying money in

You can pay money into your account whenever you want, by phone, at any Post Office® branch, or by post. The minimum deposit is just £10. And if you'd like a convenient way to save regularly, you can ask your bank or building society to set up a standing order for you.

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Cheque and debit card clearance

Once your account is open, you’ll start earning interest on all deposits from the day we receive them. Cheque and debit card deposits will be available for withdrawal from the 7th working day (ie excluding weekends and English bank holidays).

For example, if we receive your cheque or debit card details on a Monday, your payment will be cleared on the Tuesday of the following week. Allow one additional day for each English bank holiday.

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Taking money out

With your Easy Access Savings Account card you can withdraw up to a total of £300 cash per day, at cash machines in the UK displaying the LINK® logo or over the counter at Post Office® branches - provided there's at least £100 left in your account after the withdrawal. The minimum for each withdrawal is £10.

If you want to withdraw more than £300, you can apply by phone (see telephone service) or post and we'll pay the money directly into your bank or building society account. When applying for your Easy Access Savings Account, you'll need to give details of an account in your name that can accept payments through the Bankers Automated Clearing Service (BACS).

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Saving regularly

You can opt to set up a standing order to make regular payments into your Easy Access Savings Account. Click here for details of saving regularly.

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Tiered rates

Interest rates are tiered, so the more money you save, the higher the rate you will earn. To find out the latest rates and tiers, see interest rates.

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Interest and tax

Your money will earn interest daily and we'll add it to your account on 31 March each year.

The interest rates are tiered and variable, which means that they can go up or down. To find out the latest rates and tiers, see interest rates.

Whenever we change our interest rates, we'll put notices in a range of national newspapers and make details available on this website and in Post Office® branches.

We pay interest gross (ie without taking off tax), but the interest is taxable so you will need to declare it to the Inland Revenue. Click here for more information on tax and savings or you can visit the Inland Revenue's website.

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Who can open an account?

Anyone aged 11 or over can open an Easy Access Savings Account, either individually or jointly with one other person. For children under 11, you may want to consider our Investment Account.

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Joint accounts

Both holders of a joint account will be issued with a cash card. Please note that either holder can withdraw money, or close the account, without needing the other holder's consent. We will send statements and correspondence to the first named holder. Both holders may need to tell the Inland Revenue about their share of the interest. (You can visit the Inland Revenue's website to find out more about tax and savings.)

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Investment limits

You can save any amount from £100 to £2 million (£4 million for joint accounts). This limit applies to the total amount of money you have in all Easy Access Savings Accounts.

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100% security

Any money you invest with National Savings and Investments is 100% secure. National Savings and Investments can make this promise, because our investments are backed by HM Treasury.

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Keeping track

We'll send you a statement towards the end of February, May, August and November each year. Your interest will be credited at the end of March each year, and will be shown on your May statement. As the interest is taxable, you will need to keep a record of it as you may have to tell the Inland Revenue about it. (You can visit the Inland Revenue's website to find out more about tax and savings.)

You can check your balance at any time at a Post Office® branch or LINK® cash machine using your card and PIN, or by calling us once you've registered to use our telephone service.

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About the terms and conditions

Please read the terms and conditions before you invest. If we make any changes to the terms and conditions after you invest, we will let you know. If any change is to your disadvantage, we will tell you personally by writing to you at least 30 days before the change*. In this case you can switch to another product or close your account, without notice or penalty, within 60 days of our telling you. For any other changes, we will let customers know within 30 days, either by including a notice with a quarterly statement or by putting a notice on our website and in a range of national newspapers.

*Please note, this does not apply to changes of interest rate, which will be notified in a range of national newspapers, on our website and in Post Office® branches.

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Protecting your personal information

When you become a customer of ours, we will treat all the personal information we hold about you as private and confidential. Click here for details on our privacy policy. 

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Banking Code

National Savings and Investments subscribes to the Banking Code and has a formal complaints procedure with an independent arbitration scheme. Click here for further details of the Code or our complaints procedure.

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