6 of the best notice savings accounts

Category: Savings
14/06/2018

Notice accounts offer an attractive alternative for savers who want a higher rate than can be found on easy access accounts, but without losing access to their money for a whole year. With many different notice periods available, there should be a decent compromise for most savers to be found.

Notice savings accounts let you access your money on the provision that you tell your provider in advance, thereby offering flexibility and decent rates in one handy package. Some providers will even let you withdraw the cash earlier should you need it, but this will usually be subject to an interest penalty, so savers will still need to be organised to benefit from this kind of account.

This means they're only suitable for those who are comfortable with giving some form of notice. They shouldn't be used for a rainy-day fund, for example, as you probably won't have the time to give notice if an emergency hits. But if you're confident that you won't need instant access to a portion of your savings, and don't want to lock your money away for too long, they could be ideal.

With that in mind, here are the current top-paying notice accounts that can offer a great rate alongside a certain degree of flexibility. Note that as with easy access accounts, the rates on these accounts are variable, which means they could change.

	AER	Details
Charter Savings Bank 95 Day Notice - Issue 18	1.67%	Minimum investment of £1,000 Further additions allowed at any time Withdrawals permitted subject to 95 days' notice being given No earlier access Internet-operated account Access via nominated current account Interest paid on its anniversary

In first place with the market-leading deal is this account from Charter Savings Bank, which pays a variable rate of 1.67% on a minimum investment of £1,000. It requires savers to give 95 days' notice to withdraw funds, but further additions are welcome at any time through a nominated account.

	AER	Details
Paragon Bank 120 Day Notice (Issue 9)	1.66%	Minimum investment of £500 Further additions permitted Withdrawals allowed subject to 120 days' notice being given No earlier access Internet-operated account Access via nominated current account Interest is paid on its anniversary

Taking second place is Paragon Bank, with a near market-leading variable rate of 1.66% paid on a minimum of £500. It requires a slightly heftier 120 days' notice, but also allows unlimited additions and does not limit the number of available withdrawals.

	AER	Details
Secure Trust Bank 180 Day Notice Account	1.66%	Minimum investment of £1,000 Further additions allowed at any time (min £1,000) Withdrawals permitted subject to 180 days' notice, but only three capital withdrawals and four interest withdrawals will be allowed per year No earlier access Account must be opened online before becoming phone and internet-operated Access via nominated current account Interest is paid quarterly

In third place sits Secure Trust Bank, with an account that pays a variable rate of 1.66% AER (1.65% gross) on a minimum investment of £1,000. While additions of at least £1,000 are permitted without restriction, only a limited number of withdrawals are allowed per year, and all will require 180 days' notice to be given. However, the fact that interest is paid on a quarterly basis might attract some.

	AER	Details
Secure Trust Bank 120 Day Notice Account	1.56%	Minimum investment of £1,000 Further additions allowed at any time (min £1,000) Withdrawals permitted subject to 120 days' notice, but only three capital withdrawals and four interest withdrawals will be allowed per year No earlier access Account must be opened online before becoming phone and internet-operated Access via nominated current account Interest is paid quarterly

Another account from Secure Trust Bank has made its way into this top six; this time it's the 120-day notice version of the account, which comes with a variable rate of 1.56% AER (1.55% gross). All its other features match the above counterpart.

	AER	Details
Gatehouse Bank 120 Day Notice Account	1.53% (expected profit rate)	Minimum investment of £1,000 Further additions permitted Withdrawals allowed subject to 120 days' notice being given No earlier access Internet-operated account Interest paid on its anniversary and must be paid away Sharia'a compliant account

Sitting in fifth place is Gatehouse Bank, with a deal that pays an expected profit rate of 1.53% on a minimum deposit of £1,000. It allows unlimited additions and unrestricted withdrawals provided 120 days' notice is given.

	AER	Details
OakNorth 120 Day Notice Deposit	1.51%	Minimum investment of £1,000 Further additions allowed at any time Withdrawals of at least £1,000 permitted subject to 120 days' notice No earlier access Internet-operated Access via nominated current account Interest paid monthly and must be compounded

OakNorth completes the top six, offering a variable rate of 1.51% from a minimum of £1,000. Further additions are welcome, as are unlimited withdrawals, provided 120 days' notice is given and at least £1,000 is taken out via a nominated current account.

Information and rates correct as at: 14.06.2018