Notice savings accounts can be an attractive savings account option for people who are prepared to sacrifice immediate access to their money in exchange for a higher interest rate.
Notice savings accounts require you to provide a certain amount of notice before withdrawing your money or face the loss of interest for a given period of time.
Typically notice periods tend to last for 30, 60, 90 or 180 days and the number of days’ interest lost for breaching these notice periods often matches the notice period.
Notice savings accounts can be a useful way to earn more interest than would be available from instant access savings accounts without being forced to lock money away for six months or longer as you would with a fixed rate savings account.
