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

A Post Office Savings Account is a basic savings product offered through the United States Postal Service (USPS) in partnership with Metabank. You deposit money, earn a small amount of interest, and can withdraw when you need it. The account is held at Metabank, but you manage it through your local post office.

Any person 18 or older can open one. You do not need an existing bank account, a credit history, or a minimum deposit to start. The account requires no monthly fees and no minimum balance to keep it open. This makes it useful if you have been turned down by traditional banks or want a straightforward place to save without complexity.

Post Office Savings Accounts are not the same as a checking account. You cannot write checks or use a debit card. You deposit and withdraw in person at the post office, by mail, or through an ATM network. The account is insured by the FDIC up to $250,000, the same protection that covers bank deposits.

Key Takeaways

  • You open a Post Office Savings Account in person at your local post office with a valid ID and initial deposit, which can be as small as $1.
  • The account earns interest at a rate set by Metabank, which changes periodically and is typically lower than online savings accounts.
  • You can deposit and withdraw money at any post office location or through the mail, but not at ATMs or through online banking.
  • The account is FDIC-insured up to $250,000 and charges no monthly fees or minimum balance requirements.
  • Withdrawals take one to three business days to process if you request them by mail, or are when ready if you withdraw in person.

What You Need to Bring to the Post Office

Bring a valid government-issued photo ID. A driver's license, passport, or state ID card all work. The post office staff will verify your identity and record it in the system before opening the account.

Bring money for your initial deposit. There is no minimum amount required—you can open an account with $1. Most people deposit $25 to $100 to start, but the choice is yours. You can pay with cash, a check, or a money order.

Bring a current mailing address. The post office will use this to send you account statements and any notices from Metabank. If you move, you will need to update your address with the post office or contact Metabank directly.

The Steps to Open Your Account

Go to your local post office during business hours. Ask a clerk for a Post Office Savings Account process. They will hand you a form or walk you through the process at the counter—some locations use paper forms, others use a computer system.

Fill in your name, date of birth, address, phone number, and Social Security number. The post office needs your Social Security number to report interest income to the IRS and to verify your identity. If you do not have a Social Security number, you cannot open this account.

Show your ID and make your initial deposit. The clerk will verify your identity against the ID, process your deposit, and issue you a passbook or account statement showing your account number and opening balance. Keep this information in a safe place—you will need your account number to make deposits or withdrawals by mail.

Receive your account number and passbook. The post office will give you a passbook (a small booklet that records your deposits and withdrawals) or a printed statement. Some locations now use online statements instead. Ask the clerk which method your post office uses and how you will receive future statements.

How Interest Works and Current Rates

Your account earns interest on the balance you hold. Metabank sets the interest rate, and it changes periodically based on market conditions. The rate is typically between 0.01% and 0.05% annually, though this varies. You can check the current rate by calling 1-866-701-USPS (8777) or asking at your post office.

Interest is calculated daily on your account balance and paid monthly. If you have $500 in your account and the rate is 0.03%, you earn roughly $0.13 per month. The interest is added directly to your account—you do not receive a separate check.

You will receive a 1099-INT form each January if your account earned $10 or more in interest during the previous year. This form reports your interest income to the IRS for tax purposes. Keep it with your tax records.

Depositing and Withdrawing Money

You can deposit money in person at any post office. Bring cash, a check, or a money order along with your account number. The deposit is added to your account when ready. You can also mail a deposit to Metabank using the address provided in your account materials—allow five to seven business days for a mailed deposit to post.

Withdrawals in person are processed when ready. Go to your post office, give the clerk your account number and the amount you want to withdraw, and show your ID. The clerk will hand you the cash on the spot.

Withdrawals by mail take one to three business days after Metabank receives your request. You write a letter to Metabank with your account number and the amount you want withdrawn, and they mail you a check. This method is slower but useful if you cannot reach a post office.

There is no limit on how many deposits or withdrawals you can make per month. Unlike some savings accounts, Post Office Savings Accounts do not restrict your access to your money.

Limits and What You Cannot Do

You cannot use this account like a checking account. There is no debit card, no online bill pay, and no way to set up automatic transfers. Every deposit and withdrawal requires you to visit a post office or mail a request to Metabank.

You cannot overdraft. If you try to withdraw more than your balance, the transaction will be declined. There are no overdraft fees because overdrafts are not allowed.

You cannot link this account to other financial institutions for transfers. If you want to move money between this account and a bank account, you will need to withdraw cash and deposit it separately, or use a check.

Closing Your Account

You can close your account at any time by visiting your post office or by mail. If you close in person, the clerk will withdraw your remaining balance and give you the cash or a check. If you close by mail, send a letter to Metabank requesting closure and they will mail you a check for your balance.

There is no penalty for closing early. You will not lose any interest you have earned. If your account has been inactive for a long time, Metabank may close it, but this is rare.

Frequently Asked Questions

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

No. The post office requires a Social Security number to open the account. If you are not a U.S. citizen or do not have a Social Security number, you will need to explore other banking options, such as a second-chance bank account or a credit union that serves your community.

What happens if I do not visit my account for several years?

Your account will remain open and your money will stay there. Interest will continue to accrue. However, if your account shows no activity for an extended period, Metabank may attempt to contact you at the address on file. If they cannot reach you, the account may be transferred to your state's unclaimed property program.

Can I have more than one Post Office Savings Account?

Yes. You can open multiple accounts at different post offices or at the same location. Each account is separate and earns interest independently. However, the total amount you hold across all accounts is still protected by FDIC insurance up to $250,000 combined.

How do I check my balance without visiting the post office?

Call Metabank at 1-866-701-USPS (8777) with your account number and they will tell you your current balance. You can also visit your post office and ask the clerk to look it up. Some post offices can print a statement for you on the spot.

Is the interest rate may provide to stay the same?

No. Metabank can change the interest rate at any time. You will be notified of rate changes by mail. If the rate drops significantly, you may want to compare it to other savings options, though switching accounts takes time and effort.