Notice accounts

Interest rates up to 0.55% AER at Raisin UK

• Earn a competitive variable rate of interest on your savings
• Enjoy the flexibility to withdraw your money after a set notice period
• Ideal for short or medium-term savings goals

Claim up to £50 for opening your first savings account (terms apply) ›

A guide to notice accounts

If you want a savings account featuring a competitive variable rate and the flexibility to withdraw your savings after a set notice period, a notice account could be right for you.

The rundown
  • A notice account requires you to give your bank notice before making a withdrawal, typically between 30 to 180 days
  • Open with a lump sum deposit
  • Earn a variable rate of interest on your savings

What is a notice account?

A notice account is a type of savings account that requires you to provide notice to withdraw your savings. The notice period is typically between 30 and 90 days, but with some notice accounts, you’ll need to provide as much as 180 days’ notice before you can make a withdrawal.

Notice accounts feature a mix of the benefits of other savings accounts, including rates comparable to fixed rate bonds, coupled with similar levels of flexibility of an easy access savings account.

How long is the notice period?

You can choose from various notice periods, giving you the flexibility of a shorter or longer notice period to suit your needs. Notice periods typically range between seven and 120 days, but 90 and 30 day notice accounts are common.

How is interest earned on notice accounts?

Notice accounts feature variable interest rates, meaning the interest rate can go up or down while your account is active.

How do I access savings from my notice account?

You must give notice to withdraw your money from your notice account. How much notice you have to give depends on the account, i.e. if you have a 90 day notice account you must give 90 days’ notice, and if you have a 30 day notice account, you must give 30 days’ notice.

You can only withdraw your full balance from your Notice Account at Raisin UK by entering your notice period and closing your account.

What are the benefits of notice savings accounts?

Notice savings accounts may be right for you if you want to take advantage of competitive variable interest rates and have the flexibility to withdraw your money after a set notice period.

A notice account from our marketplace might also be right for you for the following reasons:

  • Your money is safe
  • You’ll earn a competitive variable interest rate
  • You can withdraw your money after a set notice period
  • You’re more likely to avoid impulsively spending your savings
  • They’re typically free to open

What should I consider whenopening a notice account?

  • The amount you want to save
  • Earning the best interest rate
  • How long you’re able to wait before withdrawing your money

If you open a notice account with a variable interest rate, consider checking it regularly and comparing it to other savings accounts, so you know you’re earning the best rate of interest.

You can only make one deposit into your notice account when you open it, and you withdraw your funds by giving notice and closing your account. Because of this, it’s important to consider how much you want to deposit when opening your account, as you’ll earn more from larger deposits.

What are the alternatives to notice accounts?

A fixed rate bond savings account might be right for you if you have a lump-sum deposit that you don’t need to access for a while. You’ll usually get a better interest rate on this type of account, too. Alternatively, an easy access savings account typically gives you more flexibility to access your savings as and when you need.

Applying for a notice account

To quickly and easily apply for the best notice savings account for you with competitive interest rates from a range of UK partner banks, register for a Raisin UK Account and log in. It’s completely free to apply and open an account, and once your notice account is open, it will accrue interest at a competitive variable rate.

You can find out more about how to apply by reading our guide to opening a notice account.

 

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