According to recent research, an increasing number of people are making the effort to save each month.
Accounts requiring advance notice can pay some competitive returns, with rates showing some improvement over the past two years. For example, the average notice rate in November 2010 was 1.09%; today this figure stands at 1.25%.
Notice accounts pay variable rates, but require you to contact your savings provider to ask for advance notice prior to accessing your money.
Notice periods vary from seven days to six months, so it is wise to search the market thoroughly in order to achieve the most suitable deal for you.
Notice accounts tend to pay better rates than their easy access counterparts, due to the fact that money cannot be accessed immediately.
If you have a minimum deposit of £25,000 and over, then the Investec High 5 Issue 2 account pays a highly competitive rate of 2.33% on its anniversary.
This account requires six months advance notice to access money and early access is not permitted.
Principality Building Society's Promise Saver pays a rate of 2.30% including an introductory bonus of 0.80% for twelve months.
A minimum investment of £500 is required and you must give 30 days advance notice before accessing your money. Early access to funds will be subject to a 30 day loss of interest penalty.
If you are looking for a competitive postal account, then the Albion 30 account from Leeds Building Society pays 2.30% for deposits between £25,000 and £49,999.
As the name suggests, 30 days notice is required to access money. Early access will incur a 30-day loss of interest penalty.
Also paying 2.30% for deposits between £25,000 and £100,000 is the High 10 account from Investec Bank plc.
This deal requires a notice period of three months and early access is not permitted.
Not all competitive notice accounts require such high deposits however! The 90 Day Notice Gold account from United Bank UK pays 2.26% on a half-yearly basis to savers with minimum deposits of just £1.
Ninety days' notice must be given prior to accessing funds and early access is not allowed.
Chelsea Building Society pays an annual rate of 2.25% on its 60 Day Notice account to savers with deposits of £1.
Advance notice of 60 days must be given, with early access subject to a 60-day loss of interest penalty.
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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 Any products featured may be withdrawn by their provider or changed at any time.
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