Savings accounts that do not require advance notice to access funds are best suited to savers who need to access cash quickly. No notice accounts are convenient because they do not penalise savers for accessing cash early, although some have restrictions on how many withdrawals can be made over a set period, usually one year. Failure to keep track of withdrawals could result in reverting to a lower rate of return.
West Bromwich Building Society – Branch Bonus Account
This account pays a rate of 3.75pc including a bonus of 1.00pc until 31st August 2010. A monthly interest option is available at 3.69pc with a bonus of 0.97pc until 31st August 2010. Savers can invest between £100 and £500,00. Funds can be accessed instantly, although no more than two withdrawals are allowed in a year. If three or more withdrawals are made, the rate will revert to 1.05pc until 31st August 2010, then 0.05pc until 1st April when a new year begins and rate reverts to the headline rate. Funds must be new money to West Bromwich Building Society. The account can only be operated in branch with a passbook, although there are no age restrictions for savers.
Citibank – Flexible Saver Issue 6
This account pays a rate of 3.25pc including a bonus of 2.25pc for 12 months. Interest is paid monthly on the date the account was opened. Savers can invest between £1 and £1m. Funds can be accessed without notice and penalties and further additions are allowed. The account can be operated by new customers to Citibank, aged 18 and over, in branch, by post or telephone and online.
Sainsbury's Bank – Online Saver
Savers who make fewer than four withdrawals a year will receive a rate of 3.20pc including a bonus of 2.70pc for 12 months. A monthly interest option, within these access restrictions, is also available with a rate of 3.15pc including a bonus of 2.65pc for 12 months. If more than four withdrawals are made within a year, a rate of 0.50pc is paid. Savers can invest between £1,000 and £500,000. Funds can be accessed without advance notice and without penalty. The account is available to savers aged 18 and over and can be operated online only.
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 Any products featured may be withdrawn by their provider or changed at any time.
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