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Compare the best notice savings accounts

Find out how a notice savings account can help you to save with a higher interest rate
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Last updated
January 31, 2023

What is a notice savings account?

A notice savings account requires you to give notice to your bank or building society before you can withdraw money.

The notice period varies from a week to more than a month, depending on your 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."

How do notice savings accounts work?

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? 

The amount held in interest bearing notice accounts[1]
£159bn

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 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.

fscs-logo
Is my money safe?
The Financial Services Compensation Scheme (FSCS) guarantees that the first £85,000 you have saved with a registered bank or building society (or first £170,000 for a joint account) will be safe even if the business goes bust.

Advantages and disadvantages of notice savings accounts

Advantages
There is normally a higher interest rate
It prevents impulse buys as you have to time to think about withdrawals
You can add money to the account on an ongoing basis
Disadvantages
Not suitable for emergency cash as you’ll need to give notice for a set amount of days
Interest rates might be lower than a fixed-rate bond where you normally keep money in savings for longer
Withdrawal penalties could eliminate any interest earned

The best notice savings accounts deals

We’ve compiled the best notice savings accounts deals currently on the market so you can see which provider might best suit your needs.

Editor’s pick
One of the highest interest rate for 7 days Notice account
Card
Darlington Building Society 7 Day Notice Account
Open with
£1
Interest rate
2.7% AER variable
Term
7 days notice

A notice period of 7 days is required for withdrawals.Closure conditions are the same as withdrawals.

Show Details
Eligibility
Minimum Initial Deposit
£1
Maximum Initial Deposit
£500,000
Permanent UK Resident
YES
Rate Tiers
Gross rate
Including bonusExcluding bonus
2.7%2.7%
AER rate
Including bonusExcluding bonus
2.7%2.7%
Editor’s pick
One of the highest interest rate for 30 days Notice account
Card
Tipton & Coseley 30 Day Notice Midlands Air Ambulance Saver (Iss 2)
Open with
£100
Interest rate
2.75% AER variable
Term
30 days notice

A notice period of 30 days is required for withdrawals, closure is also subject to 30 days notice. Withdrawals are limited to three in any calendar year. Upon making the third withdrawal, no further withdrawals, including account closure, are allowed until the following calendar year.

Show Details
Eligibility
Minimum Initial Deposit
£100
Maximum Initial Deposit
£100,000
Permanent UK Resident
YES
Rate Tiers
Gross rate
Including bonusExcluding bonus
2.75%2.75%
AER rate
Including bonusExcluding bonus
2.75%2.75%
Editor’s pick
One of the highest interest rate for 30 days Notice account
Card
Chorley Building Society 30 Day Notice Account
Open with
£1
Interest rate
2.8% AER variable
Term
30 days notice

A written notice period of 30 days is required for withdrawals.

Show Details
Eligibility
Minimum Initial Deposit
£1
Maximum Initial Deposit
£500,000
Permanent UK Resident
YES
Rate Tiers
Gross rate
Including bonusExcluding bonus
2.8%2.8%
AER rate
Including bonusExcluding bonus
2.8%2.8%
The editorial team regularly checks the rates and top picks on this page, updating them at least fortnightly.

How to give your bank notice

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."

Average yearly interest earned on notice savings accounts
Interest earned on 7, 30, 45 and 90 day notice savings account if you had £5,000 in the bank

Source: Defaqto and Uswitch. Updated: December 9, 2022

Alternatives to a notice savings account

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.

Notice savings FAQs

How does Uswitch choose its editor’s picks?

We know that the best deals 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, like the interest rate (AER), the balance needed to get the highest interest rate, minimum initial deposit, withdrawal conditions and the term of the account as applicable. These factors change subject to the category.

We use this system for the whole of the market covering nearly all, so you can get an overview of what the banks and credit unions are typically offering 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.

Can I change my mind after giving notice?

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.

Can someone else give notice on my behalf?

No, the account holder needs to give notice. 


Can I withdraw as much as I wish after giving notice?

No, you can only withdraw the amount of money that you’ve specified when you gave notice. 


Do I earn interest during the notice period?

Yes, you will normally continue to earn interest during this period. However, it’s best to double check your provider’s terms and conditions. 


Is the interest fixed with a notice savings account?

The interest rate is normally not fixed with this type of account, so it could go down when your money is in the account.

Our latest guides

Browse our guides on savings accounts and find out how you can achieve your savings goals
A guide to top savings accounts and ISAs
Retirement planning
Best cash ISA transfer
Best cash ISA transfer
The Financial Services Compensation Scheme (FSCS)
The Financial Services Compensation Scheme (FSCS)

About the author

Lucinda O'Brien
Lucinda O'Brien has spent the past 10 years writing and editing content for regional and national titles. She applies her industry knowledge to ensure readers can make confident financial decisions.
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References
1. Bank of England £159bn held in interest bearing notice accounts at 31 August 2022