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Product focus: no notice accounts

Product focus: no notice accounts

Category: Savings

Updated: 22/01/2010
First Published: 03/09/2009

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 It is now over 6 months old so the content may be out of date.

Savers who wish to access their cash at short notice are best suited to a no notice account.

Although funds can be accessed at any time, there may be a short period before the money is received, for example if the transfer is by cheque. Here are the best no notice accounts currently available.

West Bromwich Building Society – No Notice Saver Direct

This deal pays a yearly variable rate of 2.80 per cent. The gross rate is guaranteed to be at least bank base rate until 30th April 2010. As the name suggests, no notice is required to withdraw funds and further additions are allowed. Investments range from £1,000 to £1 million. Savers can make three withdrawals a year, after this a rate of 0.05 per cent will be paid until 1 May each year (when a new account year begins). A monthly interest option is also available, although this pays a lower rate of 2.76 per cent.

Scarborough Investments Direct – Direct Access

This account pays a variable rate of 2.76 per cent. The gross rate is guaranteed to be at least equal to 1.26 per cent above bank base rate until 31 May 2010. Savers can invest between £1,000 and £500,000. Although the account is operated by telephone only, the initial deposit must be made by post (cheque) or telephone (debit card). No notice is required to access funds and further additions are allowed. These must be paid by BACS or debit card. The account is available to savers aged 18 or over.

Stroud & Swindon Building Society – Postal Account

This postal based account pays a variable rate of 2.25 per cent. Its gross rate is guaranteed to be at least 0.25 per cent above bank base rate until 30 September 2010. Investments range from £1,000 to £500,000. Savers do not need to give notice to access funds, although all withdrawals have to be made by cheque. A monthly interest option is also available, paying a rate of 2.23 per cent. Account holders must be aged 18 or over.

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 Any products featured may be withdrawn by their provider or changed at any time.

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