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Product focus: no notice accounts

Product focus: no notice accounts

Category: Savings

Updated: 25/01/2010
First Published: 28/08/2009

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 It is now over 6 months old so the content may be out of date.
No notice accounts can sometimes be confused with instant access deals. When looking for the best short-term access savings accounts, it is worth remembering that an instant access account allows savers to withdraw funds immediately with either a cash-point card or in branch with a passbook.

No notice accounts may not require any advance notification to withdraw funds, however some providers may pay funds by cheque, in which case savers would need to wait for clearance. Some providers may also need to transfer the amount to another bank or building society which could take up to a couple of days. Here is a run down of the current best no notice products.

Coventry Building Society – 1st Class Postal

This deal from Coventry Building Society pays a rate of 3.30 per cent including a 1.30 per cent bonus for 12 months. Savers can make up to four withdrawals a year, although any further withdrawals will be subject to 50 days loss of interest. Investments range from £1,000 to £250,000. A monthly interest option is available at 3.25 per cent including a 1.30 per cent bonus. This account can only be operated by post.

Egg – Egg Savings Account (Internet)

This online only account pays a rate of 3.25 per cent including a bonus of 2.00 per cent for 12 months. Savers can invest between £1 and £1m. Withdrawals are allowed, but must be via BACS or CHAPS to a nominated account. Further additions are allowed, while funds must be new money to Egg. The account is available to savers aged 16 or over.

Birmingham Midshires – Telephone Extra

This account pays a rate of 3.15 per cent including a bonus of 2.65 per cent for 12 months. Investments range from £1 to £2 million, while the initial deposit must be made by cheque. All withdrawals must be made to a nominated account. A monthly interest option is available at 3.11 per cent including a 2.65 per cent bonus for 12 months. Minimum age for account holders is 16 years.

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 Any products featured may be withdrawn by their provider or changed at any time.

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