Product focus: No notice accounts - Savings - News - Moneyfacts


Product focus: No notice accounts

Product focus: No notice accounts

Category: Savings

Updated: 02/12/2009
First Published: 01/12/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

During these uncertain economic times, many savers are choosing accounts which allow them to access cash without giving advance notice. While savers can access cash whenever they like, some accounts have restrictions on how many withdrawals can be made within a set period, such as twelve months. Savers who exceed the specified number of withdrawals can expect to incur a penalty such as a reduced rate of return. Here are the current top three no notice accounts.

West Bromwich Building Society – Branch Bonus Account 2

This account pays an annual rate of 3.35pc including a bonus of 0.60pc until 31st October 2010. A monthly interest options is also available at 3.30pc with a bonus of 0.58pc until 31st October 2010. Savers can invest between £100 and £100,000. Withdrawals are limited to two a year. If this restriction is exceeded, a rate of 0.65pc is paid on the third withdrawal until 31st October 2010, then 0.05pc until 1st April when a new year begins, when the rate reverts to the headline rate. The account only accepts new money to the institution. Savers can operate the account in branch only and there are no restrictions on age.

AA – Internet Extra Issue 1

The rate and bonus for this online only account is determined by the deposit amount. Savers who invest between £1 and £49,999 receive a rate of 3.15pc including a bonus of 2.65pc for 12 months, while a rate of 3.30pc with a bonus of 2.80pc for 12 months is paid on deposits of between £50,000 and £1m. No notice is required to access funds, although all withdrawals must be made via a nominated account. Savers must be aged 18 and over.

Birmingham Midshires – Telephone Extra

This account pays a rate of 3.15pc including a bonus of 2.65pc for 12 months. A monthly interest option is also available at 3.11pc with the same bonus. Savers can invest between £1 and £2m, although for the monthly interest option the maximum deposit is £2m. No notice is required to access funds, although all withdrawals must be made via a nominated account. The account can be operated by telephone only by savers aged 16 and over.

Compare - instant access accounts

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.

Related Articles

Savings rates plummet to fresh lows yet again

It’s becoming a recurring theme, and unfortunately, it’s showing no signs of stopping. Savings rates have plummeted to fresh lows once again as the impact of the base rate cut continues – and this month, product availability has followed.

Less than half of savings accounts beat inflation

Official figures show that inflation jumped up during September, with CPI rising to 1%. Not only does this mean that consumers may begin to feel the impact on their wallets, but there are now far fewer savings accounts that will beat inflation.

Number of savings accounts falls to record low

As if the continued drop in savings rates wasn’t bad enough, our latest research reveals another blow to already hard-pressed savers, with the number of accounts available having fallen to a record low.