What You Need to Open a Post Office Savings Account
A Post Office Savings Account is a basic savings product offered through the United States Postal Service at your local post office branch. You do not need to be a customer of any bank or credit union to open one. The account is held and managed by the Postal Service itself, not by a third-party bank, which means you walk into a post office, complete the paperwork there, and your money stays with USPS.
To open an account, bring a government-issued photo ID (driver's license, passport, or state ID card) and your Social Security number. You will also need to bring cash or a check to make your initial deposit. Most post offices require a minimum opening deposit, though the amount varies by location — call ahead to confirm what your branch requires.
The process takes about 15 to 30 minutes. You fill out a simple form at the post office counter, the clerk verifies your identity, you make your deposit, and you receive your account number and a passbook on the spot. No credit check is performed, and no prior banking history is required.
Key Takeaways
- You open a Post Office Savings Account in person at your local post office with a photo ID, Social Security number, and an initial deposit in cash or check.
- The account is managed by USPS directly, not by a bank, so your money is held at the post office and tracked in a passbook you receive immediately.
- No credit check, no minimum balance requirement after opening, and no monthly fees make this account accessible to people with no banking history.
- Interest rates are set by USPS and are typically lower than rates at traditional banks, so compare before deciding this is the right place for your savings.
- You can deposit and withdraw money at any post office location that offers savings accounts, though not all branches do.
Which Post Offices Offer Savings Accounts
Not every post office branch offers savings accounts. USPS phased out the savings account program in most locations over the past two decades, and today only a small number of post offices still issue them. The branches that do offer them are typically in rural areas or smaller towns where banking options are limited.
To find out whether your local post office offers savings accounts, call the branch directly and ask. You can look up your nearest post office on USPS.com and use the phone number listed there. If your branch does not offer them, ask whether any nearby branches do — you may be able to travel to a neighboring town to open the account.
If no post office near you offers savings accounts, consider a savings account at a credit union, a community bank, or an online bank instead. Many of these have no minimum balance, no monthly fees, and some offer rates higher than what USPS provides.
What Happens After You Open the Account
Once your account is open, you receive a passbook — a small booklet that records every deposit and withdrawal you make. Each time you add money or take money out at the post office, the clerk writes the transaction in your passbook and stamps it with the date. This is your record of account activity; there is no online portal or mobile app.
You can deposit money at any post office that offers savings accounts, not just the branch where you opened the account. You can also withdraw money the same way — walk in with your passbook, tell the clerk how much you want to withdraw, and they hand you the cash and update your passbook.
Interest accrues on your balance and is added to your account on a schedule set by USPS. The rate is fixed and posted at participating post offices. Because rates are typically lower than those at banks and online savings accounts, check the current rate before you deposit a large sum.
Deposits and Withdrawals
You can deposit cash or checks into your Post Office Savings Account at any participating post office. There is no limit on how many deposits you can make or how much you can deposit at one time. Checks must be made payable to you, and you will need to endorse them (sign the back) before handing them to the clerk.
Withdrawals work the same way: bring your passbook to any participating post office, tell the clerk how much you want to withdraw, and they give you the cash. There is no waiting period, and you can withdraw your full balance at any time. Some post offices may limit the amount of cash they have on hand, so if you are withdrawing a very large sum, call ahead to make sure they can accommodate it.
Unlike a checking account, you cannot set up automatic deposits or withdrawals, and you cannot transfer money electronically. All transactions happen in person at the post office counter.
Interest Rates and Account Fees
USPS sets the interest rate on Post Office Savings Accounts, and that rate is typically much lower than what you would earn at a traditional bank or online savings account. The rate has varied over time; in recent years it has been well below 1 percent annually. Check with your local post office for the current rate before you open an account.
There are no monthly maintenance fees, no minimum balance requirement after your initial deposit, and no fees for deposits or withdrawals. This makes the account inexpensive to maintain, but the low interest rate means your money grows slowly.
If you are saving a large amount of money or want to earn a meaningful return on your savings, a high-yield savings account at an online bank or credit union will almost certainly pay you more interest. Compare rates before you decide.
Closing Your Account
You can close your Post Office Savings Account at any time by visiting a participating post office with your passbook. The clerk will withdraw your full balance, give you the cash, and close the account. There is no penalty for closing early, and you do not need to provide a reason.
If you lose your passbook, contact the post office where you opened the account. They can issue a replacement or help you withdraw your money without it, though you will need to provide your account number and photo ID.
Frequently Asked Questions
Can I open a Post Office Savings Account if I do not have a Social Security number?
No. USPS requires a Social Security number to open an account. If you have an Individual Taxpayer Identification Number (ITIN) instead, contact your local post office to ask whether they can work with that, though most branches cannot.
What if I move to a different state?
Your account remains active and you can continue to use it at any participating post office nationwide. Bring your passbook to any branch that offers savings accounts to make deposits or withdrawals.
Is my money insured if the post office loses it?
Post Office Savings Accounts are not covered by FDIC insurance because USPS is not a bank. Your money is held by the federal government, but there is no explicit insurance may provide like there is at banks. Ask your post office what protections apply to your account.
Can I earn interest if I keep my money in the account for a certain time period?
No. Interest accrues on your balance at the same rate regardless of how long you keep the money in the account. There are no special rates for longer deposits or higher balances.
What if my post office closes?
If your branch closes, your account transfers to another nearby post office. USPS will notify you of the change. You can then use your account at the new location or any other participating post office.