If you are getting serious about your savings and perhaps have a larger amount you want to keep safe and partially locked away then notice accounts might be for you.

It is likely you can earn a higher interest rates with a notice account than with other types of savings accounts.

You should only consider opening a notice account if you are certain you won’t need instant access to your money and that you will know in advance when you will need it. With a notice account you will have to give your bank advance notice of when you will need to withdraw any money. If you do withdraw money without notice then you may be charged the amount of the interest you could have earned within the set notice period.

 

Compare Notice savings accounts

Lloyds bank

  • With this account you can earn interest daily and have this paid straight into the account letting your money constantly build.
  • You can use this account for businesses.
  • You have to be over 18 to open this account.
  • With a 32 day account you can earn 2.53% AER. If you choose this account then you will be able to deposit money in at any time.
  • With a 95 day account you can earn 4.08% AER.
  • Lloyds has the right to change the interest rate at any point as this is not fixed.

 

West Brom building society

  • They offer a 60 notice ISA account where you can earn a variable rate of 5.10% AER tax free. This can be paid either annually or monthly.
  • You can open this account with just £1 and continue earning interest tax free up to £1,000,000.
  • Give a notice of 60 days to withdraw money or be charged the equivalent of 60 days loss of interest.
  • This account can be opened online only.

 

Monument bank

  • A great choice for those big savings like a house deposit as this bank has a high minimum deposit of £25,000.
  • Your interest rate of 5.13% AER will be paid into the account monthly. This is for the 7 day notice account.
  • For a 45 day notice account the interest rate goes up to 5.20%. It goes up again to 5.27% for a 60 day notice period.
  • Up to £85,000 of your savings will be FSCS protected and there are no fees for opening or managing the account. You will also be able to cancel any withdrawal requests if you change your mind before the day.
  • Continue depositing into the account whenever you like to top it up and manage the account online including your withdrawal requests.