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Product Focus: Notice Accounts

Product Focus: Notice Accounts

Category: Savings

Updated: 22/01/2010
First Published: 30/07/2009

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 It is now over 6 months old so the content may be out of date.

Notice accounts are ideally suited to savers who do not require immediate access to their funds and would like to enjoy a better rate.

Notice or terms tend to vary depending on the provider, although savers should always be mindful of the notice required when applying for a product. Here is a selection of the notice accounts currently available.

United National Bank – 3 Month Gold Deposit

This deal pays a variable rate of 3.50 per cent and interest is paid every six months on 30th June and 31st December. This deal pays an annual equivalent rate (AER) of 3.53 per cent. Savers must give three months notice if they wish to withdraw funds. Early access is allowed at the bank's discretion, but is subject to a 2.00 per cent penalty. A minimum deposit of £1 is required, while the maximum investment is £1 million.

Turkish Bank UK – 60 Day Notice

This deal, which pays a variable rate of 3.02 per cent, has a notice period of 60 days. Early access is allowed, but is subject to 60 days loss of interest on the amount withdrawn. The minimum initial deposit for this account is £1 and must be paid in by cheque, although there is no maximum investment amount. This deal's gross rate is guaranteed to be at least 0.50 per cent above Bank Base Rate until 31st December 2010.

Progressive Building Society – Postal 7 Day Notice Issue 6

This relatively new deal from Progressive Building Society pays a variable rate of 2.66 per cent to savers aged 18 or over, who prefer to operate their account via the post. A notice period of 7 days applies and no early access is allowed. Investments range from £500 up to £1 million, while the minimum withdrawal amount is £250. Transfers must be made by BACS payment into a nominated account.

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 Any products featured may be withdrawn by their provider or changed at any time.

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