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Derin Clark

Derin Clark

Online Reporter
Published: 29/10/2019

Savers prepared to lock their money away may want to consider a notice account over a fixed rate bond, as the latest research from shows that, while short-term fixed bond rates have fallen year-on-year, the average notice account rate has risen.

The research shows that the average notice account rate has risen from 1.01% in October 2018 to 1.13% today, which is the highest return recorded since October 2012 when it stood at 1.19%. This compares to one year fixed bond rates falling from an average of 1.44% in October 2018 to 1.30% today and 18-month fixed bond rates falling from 1.88% to 1.52% during the same period.

Savers should be aware that the overall average fixed bond rates are higher than rates being offered on notice accounts, so a fixed bond still remains the best option for those solely looking for high rates, however notice accounts have the benefit of allowing savers to access their funds subject to a notice period. In fact, there are more notice accounts in the top rate tables today that require a shorter notice period than a year ago, and most of the deals in the top six require just 95 days’ notice, whereas there was only one deal with this term in the top six a year ago.

Notice account rates at £10,000 gross Oct-17 Oct-18 Jan-19 Apr-19 Today
Notice account rate 0.70% 1.01% 1.09% 1.13% 1.13%
One year fixed bond rate 1.15% 1.44% 1.45% 1.44% 1.30%
18-month fixed bond rate 1.57% 1.88% 1.87% 1.79% 1.52%


29 Oct 2019 – Top notice accounts

Provider and term Gross rate at £10,000
Gatehouse Bank (120 Day)* 1.82%
Investec Bank plc (95 Day) 1.79%
Gatehouse Bank (95 Day)* 1.75%
United Trust Bank (200 Day) 1.75%
Close Brothers Savings (95 Day) 1.72%
Charter Savings Bank (95 Day) 1.71%

Rachel Springall, finance expert at, said: “The notice account market has been relatively resilient this year – while it hasn’t been left unscathed from rate cuts across the savings landscape, there are more deals to choose from. In fact, many of the best buy rates today require savers to give just 95 days’ notice, whereas a year ago many of the top rates required around a month more.

“Savers could be turning to notice accounts because of their structure, as consumers can get their money back in a few months, unlike with a fixed rate bond. Their potential desire to choose one of these accounts may not necessarily be rate-driven and instead it’s peace of mind for access that takes precedence.

“While easy access accounts retain the crown for their popularity, notice accounts are a great choice as a go-to between fixed rate bonds, as they can allow savers to access their money either by giving notice or not, but savers need to be content with potential interest penalties. Notice accounts now pay 0.49% more in interest than easy access accounts – which pay 0.64% on average – and 0.36% more based on the top rate (1.46%) in its sector, so savers can earn more interest with a notice account.

“A notice account could then be a good choice for savers who want to aspire to a savings goal over the next few months, but do not want the instant temptation of an easy access account, or the inflexibility of a fixed rate bond, especially as these rates are on a downward spiral.”

*This bank operates under Islamic finance principles, the rates displayed represent the expected profit rate.


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