With the winter sales approaching, many customers may be tempted by the range of bargains on offer.
Savings accounts that require advance notice can act as an effective deterrent to spending as penalties apply, such as loss of interest, if cash is withdrawn without permission.
Here are the current top three accounts requiring advance notice to withdraw funds.
Manchester Building Society – Premier Notice Issue 5
This account pays an annual rate of 3.31%. Savers can invest between £1,000 and £50,000. Savers must give 35 days' notice to withdraw funds and no early access is allowed. Only four withdrawals can be made each year. Further additions are only permitted until 21st December 2009. The account is available to savers aged 18 and over and can be operated in branch and by post. Only one account is allowed per person and is open to new money only.
Bradford & Bingley – Notice Saver Online
This online only account pays a rate of 3.30% including a variable introductory bonus, currently at 2.80% for 12 months. A monthly interest option is also available at a lower rate of 3.25%, with a variable bonus currently at 2.75% for 12 months. Savers can invest between £1,000 and £2 million. 60 days' notice must be given to access funds. Early access is allowed, although this is subject to 60 days' loss of interest. All withdrawals must be made by BACS via a nominated account. Although the account is online only, the initial deposit must be made by cheque or transferred from a nominated account. Minimum age for savers is 16 and over.
FirstSave – 90 Day Notice
This account from FirstSave pays a rate of 3.25%. The AER is guaranteed to be at least 0.25% above bank base rate until 1st January 2010 or at least equal to bank base rate until 1st January 2012. A monthly interest option is also available at 3.20% with the same guarantees as the annual interest rate. Investments range between £100 and £2 million, although for the monthly interest option a minimum deposit of £5,000 is required. Savers must give 90 days' notice to access funds. Early access is allowed although this is subject to 90 days' loss of interest. All withdrawals must be made by BACS via a nominated account. Savers must be aged 18 and 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 Any products featured may be withdrawn by their provider or changed at any time.
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