A driver circuit, such as could be used as an off-chip driver for an I/O pin on a memory circuit, is presented. The driver has a PMOS connected between a supply level and the driver's output node. In an active mode, the bulk terminal of the PMOS is connected to the supply level; and in a standby mode, the PMOS's bulk terminal is set to a higher level. This reduces the leakage current through the PMOS in the standby mode, allowing for smaller device with a lower capacitance to be used.