What a Post Office Savings Account Is and Who Can Open One
A Post Office Savings Account is a savings account you open at your local post office, not at a bank. The account is held with the U.S. Postal Service, which partners with a bank to manage the actual money. You get a passbook — a small booklet that records every deposit and withdrawal you make — and you can add or withdraw money in person at any post office location.
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. This makes Post Office Savings Accounts useful for people who are new to the formal banking system or who have had trouble opening accounts elsewhere.
The account earns a small amount of interest — the rate changes, so ask your post office what it is paying right now. You can deposit as little as $1 to start, and there is no monthly fee to keep the account open as long as you maintain a minimum balance (usually $25 to $100, depending on the post office).
Key Takeaways
- You open a Post Office Savings Account in person at your local post office with a valid photo ID and at least $1 to deposit.
- The account earns interest, has no monthly maintenance fee, and requires only a small minimum balance to stay open.
- You receive a passbook that records all your transactions, and you can only deposit or withdraw money by visiting a post office in person.
- Post offices are open on weekdays and many locations have Saturday hours, so you can bank around your schedule without needing online access.
Documents You Need to Bring
Bring one valid government-issued photo ID. A driver's license, passport, state ID card, or military ID all work. The ID must not be expired, and the name on it must match the name you want on the account.
Bring at least $1 in cash or a check to make your first deposit. If you use a check, it must be made out to you or be a blank check you can sign. Some post offices prefer cash for the first deposit to speed up the process.
You do not need to bring a Social Security number card, but you will be asked if you have one. If you do, the post office will record it. If you do not have one yet, you can still open the account — just tell the clerk.
The Steps to Open Your Account
Go to your local post office during business hours. Most post offices are open Monday through Friday from 9 a.m. to 5 p.m., and many have Saturday hours from 9 a.m. to 1 p.m. or 2 p.m. Call ahead or check the USPS website to confirm your location's hours.
Tell the clerk you want to open a Post Office Savings Account. They will hand you a form to fill out. The form asks for your name, address, phone number, date of birth, and Social Security number if you have one. Write clearly and use the name that matches your ID exactly.
Give the clerk your completed form, your ID, and your first deposit. The clerk will review your information, take your deposit, and issue you a passbook on the spot. The passbook shows your account number, the date you opened the account, and your first deposit recorded inside.
You are done. Your account is active when ready. You can start making deposits and withdrawals at any post office location right away.
How to Use Your Account After Opening It
Your passbook is your record of the account. Every time you deposit or withdraw money, the clerk stamps the passbook with the date, the amount, and your new balance. Keep the passbook safe — it is how you prove you own the account if you ever need to dispute a transaction or close the account.
To deposit money, go to any post office, tell the clerk you want to deposit to your savings account, and hand them your passbook and the cash or check. The clerk records the deposit in your passbook and gives it back to you. Deposits are added to your account the same day.
To withdraw money, bring your passbook to any post office and tell the clerk how much you want to take out. They will give you the cash, record the withdrawal in your passbook, and show you your new balance. There is no limit on how many withdrawals you can make, but some post offices may ask you to give a day's notice for very large amounts.
Interest is added to your account automatically, usually once or twice a year. The clerk will record the interest deposit in your passbook when it is added.
Minimum Balance and Fees
Most Post Office Savings Accounts require a minimum balance of $25 to $100. The exact amount varies by post office, so ask the clerk what yours is when you open the account. As long as your balance stays at or above that amount, there is no monthly fee.
If your balance drops below the minimum, some post offices will charge a small monthly fee — usually $1 to $3 — until you bring it back up. If you do not make a deposit or withdrawal for a long time, the account may be closed and any remaining balance sent to you by check.
There are no fees for deposits, withdrawals, or transfers between Post Office Savings Accounts if you have more than one.
When a Post Office Savings Account Makes Sense
A Post Office Savings Account works well if you want a straightforward place to save money without using a computer or smartphone. Because you can only access it in person, it can help you avoid the temptation to spend the money on impulse — you have to physically go to the post office to withdraw it.
It is also useful if you do not have a Social Security number yet or if you have had trouble opening a bank account in the past. The requirements are straightforward, and post offices are located in almost every town and city.
However, a Post Office Savings Account is not the best choice if you need to move money quickly, pay bills online, or transfer funds to other people. You cannot set up automatic deposits or withdrawals, and you cannot access your account except during post office hours. If you need those features, a traditional bank or credit union savings account may serve you better.
Closing Your Account
To close your Post Office Savings Account, go to any post office with your passbook and tell the clerk you want to close it. They will give you the full balance in cash or a check, record the closure in your passbook, and the account is closed when ready.
You do not need to give notice or fill out special paperwork — just bring your passbook and ask. If you have lost your passbook, you can still close the account, but the clerk will need to verify your identity and may ask you to wait while they contact the bank that holds the account.
Frequently Asked Questions
Can I open a Post Office Savings Account if I do not have a Social Security number?
Yes. 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 fill out the form. You may be asked to provide one later if you reach a certain balance, but you can start saving without one.
What happens if I lose my passbook?
Go to the post office and tell the clerk. They can issue you a new passbook with your account history printed in it. You will need to show your ID. There may be a small fee for a replacement passbook, usually $1 to $5.
Can I have someone else withdraw money from my account?
Only if you give them your passbook and they have your permission. The post office does not set up authorized users the way a bank does. If you want someone else to manage the account, you would need to add them as a joint owner, which requires both of you to go to the post office together with ID.
How much interest will I earn?
The interest rate changes and varies by post office. Ask the clerk what rate your account earns when you open it. Interest is usually very small — often less than 1 percent per year — so a Post Office Savings Account is better for keeping money safe than for growing it quickly.
Can I open a Post Office Savings Account online?
No. You must open the account in person at a post office. You cannot open one by mail or through the USPS website. However, once your account is open, you can visit any post office location to make deposits and withdrawals.