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Not everyone knows that there’s a middle ground between the two. If you can’t make up your mind, notice savings accounts make for a nice compromise.
Notice savings accounts are savings accounts from which you can withdraw your money whenever you need it, as long as you give adequate notice to your bank. The notice required will depend on your account’s terms and conditions.
As access to the account is possible but only under certain conditions, the interest rates offered by notice accounts normally stand somewhere between those for easy access accounts and fixed rate bonds.
Notice savings accounts are not so different from easy access savings accounts, but you must make sure you know the terms and conditions inside out before applying, because the notice period makes things a tad more complicated:
Notice savings accounts are weird little creatures. They aren’t hugely popular because if you need your savings to deal with an emergency, 30 days tend to be too long a wait anyway. People often prefer keeping emergency funds in an easy access savings account or in a current account and extra savings in a fixed rate bond, where they can earn more interest.
However, notice savings accounts can become handy if you already have a home for your emergency funds, but are unsure of your medium-to-long-term plans. For example, if you think you may need to pay the deposit for a house or buy a new car in the next 12 months. These kinds of decisions take time anyway (but not a full year!), so notice accounts are a good option.
Finally, they are also a good idea if you think you may want to make extra deposits into your account: fixed rate bonds don’t allow it after the first week or so from account opening.
There aren’t loads of notice savings accounts available on the market, but here’s a basic list of features to check out when comparing options:
Most notice savings accounts are covered by the Financial Services Compensation Scheme, which protects your savings up to £85,000 per account. Make sure you double-check that that’s the case with the account you’re considering.
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