With a range of different savings accounts on the market, choosing one to suit your needs can feel like a big decision. If you’re looking to save money for longer-term saving goals, a notice account could be the right choice for you.
Notice savings accounts could be an option for those who do not require immediate access to their money but wish to receive a higher rate of interest than they would on an easy access account, allowing you to make the most of your savings.
As the name suggests, a notice account requires you to give notice in advance before making a withdrawal. The duration of the notice can typically range between 30 – 120 days, depending on the account and the provider. A notice account may be suitable if you’re saving up for a longer-term goal, like a holiday abroad, a new car, or a mortgage deposit.
A notice account requires commitment and may not be suitable for those who need regular access to their savings. Some providers may charge penalties for withdrawing without notice, whereas others may prohibit withdrawing money before the notice period ends.
You’ll need to check the terms and conditions of the account you’re interested in, to see the notice periods or penalties that would apply before you commit to opening it.
How can the Marsden help?
As Lancashire’s largest building society, we understand the importance of saving, in fact, we’ve been helping our members with their saving goals since 1860! Our branch teams are always on hand to discuss your options and help find the account that’s right for you.
Our range of savings products can be opened remotely, or through one of our eight branches by appointment only. If you’d like to find out more about our notice accounts, please visit our ‘Notice accounts’ page, or if you’d like to arrange a telephone appointment with your local branch, you can find their details on our ‘Find a branch’ page.