There are a large number of savings accounts in the market which require advance notice to access funds. Penalties, such as loss of interest, will often apply to those who access funds early, while some accounts pay lower rates if numerous withdrawals are made within a year. Here is a selection of online savings account rates which require advance notice to access funds.
FirstSave – 90 Day Notice Base Rate Linked
This account pays 2.50% on its anniversary, with the gross rate guaranteed to be equal to 2.00% above bank base rate. Savers can invest between £100 and £2m, although those who choose the monthly interest option at 2.47% must make a minimum deposit of £5,000. The AER for the monthly interest option is guaranteed to be equal to be 2.00% above bank base rate. As the name suggests, ninety days notice is required to access funds. Early access is allowed, subject to 90 days' loss of interest, while withdrawals must be made via a nominated account. The account is available to savers aged 18 and over and can only be operated online.
Royal Bank of Scotland – Bonus 30
The rate for this account is determined by the size of the deposits made and how many withdrawals are made in a year. Savers who make up to four withdrawals a year and invest between £50 and £99,999 will receive a rate of 1.20%, while those investing £100,000 or more will receive 1.30%. The same investment tiers apply to savers who make over four withdrawals a year, although returns are lower at 0.20% and 0.30% respectively. Thirty days notice is required to access funds, although early access is allowed subject to 30 days' loss of interest. The account is available to savers of all ages and can be operated in branch, by telephone and online.
Norwich & Peterborough Building Society – 120 Day Notice
This account pays 0.85% on its anniversary, with the underlying gross rate guaranteed to be at least equal to 1.00% below bank base rate until 1 January 2011. A monthly interest option is also available at 0.85%. Investments can range between £1 and £1m. Advance notice of 120 days is required, although early access is allowed subject to 120 days' loss of interest. The account can be operated by savers of all ages, in branch, by post, telephone and online.
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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 Any products featured may be withdrawn by their provider or changed at any time.
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