6 of the best notice savings accounts

Category: Savings
13/09/2018

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 or more. With many different notice periods available, most savers should be able to find a decent compromise.

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.

Due to their nature, they're mainly suitable for those who are comfortable giving some form of notice and should probably not be used for an emergency fund, for example, as you probably won't have time to give notice if an emergency hits. However, 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
PCF Bank 180 Day Notice Deposit Issue 1	1.85%	Minimum investment of £1,000 Further additions allowed at any time Withdrawals only permitted on 180 days' notice No earlier access Can be opened online or by post, and then operated by phone as well Interest paid on its anniversary and must be paid away

In first place sits PCF Bank, with this 180-day notice account offering a market-leading variable rate of 1.85% from a minimum deposit of £1,000. Further additions are welcome and unlimited withdrawals are allowed, but almost half a year's notice must always be given.

	AER	Details
Secure Trust Bank 180 Day Notice Account	1.81%	Minimum investment of £1,000 Further additions of at least £1,000 allowed at any time Three capital withdrawals and four interest withdrawals permitted per year, subject to 180 days' notice No earlier access Account must be opened online but can then also be operated by phone Access via nominated account Interest is paid quarterly

Taking second spot is Secure Trust Bank, with an account that pays a near market-leading rate of 1.81% AER (1.80% gross) and also requires savers to give 180 days' notice to access their funds. A minimum investment of £1,000 is required, with additional deposits having to be for at least that amount too. The fact that interest is paid on a quarterly basis may appeal to certain savers, but it should be noted that only a limited number of withdrawals are allowed per year, and all will require the full notice period to be served.

	AER	Details
Paragon Bank 120 Day Notice (Issue 10)	1.80%	Minimum investment of £500 Further additions allowed at any time Access via nominated account Withdrawals permitted subject to 120 days' notice No earlier access Internet-only Interest is paid on its anniversary

Paragon Bank completes the top three with an account that has a shorter notice period of 120 days. It offers a variable rate of 1.80% on a minimum of £500 and allows additions at will. As is common in this sector, withdrawals on this internet-operated account are only possible if the full notice period is served.

	AER	Details
Secure Trust Bank 120 Day Notice Account	1.79%	Minimum investment of £1,000 Further additions allowed at any time (min £1,000) Three capital withdrawals and four interest withdrawals permitted per year, subject to 120 days' notice No earlier access Account must be opened online but can then also be operated by phone Access via nominated account Interest is paid quarterly

Secure Trust Bank does it again with a second account making it into the top six, this time paying a highly attractive rate of 1.79% AER (1.78% gross) on 120 days' notice. With its other features matching the 180-day alternative, this could provide an ideal compromise for those looking to give a bit less notice while still getting a high rate.

	AER	Details
OakNorth 120 Day Notice Deposit	1.79%	Minimum investment of £1,000 Further additions allowed at any time Access via nominated account Withdrawals of at least £1,000 permitted subject to 120 days' notice No earlier access Internet-operated account Interest is paid monthly and must be compounded

Next up is OakNorth, with another 120-day notice account that requires a minimum of £1,000 and pays a variable rate of 1.79% on a monthly basis. Once again, no early access is possible, with the notice period always having to be honoured on this online-only account.

	AER	Details
Gatehouse Bank 120 Day Notice Account	1.78% (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

Completing the top six is Gatehouse Bank, with its account offering an expected profit rate of 1.78% on a minimum deposit of £1,000. While it requires 120 days' notice, unlimited additions are allowed and there is no limit on the number of available withdrawals.

Information and rates correct as at: 13.09.2018