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Product focus: Online notice accounts

Product focus: Online notice accounts

Category: Savings

Updated: 23/03/2010
First Published: 23/03/2010

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Savers who do not require immediate access to funds may be best suited to a notice account. Notice periods to withdraw funds vary and early access is often subject to a penalty, such as loss of interest equal to the designated notice period. These accounts may also be a good choice for savers with an online account, who are tempted by unlimited access to funds. Here are the current top three online notice deals.

FirstSave – 90 Day Notice

This account pays a rate of 3.00pc on its anniversary. The AER is guaranteed to be 2.50pc above bank base rate. Savers can invest between £100 and £2m. 90 days notice must be given to access funds, although early access is allowed subject to 90 days' loss of interest. Withdrawals must be made via a nominated account. Savers need to be aged 18 and over to operate this online only account.

Newcastle Building Society – Reward Saver

The Reward Saver pays 3.00pc on its anniversary including a 1.00pc bonus for twelve months. Investments range between £500 and £1m, although savers opting for monthly interest will need to make a minimum deposit of £5,000. Savers must give 120 days notice to access cash, although early access is permitted subject to 120 days' loss of interest. The minimum age for account holders is 18 and the account can be operated in branch, by post or online.

Melton Mowbray Building Society – Online 30 Day Notice

This online only account pays a monthly rate of 2.55pc. Investments range between £1,000 and £250,000. Savers must give 30 days notice to access funds. Early access is allowed, subject to 30 days' loss of interest. The maximum withdrawal limit per day is £10,000 and all transfers must be made via a nominated account. Minimum age for savers is 16 years.

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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 Any products featured may be withdrawn by their provider or changed at any time.