Market leading interest rate (1.25%)
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.
We’ve taken a look at some of the best trading apps in the UK and explained who they’re best suited to. Our table compares fees and services too.
Get a quote in seconds and save on your phone cover.
We’ve put together some tips and information on how to open a business bank account in the UK as a non-resident.
Contractors usually need a business bank account, so we’ve put together a guide on how to find one that works for you.
Business overdrafts can be a useful safety net, but be aware of fees and charges.
Looking to set up your own business but not quite ready to get a proper office? You can definitely run your company from home, once you’ve taken care of a few details.
Find out which insurance group the Peugeot 3008 falls under and how much it costs to insure.
Find out which insurance group the Land Rover Freelander falls under and how much it costs to insure.
Snap up some great deals in the Very Boxing Day sales with discounts on electronics, fashion, gym wear and more.
Find out which insurance group the Renault Twingo falls under and how much it costs to insure.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.