1.5% AER (variable) paid monthly
The Prime Account is a flexible interest-bearing instant access savings account. Rather than paying an annual dividend, the Prime Account pays an interest rate, credited monthly, so you receive a regular reward for saving.
The Prime Account is flexible – save regularly straight from your pay or add lump sums whenever you wish and withdraw funds as and when needed.
*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
Interest from savings will be paid gross, which means tax will not automatically be deducted. UK tax payers may be liable for tax on this account.
Since April 2016, savers have been able to grow their money tax free, thanks to the Personal Savings Allowance (PSA). The PSA allows you to earn up to £1,000 interest tax-free if you’re a basic-rate (20%) taxpayer, or £500 if you’re a higher-rate (40%) taxpayer. Additional-rate taxpayers don’t receive a personal savings allowance, so if you earn more than £150,000 each year, you’ll need to pay tax on all your savings. For more information, please refer to the Government website.
Manage your account, request withdrawals, apply for loans and so much more…
How much can I save?
Members deposits are limited to £1,000 each month, across all their Penny Post savings accounts.
Use our savings calculator to see how much you could save