The average saver might not be aware of what a notice account is, or if they do, they may think they’re too restrictive. But used in the right way, they can be a great tool for keeping your money safe while still able to be accessed in a straightforward way. If you’re looking for an account that can give your savings potential a little boost, the humble notice account may just unlock your potential to become a better saver.
Flexibility and accountability combined
A notice savings account allows you to lock your money away securely to save for future goals, but if something comes up and you need to access your funds, you can transfer them out by giving your agreed notice. So, if you’re someone that finds it difficult to resist the temptation of dipping into an instant access savings account, but you need more freedom than a fixed term account can offer, a notice savings account can boost your savings potential significantly.
We offer a choice of 35, 90 and 120 day notice accounts, giving you savings terms to suit your needs. Accounts can be opened with as little as £1, and your money can stay with us as long as you want. As the notice period is defined and money cannot be withdrawn prior to the end of the term, this will help keep you accountable. So, whether you choose to access your money and give your notice or decide to leave your savings to grow, a notice account can combine the best features of other savings accounts.
Typically better interest rates
When you’re putting money aside in a savings account, the returns you can earn through your interest rates are going to be a huge factor in where you decide to keep your money. Savings rates in easy access savings accounts typically offer poorer rates for savers than a fixed notice account, so it can be worth seeking out the best higher paying accounts even if it means sacrificing your instant access.
Notice savings accounts can feel very similar to regular savings accounts, with only the determined notice period and the more favourable rates setting them apart. You’ll still be able to access your money within your time period, but if you leave these alone to grow like another account, you’ll get to see these higher interest rates working hard for you. And with different amounts of days to set your notice period at, your savings could grow even further. The larger your notice period is, the greater the interest rate you can benefit from.
Access terms chosen by you
With a notice savings account, you can choose your notice period to suit your savings needs. This set amount of time can help to encourage further savings to make the most of your returns and the removal of instant access can stop any impulse withdrawals.
With OakNorth notice savings accounts, you have the option of three set notice terms to suit when you would need to access your money. The shorter notice terms are great for keeping that extra step between you and accessing your money too quickly. Our longer notice terms can help you to really consider when you’ll need your savings, and hopefully encourage you to save for longer and have your money grow even further.
Standout OakNorth notice savings account Features
Our notice savings accounts have some great features that you may not find elsewhere. Where some banks may set a limit on the amount of withdrawals within a time period, this is unlimited for our customers. Provided you give us your set notice, you’ll be able to fully access your funds when you need to. OakNorth’s notice accounts also allow for up to £500,000* of deposits across all of your accounts, making it easy to take advantage of our rates and save larger amounts with us safely.
* Your eligible deposits with OakNorth are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme.
An unsung hero for savers, notice accounts can offer plenty of features that keep your savings secure and growing that much easier. Keeping these accounts straightforward to access while offering competitive rates is part of our ethos of helping savers reach their goals and continuing to delight them with how their money can grow.
OakNorth notice savings accounts are subject to terms and conditions, please see our notice account page for full details.
by Rajat Mehta, Senior Director, Consumer Business at OakNorth Bank