What a Post Office Savings Account Is and Who Can Open One

A Post Office Savings Account is a savings account you open at a U.S. Postal Service location, not at a bank. The Post Office partners with a bank called Postal Savings Network to hold the actual money, but you do all your business at the Post Office counter. It works like a regular savings account — you deposit money, it earns a small amount of interest, and you can withdraw when you need it.

You can open one if you are at least 18 years old and have a valid government-issued photo ID. You do not need a Social Security number, though you will be asked for one if you have it. You do not need a minimum deposit to start, and you do not need to have a checking account anywhere else.

The main reason people choose a Post Office account is access. If you live far from a bank branch or do not have reliable transportation, the Post Office may be closer. Post Offices are also open on Saturdays at many locations, which banks often are not.

Key Takeaways

  • You can open a Post Office Savings Account at any participating Post Office location with a valid photo ID and no minimum deposit required.
  • The account is held by Postal Savings Network, a bank partner, but you manage it entirely through the Post Office counter.
  • You will receive a passbook that records every deposit and withdrawal, and you use it each time you visit.
  • Withdrawals and deposits happen in person at the Post Office — there is no online banking, debit card, or ATM access.
  • Interest rates are set by Postal Savings Network and change over time, so ask the Post Office what the current rate is before you open.

What You Need to Bring to the Post Office

Bring a valid government-issued photo ID. This can be a driver's license, passport, state ID card, or military ID. The ID must not be expired. If you have a Social Security number, bring that too — you can write it down or bring a card — but it is not required to open the account.

You do not need to bring any money to open the account. You can make your first deposit the same day, or wait and deposit later. If you do deposit on opening day, bring cash or a check. Post Office Savings Accounts do not accept transfers from other banks, so you cannot move money in electronically.

Some Post Offices may ask for a second form of ID or proof of address, though this is not standard. Call ahead to the location where you plan to open the account and ask what they need. This takes two minutes and saves you a trip.

The Steps to Open Your Account

Go to a participating Post Office location during business hours. Not every Post Office offers savings accounts — the Post Office website has a locator tool where you can search for branches that do. When you arrive, tell the clerk you want to open a savings account.

The clerk will give you a form to fill out. It asks for your name, address, date of birth, and ID number. If you have a Social Security number, they will ask for that too. The form takes about five minutes. You will also sign a signature card so the Post Office knows what your signature looks like.

Once the form is complete, the clerk will give you a passbook. This is a small booklet where every deposit and withdrawal is recorded by hand. You keep it with you and bring it every time you visit. The clerk will explain how to use it and answer any questions. The whole process usually takes 15 to 20 minutes.

How Deposits and Withdrawals Work

All transactions happen in person at the Post Office counter. You cannot deposit or withdraw money online, by phone, or at an ATM. You bring your passbook, tell the clerk how much you want to deposit or withdraw, and they record it in the book and in their system.

For deposits, you can bring cash or a check made out to you. The clerk will take the money, record it in your passbook, and give you a receipt. The money is available when ready. For withdrawals, you bring your passbook, tell the clerk how much you want, and they give you the cash. There is no waiting period.

You can make as many deposits and withdrawals as you want. There are no monthly limits. However, because everything happens at the counter, you are limited to the hours the Post Office is open. Many locations close by 5 p.m. on weekdays and are closed on Sundays, though some are open on Saturdays.

Interest and Fees

Your money earns interest, which means the bank pays you a small percentage of what you have saved. The interest rate changes over time and varies depending on how much money you have in the account. Ask the clerk what the current rate is when you open your account, and check back periodically because rates change.

Interest is added to your account monthly. The clerk will record it in your passbook so you can see it growing. The amount is usually small — often less than one dollar per month on accounts with a few hundred dollars — but it is real money you earn just by saving.

There are no monthly fees, no minimum balance fees, and no fees for deposits or withdrawals. The only cost is your time getting to the Post Office. This makes Post Office Savings Accounts one of the cheapest ways to save.

What Happens If You Lose Your Passbook

If your passbook is lost or damaged, go to the Post Office and tell the clerk. They can issue you a replacement. Bring your ID so they can confirm you are the account holder. The replacement passbook will show your current balance and all your transaction history, so you do not lose any record of your money.

Your money is safe even if the passbook is lost. The account exists in the Post Office system and with Postal Savings Network. The passbook is just the record you carry. If someone else finds your passbook, they cannot withdraw money without your ID, because the clerk checks ID before every transaction.

Frequently Asked Questions

Can I open a Post Office Savings Account if I do not have a Social Security number?

Yes. A Social Security number is helpful but not required. You can open an account with just a valid photo ID. If you do not have a Social Security number, tell the clerk when you explore and they will note that on your form.

What happens to my money if the Post Office closes?

Your money is held by Postal Savings Network, a bank, not by the Post Office itself. If a Post Office location closes, your account moves to another location or you can manage it by mail. Your money is insured by the FDIC up to $250,000, the same as money in any bank.

Can I transfer money from my Post Office account to a bank account?

No. Post Office Savings Accounts do not connect to other banks electronically. You can only withdraw cash at the Post Office counter. If you need to move money to another account, you would have to withdraw it as cash and deposit it yourself.

What if I want to close my account?

Go to the Post Office with your passbook and ID, and tell the clerk you want to close the account. They will give you the remaining balance in cash and close it in their system. There is no fee to close an account.

Can someone else use my account if I give them the passbook?

No. The clerk checks your ID before every transaction, even if someone else brings the passbook. Only you can deposit or withdraw money from your account.