Click on the name of the bank or building society for further information about the account.
Bank / Building Society
Notice / Term
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Notice Accounts – Approx 6 months
Notice Accounts generally, although not always, offer a better rate of interest than Instant Access Savings Accounts. The notice periods vary from between one and six months; the accounts shown on this page require six months notice.
As with Fixed Rate Bonds the interest rate generally increases the longer you are prepared to tie up your money.
With some accounts your money can still be withdrawn without notice but this can result in a penalty in the form of lost interest. Always check the terms and conditions of the account to confirm exactly when you can withdraw your savings and what the penalty might be.
Interest from Notice Accounts held in a Cash ISA (Individual Savings Account) is tax free, however for tax payers not using a Cash ISA the interest will be paid less the deduction of basic rate tax. Higher rate tax payers will have to pay an additional amount of tax on the interest received.
As with some other types of savings accounts, Notice Accounts often offer an introductory bonus rate of interest. This bonus rate is removed after a set period of time, usually making the account uncompetitive. Savers using these types of accounts should therefore keep an eye out for bonuses being removed and shop around for better rates of interest when this happens.