There are a number of different banks and building societies that offer postal savings accounts. This type of account would be managed by you via post, ideal if you are not savvy with the internet or do not have internet access, and would rather not manage your savings by telephone.
Postal savings accounts could be a suitable option for:
- Those who do not live within a reasonable distance of a particular bank or building society’s branch but would like to save with them nonetheless
- Those who wish to manage their finances from the comfort of their own home.
If you are interested in opening a postal savings account, it is advisable that you take the time to shop around with a number of different providers to ensure that you are getting the best possible deal available.
Please see our savings account comparison tables below, which contain details of several of the latest accounts that could be currently available to you:
There are a number of different types of postal savings account, among which could be the following:
- Notice/deposit accounts
- Individual savings accounts (ISAs)
- Instant access accounts
- Fixed rate accounts.
Postal savings accounts tend to be managed in the following way:
- Applications for such accounts are usually completed by post
- To make deposits into your account, you would send a cheque to your provider by post
- Similarly, if you wish to make withdrawals, you would have to notify the bank via post
- You may also have the option to manage your account over the telephone or via the internet
- Certain postal savings accounts will also send you an ATM card, allowing you to make withdrawals.
As postal savings accounts are offered by so many different providers with varying terms and benefits, it is particularly important that you compare what is on offer.