CHOOSE HOW YOU WANT TO SAVE 

  • Open your account by post

  • Save from £1,000 to £1 million

  • Save by post or online (account cannot be opened online)

EASY ACCESS TO YOUR MONEY

  • No notice for withdrawals

  • No loss of interest for withdrawals

  • Move money to and from any UK account

  • Interest paid annually or monthly

COULD BE IDEAL IF YOU…

  • Don't have an N&P branch nearby

  • Don't want to tie your money up

  • Need a safe home for a lump sum

  • Want flexible ways to top up your savings

Current Rates
Account balance Gross Net AER
£1,000 and over 0.10% 0.08% 0.10%
Monthly Income Option 0.10% 0.08% 0.10%
View previous rate information
Previous Rates
Account balance Gross Net AER
£100,000 and over 0.50% 0.40% 0.50%
Monthly Income Option 0.50% 0.40% 0.50%
£60,000 - £99,999 0.40% 0.32% 0.40%
Monthly Income Option 0.40% 0.32% 0.40%
£30,000 - £59,999 0.30% 0.24% 0.30%
Monthly Income Option 0.30% 0.24% 0.30%
£10,000 - £29,999 0.20% 0.16% 0.20%
Monthly Income Option 0.20% 0.16% 0.20%
£1,000 - £9,999 0.10% 0.08% 0.10%
Monthly Income Option 0.10% 0.08% 0.10%

Previous rates effective from 24/02/09

* Interest will be paid gross (that is before the deduction of income tax) to non-taxpayers subject to eligibility and the required registration. Otherwise interest will be paid after deduction of income tax at the appropriate rate. Please note that gross interest can only be paid to customers aged 16 or over if they are the named account holder.

** Net rates (that is after the deduction of income tax) shown are for illustrative purposes only. The interest you earn on this account will currently be taxed at the rate of 20%.

*** AER means Annual Equivalent Rate and shows what the interest rate would be if interest was paid and added each year.

How can I open a Postmaster Account?

It's easy.

You open your Postmaster Account by post. You just need to download the application form and send it in with a cheque to:

Norwich and Peterborough Building Society
Postal Investments Unit
FREEPOST PE 104
Peterborough
PE2 6BR

When you pay a cheque into your account, don't make the cheque out simply to N&P. You should include details about the account or the person you're paying the money to. It's also important to draw a line through the unused space on the cheque so that extra information or numbers can't be added afterwards.

After I have opened a Postmaster Account, how quickly will I need to start saving?

As soon as you can.

You must pay in at least £1,000 to open your Postmaster Account within 30 days of the date of your application being accepted.

How do I save into my Postmaster Account?

By cheque or online.

Send cheques into your account to:

Norwich and Peterborough Building Society
Postal Investments Unit
FREEPOST PE 104
Peterborough
PE2 6BR

Make sure you give full details of the account or the person you're paying the money to. It's also important to draw a line through the unused space on the cheque so that extra information or numbers can't be added afterwards.

You can also arrange a standing order with your bank or building society for regular payments to be made into your Postmaster Account, or you can transfer money into your Postmaster Account at any time. Just quote your Postmaster Account number and sort code.

Do I become a member of N&P when I open a Postmaster Account?

Yes you do.

The Postmaster Account is a share account, which makes you a member of N&P. This means you can join N&P's general meetings and you have a vote on what's decided in them.

When will my account start earning interest?

Cheques paid into an account paying a variable rate of interest will earn interest from the second working day after the day we receive them. Cheques paid into an account paying a fixed rate of interest will earn interest from the day we receive them.

Money paid into your account in cash or by Bankers’ Automated Credit will earn interest from the day we receive it. Interest is then paid for each full day your money is invested, and will be added to your account in January each year (unless otherwise stated).

Your money will earn interest up to, but excluding, the day you withdraw it.

What are the rules on withdrawals?

You can take money out of your account at any time without notice or losing interest.

Can I move money between my accounts online?

Yes you can.

Just remember that any transfer will be subject to the withdrawal terms of the account you're taking money from.

Now and again, when carrying out online maintenance, we may have to suspend certain facilities temporarily, so if you find our online service unavailable, please be patient, and do try again later.

Can I be certain that online banking is absolutely secure?

You can with N&P.

Our online system is extremely robust. It is constantly checked by both internal and external experts. Advanced encryption technology scrambles all sensitive data to provide total confidentiality.

You are given a unique customer number and a 10-character password. When you use the service for the first time you might want to change this password for one that's more easily remembered - but don't write it down or make it too obvious, so that someone else could guess it.

Can I manage my account online?

Yes you can, subject to you being 16 years old or over.

Online you are able to:

  • View up-to-the-minute balances on all your N&P savings and current accounts whenever you like.
  • Check all payments and withdrawals on your account.
  • Set up and cancel payments.
  • Transfer funds between your N&P accounts.
  • Send and receive secure email messages about your account.

To manage your account online you'll need to register for our online banking facility, just download an application form, fill it in, and send it to:

Norwich and Peterborough Building Society
Online Banking Applications
Peterborough Business Park
Lynch Wood
Peterborough
PE2 6WZ

The maximum amount you can withdraw online is £10,000 per day.

Is N&P a member of the Financial Services Compensation Scheme?

Yes we are.

N&P is a member of the Financial Services Compensation Scheme, meaning that your money is protected to a maximum of £50,000.

What if I'm unhappy with the terms of my account?

Just tell us.

We make it our aim to do the best we can for all our customers. If within 14 day's (7 day's for all Fixed Rate Bond products) you decide that this account is not for you, we will be happy to transfer your money to another N&P account.

Or if you prefer, we will return your money to you without any charge being made, or notice being required.

View All Frequently Asked Questions

EASY WAYS TO MANAGE YOUR MONEY

  • You can keep on top of money by post or online.

MONTHLY INCOME

  • You could take a monthly income from your account if you want it. Just ask when you apply.

MINIMUM BALANCE

  • You need to keep a balance of at least £1,000 in your account. If the amount you have in your account falls below £1,000, the interest rate payable will be the same as that payable for our Investment Share account (excluding bonus interest rates) as varied from time to time (please call 0845 3002511 for details).

MAXIMUM INVESTMENT

  • The most you can have in your account is £1 million.

EASY TRANSFERS AND WITHDRAWALS

  • You have access to your money whenever you like, without notice or loss of interest.

INTEREST

  • Interest on your savings is paid annually on 1st January.

OUR SATISFACTION PLEDGE

  • At N&P, we understand how important it is for you to be satisfied with your investment accounts. If you open any new investment account and, within 14 days, you decide that it does not meet your requirements, we will be happy to transfer the balance to another N&P account. This is called a 'cooling off' period. Alternatively, we will return your money to you without any charge or notice being required. Any transfer or refund will be subject to the relevant funds having cleared i.e. a period of at least four days(excluding Saturdays, Sundays and public holidays) must be allowed for the clearance of deposited cheques.

ACCOUNT TYPE

  • This is a payment account, please refer to the General Savings and Investment Conditions for more information.
Key Product Information
Summary Box
Key Product Information for our Postmaster Account
Account Name PostMaster®
Interest rates (GROSS/AERs) Variable rate.
Please see Features & Benefits tab for current interest rate.
Tax Status Interest is paid net. Gross interest can be paid subject to eligibility and required registration.
Conditions for bonus payments No bonus is payable on this account.
Withdrawal arrangements Easy access without notice or loss of interest
Access This account must be opened by post. It can be operated by post or via the internet.

Read our General Savings and Investments Terms and Conditions.

Read our Savings Fact Sheet.

PostMaster® is a registered trademark of Post Office Limited.