A notice savings account allows you to withdraw money – provided you give an agreed amount of notice. This makes it more flexible than a fixed-term savings account, but with an interest rate that can be higher than you’ll get with an instant access account.

Currently, interest rates on notice savings accounts remain competitive with many providers offering rates above or in line with the base rate.

When comparing the best notice accounts, there are three questions you should consider.

• How long can you wait to withdraw your money?

• How much do you want to save?

• What is the highest interest rate you can get?

The notice period varies significantly depending on the account and provider. Typically, you can find notice periods ranging from seven days to 180 days. You can refine our comparison by selecting the notice period that works for you. Generally, the longer the notice period, the higher the interest rate. 

Occasionally, you may find a notice account offering a higher interest rate if you pay in more than a certain amount. If you want easier access to your money, read more about instant access savings accounts.

If you decide to withdraw without giving notice, some accounts will penalise you by deducting the amount of interest you would have earned over the notice period from your savings balance.

For example, even the best 60-day notice account will usually deduct 60 days' worth of interest from your account if you withdraw without giving notice.

However, most notice accounts will not let you withdraw money unless you give the required notice ahead of taking your money.

You must give notice for each withdrawal you plan to make. You can do this by telling your savings provider online, over the phone, or in writing.

To make a withdrawal, you’ll need to tell them:

• Which account you want to withdraw money from

• How much you want to withdraw

The money is released to you after the notice period has ended. 

Some accounts also only allow you to withdraw the total amount of savings held in the account, even after giving notice.

It’s important to look at the whole picture when considering a notice savings account, and there are a few things to bear in mind.

There could be a limit to how many withdrawals you can make within a year and charges if you exceed that limit.

Some notice accounts don’t offer you an online option to manage your account; instead, you might have to visit a branch to give notice of a withdrawal. Therefore, it’s crucial to establish the account’s access requirements.

Also, keep an eye on bonus rates. Many savings accounts offer a bonus period to entice new customers. But, when that period ends, the rates fall, so be prepared to switch accounts if you would like the best rate.

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