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What is a notice savings account?

A notice savings account is a type of savings account that requires you to notify your bank or savings provider in advance of making a withdrawal. This notice period is a key feature of the account and can vary in length.

The idea is that, in return for providing notice before withdrawing, you get a higher interest rate than you would on a standard easy or instant access savings account. This can make a big difference over a long period of time.

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Choose an account

Based on the interest rate and notice period that suits you, then deposit your savings as you would with any other account
Give notice

When you want to make a withdrawal, notify your provider in advance, specifying the amount you wish to withdraw
Receive your money

After the notice period has elapsed, the funds are typically transferred to your current account
Be careful

If you find yourself needing funds before the notice period ends, be prepared for a penalty, often in the form of forfeited interest

Typical notice periods

Some specialist notice savings accounts offer notice periods as short as 7 days, while some offer 14 days as an entry-level notice period.

Most notice accounts require mid range notice periods, most commonly 30 days, but also 45, 60, and 90 days.

It's quite rare but some notice accounts require longer notice periods of 120 or 180 days. Typically the accounts with the longest notice periods will offer higher interest rates.

Will I still earn interest during the notice period?

Usually, yes. Many notice accounts keep paying interest while your withdrawal notice is running, but it’s always worth checking the provider’s terms.

Pros
- Potentially higher interest than easy access (because you’re giving up instant withdrawals)
- Helps you stay on track (less temptation to dip into savings)
- Often allows ongoing deposits (check the rules)
Cons
- Not instant access: you must plan withdrawals ahead
- Penalties / limits may apply if you need money sooner or withdraw too often
- Rates may be variable or promotional (some “bonus” rates can end)

Notice period

Can you cope without your money for for 30/60/90+ days?
Rate (AER)

Compare against easy access and fixed-rate options, not just other notice accounts
Access rules

Withdrawal limits, penalties, and how you give notice (app/online/phone)
Deposit rules

Minimum opening balance, and whether you can add more later

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What are the tax implications of a notice savings account?

Interest on most savings accounts is taxable, but many people can earn some savings interest tax-free each tax year using allowances (like the Personal Savings Allowance, depending on your income). For anything above your allowances, you may pay tax at your usual rate.

Will I get FSCS protection on a notice account?

If your notice account is with a UK-authorised bank/building society/credit union, your savings are typically protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person, per authorised firm.

What are the alternatives to a notice account?

If a notice account doesn’t fit, you could consider:

Easy-access savings (more flexibility, often lower rates)
Fixed-rate bonds (lock money away for a set term, usually higher certainty)
Regular saver accounts (monthly deposits, often restrictions)
Cash ISAs (interest tax-free, annual ISA limits apply)

Can I deposit into a notice account after opening it?

Often yes, but it depends on the provider. Some accounts allow ongoing deposits; others may limit top-ups or set minimum/maximum balances. Check the account terms before applying.

Is the interest on a notice account fixed?

Many notice accounts have variable rates, and some may include a time-limited bonus rate. Some providers may offer fixed-rate notice products, but it’s not the default. Always check whether the rate is fixed or variable before you open the account.

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