A notice savings account is a type of savings account that has no fixed term but requires you to give notice before you can withdraw your money. They offer more flexibility than a fixed term account. They work best if you don’t want to lock your funds away for a long time but will know in advance when you need access to your savings.
The notice period will differ depending on the account you have chosen. For example, if you choose a 45 day notice period, you’ll receive your funds 45 days after you request it.
Although notice accounts are more flexible than a fixed rate bond, the notice period means they are not suitable for people who want to access their funds at any time. For those who want even more flexibility, an easy access account could be right for you.