The Money Stop

There are many different types of savings accounts available these days through the UK’s banks, with something to suit most needs and circumstances, and enabling consumers to save towards a special purchase, for the future, or simply towards a rainy day. One type of account that can prove invaluable is the notice account, which offers consumers a great way to save and helps them to resist the temptation to make impulse withdrawals.

One thing to remember when considering a notice account for your savings is that you need to ensure that the money that you are putting in is money that you can afford to be without. In order to withdraw funds from your notice account you need to give notice (hence the name of the account) otherwise you will suffer financial penalties. There are different types of notice account available, and the notice period required can vary from one account to another.

A notice account is a great way to save whilst avoiding the temptation to withdraw cash, which boosts your chances of being able to build a healthy savings balance. The interest paid on these accounts can be quite impressive providing withdrawals are not made without giving the required notice. Interest rates will vary from one savings account to another, so it is important to compare the different notice accounts available in order to find one that offers a good rate of interest and suits your needs in terms of the notice period required.

You will also need to check on any restrictions with regards to notice accounts, such as who is eligible to open an account, any minimum and maximum deposit limits, whether there are any rate guarantees or bonuses offered for those that adhere to the withdrawal notice rules, etc. You can usually deal with notice account transactions by phone, Internet, or post, as well as by calling into the branch where applicable.

Whatever you are savings towards having a notice account where funds are not as easily accessible as many other savings accounts can be a good idea for those with low willpower and those that tend to make impulse withdrawals on their savings. You may also find that if you open a notice account with your existing bank you may receive a preferential rate of interest, although you should still compare this against other notice accounts that are on the market.

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