Notice Account
What is a notice account?
A notice account requires you to tell the bank in advance before you can withdraw. The notice period is usually 30, 60, 90, or 120 days. You can’t just take your money out on the spot.
Why would anyone want that?
Higher interest (the money a bank pays you for keeping savings with them). Notice accounts usually pay more than easy access accounts because you’re giving up instant access. The longer the notice period, the better the rate tends to be.
How does it work?
When you want your money, you submit a withdrawal request. The clock starts ticking. After the notice period ends, the money becomes available.
Some banks let you withdraw immediately if you give up the extra interest you earned. Others don’t allow early access at all.
What about the interest rate?
Unlike fixed rate accounts (where the rate is guaranteed for a set period), notice accounts usually have variable rates. The bank can change the rate at any time. Check the AER (Annual Equivalent Rate) to compare accounts. This shows what you’d earn over a full year.
When should you use one?
For savings you’re unlikely to need urgently, but don’t want to lock away completely. It’s a middle ground between easy access and fixed rate accounts.
Scrimpr tracks savings rates daily across UK banks and building societies.
Compare Savings Rates →Key points about notice accounts
- Must give notice before withdrawing. Usually 30 to 120 days
- Higher interest than easy access accounts
- Rate can still change. Unlike fixed rate accounts, it’s not guaranteed
- Good for medium-term savings you won’t need in a hurry
More information
Scrimpr links to official sources so you can verify what you’ve learned.