A notice account could be a good option for you if you want to build up savings and don’t mind – or even prefer – not being able to make immediate withdrawals.
As their name suggests, a notice account requires you to give notice to the savings provider each time you want to take money out. Here, we explain how notice savings accounts work, and where you can find the best rates currently available on the market.
How does a notice savings account work?
A notice savings account is a unique kind of savings account. Essentially, you lose the ability to withdraw your money at short notice, but may benefit from higher interest rates on your savings.
You can generally deposit money into a notice savings account as often as you like. However, in order to make a withdrawal, you’ll need to notify your bank or provider a certain amount of time in advance. The notice period is set by the provider and is usually somewhere between 30 and 120 days, though it can be longer.
These accounts are less common than many other types, possibly because they are less flexible than, for example, an easy access account. However, you may feel that a notice period is ideal for a savings account, as it reduces your ability to dip into your savings at will and means you can only use them for important, premeditated spends.
Additionally, the best notice savings accounts right now offer higher interest rates than the best instant access savings accounts on the market, meaning that you are effectively sacrificing flexibility for higher returns.
What are the best notice savings accounts right now?
Here’s our rundown of the current market-leading notice savings accounts, which we update weekly.
Prosper 365 Day Notice Tracker (Provided by Santander International)
AER: 5.23%
Minimum opening balance: £20,000
Notice period: 365 days
Additional info: Withdrawals are subject to 365 days’ notice; no earlier access is allowed. Rate tracks the BoE. Interest is paid monthly. The account is available exclusively through the Prosper app, powered by the Akoni cash savings platform, and provided by Santander International. Santander International is covered by the Financial Services Compensation Scheme, so funds deposited are protected up to £85,000. Be aware that any funds that you already hold with Santander International will also count towards this limit.
Apply: Prosper
Prosper 95 Day Notice (Provided by GB Bank)
AER: 5.10%
Minimum opening balance: £20,000
Notice period: 95 days
Additional info: Withdrawals are subject to 95 days’ notice; no earlier access is allowed. 4.78% Gross / 4.90% AER interest will be paid by GB Bank daily. An additional 0.20% Gross / 0.20% AER boost will be paid by Prosper on each anniversary of the account opening. Please note – rate is changing to 4.99% AER on 28/01/2025. The account is available exclusively through the Prosper app, provided by GB Bank. GB Bank is covered by the Financial Services Compensation Scheme, so funds deposited are protected up to £85,000. Be aware that any funds that you already hold with GB Bank will also count towards this limit.
Apply: Prosper
Market Harborough 195 Day Notice Account
AER: 5.10%
Minimum opening balance: £10,000
Notice period: 195 days
Additional info: Withdrawals are subject to 195 days’ notice only; no earlier access is allowed. New customers must apply in branch only. Interest is paid monthly.
Apply: Market Harborough
Monument 60 Day Notice Account
AER: 5.01%
Minimum opening balance: £25,000
Notice period: 60 days
Additional info: Variable interest. All withdrawals are subject to the 60 day notice period.
Apply: Monument
First Save 90 Day Notice
AER: 5.00%
Minimum opening balance: £100
Notice period: 90 days
Additional info: Withdrawals are subject to 90 days’ notice or loss of interest. Interest is paid annually or monthly.
Apply: First Save
Should I get a notice savings account?
A notice account is a specific and somewhat unconventional type of savings account, and as such will not be for everyone. You should compare notice accounts to other kinds of savings accounts on the market and see if there is anything else that better suits your saving goals before you apply. Our article What are the different types of savings accounts? can get you up to speed and help you choose a savings option that suits you.
You may want an account which provides more flexibility in terms of making withdrawals. Our article Best instant access savings accounts keeps track of the best instant access savings accounts on the market if you want to be able to get hold of your savings at a moment’s notice.
If you’re happy with having no access to your savings for a while and want to generate high returns over a longer period of time, you might favour a fixed rate bond instead. Read our article Fixed rate savings bonds explained to learn more.
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