These savings accounts could offer a higher interest rate as you need to give a set amount of notice to withdraw any money.
Looking through a range of options gives you more chance of securing a great deal. You'll only find results from genuine companies. Our data experts check each company before we add them to our comparisons.
1
Make savings goals
Decide on your deposit amount. How much have you set aside to open a savings account? The opening sum requirement will vary depending on the provider.
2
Compare your options
Have a look through the options to find the best monthly interest savings account, importantly terms can vary between providers, so check any conditions attached to the the account.
3
Apply and start saving
You may be able to get a higher interest savings account by applying online and some providers only ever operate digitally. Once you've decided on the provider you want, simply apply.
| Gross rate | Gross rate | AER rate | AER rate | |
|---|---|---|---|---|
| Excluding bonus | Including bonus | Excluding bonus | Including bonus | |
| £500 | 1.3% | 1.3% | 1.3% | 1.3% |
| Maximum Initial Deposit | £500,000 |
| Minimum Initial Deposit | £500 |
| Minimum Age | 18 years |
| Permanent UK Resident |
| Gross rate | Gross rate | AER rate | AER rate | |
|---|---|---|---|---|
| Excluding bonus | Including bonus | Excluding bonus | Including bonus | |
| £1,000 | 1.15% | 1.15% | 1.15% | 1.15% |
| Maximum Initial Deposit | £1,000,000 |
| Minimum Initial Deposit | £1,000 |
| Minimum Age | 18 years |
| Permanent UK Resident |
| Gross rate | Gross rate | AER rate | AER rate | |
|---|---|---|---|---|
| Excluding bonus | Including bonus | Excluding bonus | Including bonus | |
| £1,000 | 1.35% | 1.35% | 1.35% | 1.35% |
| Maximum Initial Deposit | £1,000,000 |
| Minimum Initial Deposit | £1,000 |
| Minimum Age | 18 years |
| Permanent UK Resident |
There are three things to think about before you choose the best notice savings account:
How long you can wait to withdraw your money
How much you want to save
Finding the highest interest rate
Some notice accounts offer a higher interest rate if you save over a certain amount.
For example, you could get a rate of 1% on a 7 day notice account if you save over £100,000, but only 0.5% if your balance goes under this amount.
If you want easier access to your money then compare instant access savings accounts, as many offer similar rates to those offered on notice accounts.
The most common notice periods you can compare are:
7 days
30 days
60 days
90 days
120 days
You should compare as many notice accounts as possible, and find one that will let you withdraw your money in the time you are prepared to wait for.
Some accounts will penalise you by taking the amount of interest you would have earned over the notice period off your savings balance.
For example, a 60 day notice account will deduct 60 days' worth of interest from your account if you withdraw without giving notice.
Other notice accounts will not let you withdraw unless you give and wait the notice period.
If you know you can be quite impulsive with your spending, and you really want to avoid easy access to your savings, a notice account might be useful for you.”Florence Codjoe, Personal Finance Editor
You must give notice for each withdrawal you plan to make, you do this by telling your savings provider online, over the phone or in writing.
You have to tell them:
Which account you want to withdraw from
When you want to make the withdrawal: any date after giving the notice period
How much you want to withdraw: you can withdraw up to this amount without penalty
You can only make one withdrawal after you have given notice, even if you withdraw less than you had specified.
If you try to withdraw more than you had given notice for, you will be penalised for the entire amount.
For example, if you gave notice to withdraw £100, but try to withdraw £150 you will be charged an interest penalty on the whole £150.
It is tougher than ever to make money from your savings, but you could get a better return if you expand your search for interest. Here are your options.
Read MoreWhether you have a cash ISA or are thinking of getting one, you should consider if it's still a good place for your money. Here is how to work out if ISAs are still worth saving into.
Read MoreKnowing what to do with savings can be difficult, especially when rates are so low. Here is what you can do if you have money to invest.
Read MoreComparing savings accounts could save you money. Our multiple award-winning comparison service makes sure you get the lowest fees and rates possible based on your individual circumstances. Our aim is to provide you with the most up-to-date information, as well as useful tools and calculators so to help you make life's most important decisions and take control of your money.
We have always aimed to provide the best possible services to bridge the gap between our users and our clients. Over the years, we have been thrilled to be recognised by various prestigious bodies and organisations for those efforts.
Last updated: 05 May, 2022
