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6 of the best notice savings accounts

6 of the best notice savings accounts

Category: Savings

Updated: 04/08/2017
First Published: 04/08/2017

If you're looking to secure the best rate on your savings, you generally have one of two options – tie up your money for a set period of time, or agree to give your provider some notice before you make a withdrawal.

Option number two could well be the perfect compromise. Notice savings accounts let you access your money on the provision that you tell your provider in advance, thereby offering flexibility and decent rates in one handy package. Some providers will even let you withdraw the cash earlier should you need it, but this will usually be subject to an interest penalty, so savers will still need to be organised to benefit from this kind of account.

This means they're only suitable for those who are comfortable with giving some kind of notice. They shouldn't be used for an emergency fund, for example, as you probably won't have the time to give notice if an emergency hits. But if you're confident that you won't need instant access to a portion of your savings, and don't want to lock your money away for too long, they could be ideal. Rates have been improving recently, too, which means now could be a great time to take the plunge.

So, with that in mind, here are the current top-paying notice accounts that can offer a great rate alongside a certain degree of flexibility.

AER
Details

Secure Trust

Secure Trust Bank

180 Day Notice (Issue 2)

1.65% AER
  • Minimum investment of £1,000
  • Further additions allowed at any time (min £1,000)
  • Withdrawals permitted subject to 180 days' notice, but only three capital withdrawals and four interest withdrawals will be allowed per calendar year
  • No earlier access
  • Account must be opened online before becoming telephone-operated
  • Interest is paid quarterly (must be paid away)

Comfortably taking the top spot is this account from Secure Trust Bank, which pays a market-leading quarterly rate of 1.65% AER (1.64% gross) on a minimum investment of £1,000. This account requires savers to give 180 days' notice in order to withdraw funds, though it should be noted that only a limited number of withdrawals will be allowed each year, so careful management is a must. Further additions are welcome at any time, provided they're of at least £1,000.


AER
Details

Secure Trust

Secure Trust Bank

120 Day Notice (Issue 24)

1.55% AER

  • Minimum investment of £1,000
  • Further additions allowed at any time (min £1,000)
  • Withdrawals permitted subject to 120 days' notice, but only three capital withdrawals and four interest withdrawals will be allowed per calendar year
  • No earlier access
  • Account must be opened online before becoming telephone-operated
  • Interest is paid quarterly (must be paid away)

Secure Trust Bank has done it again with a second account making the charts, this time its 120-day notice deal that pays 1.55% AER quarterly (1.54% gross). A minimum investment of £1,000 is again required, with only a set number of withdrawals permitted, but this time 120 days' notice must always be given.


AER
Details

Paragon Bank

Paragon Bank

120 Day Notice Account (Issue 7)

1.45% AER

  • Minimum investment of £500
  • Further additions permitted
  • Withdrawals allowed subject to 120 days' notice being given
  • No earlier access
  • Internet-operated account
  • Interest paid on anniversary
  • Access via nominated account

In third place is this deal from Paragon Bank, a variable rate account paying 1.45% on a minimum investment of £500. Further additions are permitted at any time, and unlimited withdrawals are also allowed, provided 120 days' notice is given. The only other restriction on this online-only deal is that all transactions must be made via a nominated account.


AER
Details

Secure Trust

Secure Trust Bank

90 Day Notice (Issue 8)

1.45% AER

  • Minimum investment of £1,000
  • Further additions allowed at any time (min £1,000)
  • Withdrawals permitted subject to 90 days' notice, but only three capital withdrawals and four interest withdrawals will be allowed per calendar year
  • No earlier access
  • Account must be opened online before becoming phone-operated
  • Interest is paid quarterly (must be paid away)

Firmly establishing itself as force to be reckoned with in the notice account sector, Secure Trust Bank secures another place in the charts, this time with its 90-day deal that pays a variable rate of 1.45% AER (1.44% gross). All other features mirror those of its 180 and 120-day counterparts.


AER
Details

PCF Bank

PCF Bank

100 Day Notice Deposit

1.45% AER

  • Minimum investment of £1,000
  • Further additions permitted at any time
  • Withdrawals allowed subject to 100 days' notice being given
  • No earlier access
  • Account can be opened online and by post, and then managed by phone as well
  • Interest paid on anniversary and must be paid away

This deal from newcomer PCF Bank is certainly giving the competition a run for its money, with a top-five rate of 1.45% paid from a minimum investment of £1,000. Further additions are welcome, as are unlimited withdrawals, provided 100 days' notice is given.


AER
Details

Al Rayan

Al Rayan

90 Day Notice

1.41% AER

  • Minimum investment of £250
  • Further additions permitted
  • Withdrawals allowed subject to 90 days' notice being given
  • No earlier access
  • Account can be opened and operated online, by phone, by post, in branch and via mobile app
  • Interest paid monthly and must be paid away
  • Sharia'a compliant account

This deal from Al Rayan Bank just squeezes into the top six with an expected profit rate of 1.41% AER (1.40% gross). It's a simple, straightforward account that allows further additions at any time as well as unlimited withdrawals, but savers should note that earlier access won't be permitted, with the notice period always having to be served.

Information & Rates correct as at: 03/08/2017

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
 
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