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.

Market Harborough 195 Day Notice Account

AER: 5.45%

Minimum opening balance: £10,000

Notice period: 195 days

Additional info: Interest is paid monthly.

Apply: Market Harborough

Vanquis 120 Day Notice Account (Issue 2)

AER: 5.40%

Minimum opening balance: £1,000

Notice period: 120 days

Additional info: Interest is paid monthly or on maturity.

Apply: Vanquis

Bank of London and the Middle East 90 Day Notice Account (Issue 5)

AER: 5.35%

Minimum opening balance: £10,000

Notice period: 90 days

Additional info: Expected profit rate is paid quarterly.

Apply: BLME

Raisin 95 Notice Account (provided by LHV Bank)

AER: 5.25%

Minimum opening balance: £100

Notice period: 90 days

Additional info: Interest is paid annually or monthly

Apply: Raisin

Monument 60 Day Notice Account

AER: 5.27%

Minimum opening balance: £25,000

Notice period: 60 days

Additional info: Variable interest

Apply: Monument

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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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