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Product focus: Notice accounts

Product focus: Notice accounts

Category: Savings

Updated: 09/12/2010
First Published: 09/12/2010

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 It is now over 6 months old so the content may be out of date.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 are looking to put some cash aside until after the Christmas period may be interested in a notice account. These products require advance notice to withdraw funds, although early access is often allowed subject to penalty.

Here is a selection of some of the best accounts which require 30 days notice to access funds.

Cheshire Building Society – 30 Day Postal Saver

This account pays:

  • 2.95% on its anniversary.
  • The rate includes a bonus of 1.00% for twelve months, although this is not paid if the account is closed before one year.
  • Savers can invest between £1,000 and £2m.
  • As the name suggests, 30 days notice is required to access funds, although early access is allowed subject to 30 days loss of interest. Four notice withdrawals are allowed per account year. Upon the fifth withdrawal, the account will revert to a rate of 0.10% and become instant access for the lifetime of the account.
  • The account is available to savers aged 18 and over and can be operated by post only.

Post Office – Reward Saver

The Reward Saver account pays:

  • 2.75% on its anniversary including a bonus of 1.00% for twelve months.
  • The AER is guaranteed to be no more than 1.00% below bank base rate. A monthly interest option is also available at 2.73% with a 0.99% bonus for twelve months.
  • Investments range between £500 and £2m.
  • Savers must give 30 days notice to access funds. Early access is permitted, subject to 30 days loss of interest.
  • The account can be operated in branch, by post or telephone by savers aged 18 and over.

Melton Mowbray Building Society – Online 30 Day Notice Issue 2

This account pays:

  • Monthly rate of 2.35%.
  • Investments range between £1,000 and £250,000.
  • Savers must give 30 days notice and early access is not allowed.
  • All transactions must be made via a nominated account and there is a maximum daily withdrawal limit of £10,000.
  • The account can be operated online only by savers aged 16.

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 Any products featured may be withdrawn by their provider or changed at any time.

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