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Notice Savings Accounts

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    Getting a notice savings account is just one way of putting money aside either for a significant purchase, or for a rainy day. The advantage with this type of savings account is that you will often get a slightly higher interest rate than easy access or instant access accounts, meaning you will get more money on top if you use the account for an extended period. The difference is that notice savings accounts usually have a variable interest rate.

    Whether you’re saving for a house deposit, home improvement or just need somewhere to put additional funds, a notice savings account is a good first step, especially if you don’t need to withdraw your savings straight away.

    What is a notice savings account?

    A notice savings account allows you to earn interest on money you deposit, with the understanding that when you want to withdraw, you will have to wait an agreed notice period before getting your money back.

    The interest rate is usually variable, meaning that it can go up or down depending on changes in the economy. The provider can choose to set their own rate, which might be in line with the Bank of England base rate or slightly lower.

    Depending on the provider, you can often have a set notice period of 30 days, 60 days or even 120 days. Like a fixed rate savings account, the longer this period is, the better your interest rate is likely to be. Some accounts will also come with a minimum initial deposit that you will have to adhere to when opening the account.

    How does a notice savings account work?

    • Deposit a lump sum or add to the account every month
    • Earn interest for the time the funds remain in the account
    • Variable interest rate means the amount you earn might change
    • Agreed notice period you will have to wait before withdrawing your savings

    A notice savings account works in the same way as any other savings account, starting with depositing a minimum amount into the account. This could be as little as £1 but some accounts require you to deposit much more.

    Once you have made your deposit, you can top up this amount every month by setting up a standing order. This will slowly increase the amount in your savings account and subsequently increase the amount you earn in interest.

    Since most notice savings accounts come with a variable interest rate, this means that it is subject to change, usually in line with the Bank of England base rate. However, the provider is able to set it at whatever rate they feel is appropriate, but you will be notified of any changes.

    When you’re happy to withdraw your savings as you would like to use them, you will have to inform your provider and then wait for the notice period to elapse, before you get your funds back.

    How to open a notice savings account?

    The process of opening a notice savings account is straightforward in that you can apply online, but you will need to supply all relevant personal details requested by the provider before you can be accepted. Depending on the minimum deposit amount, you may also be credit checked to find out whether your current income will allow you to make the required deposit.

    Watch out for the following details when comparing notice savings accounts:

    • Variable interest rate – the higher the interest rate, the more you can potentially earn, but this could change
    • Minimum deposit amount – you will have to deposit this amount in order to open the account
    • Notice period – how long you will have to wait before being able to withdraw your savings. Longer notice periods usually result in better interest rates

    Now that you can pick out certain details, take a look at our comparison tables to see if you can find the best notice savings account for you.

    Who we work with

    We work with a number of providers to deliver a wide selection of savings accounts for you to choose from, enabling you to find the best option for you, whether it’s a cash ISA, investment ISA, peer-to-peer savings account or otherwise.

    Each of our providers are screened to make sure they meet our high standards before we agree to work with them. This ensures that you can trust them as much as we do, allowing you to find the best savings product from a reputable source.

    You can find out more about our lenders and providers here

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