A notice savings account requires you to tell your bank or building society a set time (known as the notice period) before you can withdraw money.
The notice period varies from a week to more than a month, depending on the account.
A notice savings account tends to have a higher interest rate in comparison to an instant access account and provides more flexibility than a fixed-rate bond.
A notice savings account is great for preventing impulse buys."
This type of savings account works like a standard savings account, aside from when it comes to withdrawing money. So, you’ll ask yourself the normal questions when faced with choosing a new savings account, like how much do you want to save? And can I get the highest interest rate?
But then with a notice savings account it’s important to find out how long you need to wait to withdraw your money.
The most common notice periods range from seven days to 30 days, but can go up to more than 120 days.
Normally, you’ll be rewarded for the longer the notice period in terms of a higher interest rate. It's important to note that if you decide to withdraw without giving notice, some accounts will penalise you by taking the amount of interest you would have earned over the notice period from your savings balance.
For example, a 60 day notice account will deduct 60 days' worth of interest from your account if you withdraw without giving notice.
Other notice accounts will not let you withdraw until the end of the notice period.
We’ve compiled the best notice savings accounts deals currently on the market so you can see which provider might best suit your needs.
Withdrawals and closure permitted subject to 120 days' notice, in writing. Cash withdrawals are not permitted.
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If you wish to withdraw money then you’ll have to give your bank or building society notice. This can be done in writing, online or over the phone (depending on your provider).
You can only make one withdrawal after you’ve given notice and you can’t withdraw more than you’ve specified.
Therefore, if you gave notice to withdraw £1,000, but try to withdraw £1,250 you will be charged an interest penalty on the whole £1,250.
Remember, you won't be able to withdraw more money than you've asked for."
Source: Defaqto and Uswitch. Updated: July 12, 2023
If you're prepared to lock your money away for the medium to long term, and you're looking for a savings account where your cash can grow tax-free, then you could consider an Individual Savings Account (ISA).
You could put your money into a stocks and shares ISA or a cash ISA, or a combination of both. If you want to put your money into an account without any stock market investment, a cash ISA could be the best option.
Raisin UK* is a free and easy-to-use service that allows you to view and manage your savings in one place. It has a variety of partner banks offering fixed rate bonds, notice accounts and easy access savings accounts, with different term lengths and features.
The whole process of finding the right savings account is simple with Raisin UK, so you can sit back, relax and watch your money grow.
*We have a paid partnership with Raisin so we may receive a small commission if you click on a deal and then purchase it.
We know that the best savings accounts are always changing, so the editorial team at Uswitch regularly checks the rates on this page and updates them at least fortnightly. To find the best deals we compare products by taking various factors into consideration, including the interest rate (AER), the balance needed to get the highest interest rate, minimum initial deposit, withdrawal conditions, and the term of the account. These factors change subject to the category of account.
We use this system for the whole of the market covering nearly all account providers, so you can get an overview of what is available and compare savings accounts in the UK. All the banks featured are FSCS protected, so you can be reassured that your money is safe, provided it’s within the defined limits and regulations. To find out more about how FSCS looks after your money, visit fscs.org.uk.
If you change your mind, you’ll need to let your savings provider know as soon as you can to see what options are available.
No, the account holder needs to give notice.
No, you can only withdraw the amount of money that you’ve specified when you gave notice.
Yes, you will normally continue to earn interest during this period. However, it’s best to double check your provider’s terms and conditions.
The interest rate is normally not fixed with this type of account, so it could go down when your money is in the account.