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What is a notice savings account?
A notice savings account allows you to withdraw money – provided you give an agreed amount of notice. This makes it more flexible than a fixed-term savings account, but with an interest rate that’s normally higher than you’ll get with an instant access account.
Currently, interest rates on notice savings accounts remain competitive with some providers still offering rates above or in line with the base rate.
How do notice accounts work?
When comparing the best notice accounts, there are three questions you should consider.
How long can you wait to withdraw your money?
How much do you want to save?
What is the highest interest rate you can get?
The notice period varies significantly depending on the account and provider. Typically, you can find notice periods ranging from seven days to 180 days. You can refine our comparison by selecting the notice period that works for you. Generally, the longer the notice period, the higher the interest rate.
Occasionally, you may find a notice account offering a higher interest rate if you pay in more than a certain amount. If you want easier access to your money, read more about instant access savings accounts.
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How to choose a notice savings account
Interest rate
The interest rate you are offered is always the first thing to consider as it determines the return you get on your money. Typically, you'll get a higher interest rate the longer you’re prepared to wait to access your money, but that's not always the case.
The notice period
The notice period can range from just seven days to up to 120 days. Some providers may even offer 180 notice periods. When choosing a notice savings account, it's useful to know when you'll need to withdraw, so you can take advantage of higher interest rates by seeking out the best 30, 60, or 90-day notice accounts.
Fees and charges
It's always important to know what fees you may be charged if you need to withdraw your money early. Or if there is a maximum number of withdrawals before you are penalised by a loss in interest or a reduction in the interest rate.
Our best long-term notice savings accounts
Our editors pick these deals by weighing several factors such as the interest rate, term, withdrawal conditions, minimum opening balance and others for each product.
No withdrawals or closure permitted during the term of the account.
| Gross rate | |
|---|---|
| Including bonus | Excluding bonus |
| 5.08% | 5.08% |
| AER rate | |
| Including bonus | Excluding bonus |
| 5.2% | 5.2% |
“This notice savings account has a respectable interest rate of 5.2% EPR (gross p.a.), but there are some key restrictions to consider. You can only withdraw the full deposit amount and this is subject to a 95-day notice period. Once you’ve deposited the money into the account it is also essentially locked, and no further deposits are allowed.”
A written notice period of 90 days is required for withdrawals.
| Gross rate | |
|---|---|
| Including bonus | Excluding bonus |
| 5.13% | 5.13% |
| AER rate | |
| Including bonus | Excluding bonus |
| 5.25% | 5.25% |
“A great offering for those who know when they'll need access to their money. Open with £5,000, and the best part is you continue to earn interest during the 90 days notice period.”
Our best short-term notice savings accounts
Our editors pick these deals by weighing several factors such as the interest rate, term, withdrawal conditions, minimum opening balance and others for each product.
Withdrawals and closure permitted subject to 14 days' notice.
| Gross rate | |
|---|---|
| Including bonus | Excluding bonus |
| 4.8% | 4.8% |
| AER rate | |
| Including bonus | Excluding bonus |
| 4.8% | 4.8% |
“RCI Bank's notice account offers savings in support of a good cause, as all deposits will be used to fund pure electric vehicles and charging. With 14 days notice, this account also offers gives a slightly better rate than you'd get with an instant access. So if you know you won't need to withdraw money right away, and you're keen on ethical investing, this is a good option.”
Withdrawals or closure are permitted subject to 30 days notice.
| Gross rate | |
|---|---|
| Including bonus | Excluding bonus |
| 4.55% | 4.55% |
| AER rate | |
| Including bonus | Excluding bonus |
| 4.55% | 4.55% |
“This account can be ideal for those saving for a planned large purchases or expense such as car or holiday, so you know when you'll need the money. While you'll need to give 30 days notice, you get the benefit earning more in interest.”
What happens if you withdraw without giving notice?
If you decide to withdraw without giving notice, some accounts will penalise you by deducting the amount of interest you would have earned over the notice period from your savings balance.
For example, even the best 60-day notice account will usually deduct 60 days' worth of interest from your account if you withdraw without giving notice.
Other notice accounts will not let you withdraw money unless you give the required notice ahead of taking your money.
How can you give notice to withdraw?
You must give notice for each withdrawal you plan to make. You can do this by telling your savings provider online, over the phone, or in writing.
To make a withdrawal, you’ll need to tell them:
Which account you want to withdraw money from
When you want to make the withdrawal
How much you want to withdraw
You can only make one withdrawal after you have given notice, even if you withdraw a lower amount than you said you needed.
If you try to withdraw more than you gave notice for, you will be penalised for the entire amount.
For example, if you gave notice to withdraw £100 but then tried to take out £150, you would be charged an interest penalty on the entire £150.
Some accounts also only allow you to withdraw the total amount of savings held in the account, even after giving notice.
What are the risks of notice accounts?
It’s important to look at the whole picture when considering a notice savings account, and there are a few things to bear in mind.
There could be a limit to how many withdrawals you can make within a year and charges if you exceed that limit.
Some notice accounts don’t offer you an online option to manage your account; instead, you might have to visit a branch to give notice of a withdrawal. Therefore, it’s crucial to establish the account’s access requirements.
Also, keep an eye on bonus rates. Many savings accounts offer a bonus period to entice new customers. But, when that period ends, the rates fall, so be prepared to switch accounts if you would like the best rate.
| Type of account | Interest earned annually on £1,000 |
|---|---|
| 14 day notice account (4.80%) | £48.00 |
| 95 day notice account (5.30%) | £53.00 |
| 120 day notice account (5.20%) | £52.00 |
Source: Data derived from Defaqto and updated on March 20, 2024. Interest rates are used as an example of how much interest could be earned in one year.
Pros and cons
Pros
Cons
FAQs
What is our highest interest rate for a notice savings account?
Currently, our best interest rate for a notice savings account is 5.25%.
Do I need to give notice to withdraw from a notice account?
Not always - some accounts let you withdraw money at any time but will penalise you by keeping the interest you would have earned over the notice period.
Is there a limit on how much I can withdraw from a notice account?
You can only take the amount you gave notice for; any amount you withdraw over that sum could result in a penalty charge for the whole withdrawal.
Can someone else give notice to withdraw on my behalf?
No, but some providers have forms you can complete and sign to authorise notice to be given on your account. This form can be handed in by anyone.
If I have a joint notice account, will both of us need to give notice to withdraw?
If you have a sole-signature-required account, then one of you can give notice; if it is a joint-signature-required account, you will both need to sign.
Can I change my mind after giving notice to withdraw?
Contact your savings provider and let them know as soon as you have changed your mind. Some providers will allow you to do this, but others will hold you to the notice period.
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