Notice savings accounts are ideal for earning an attractive rate of interest while having flexibility. Unlike fixed rate bonds, your money is not locked away for a set period. With a notice account, you just need to let us know in advance when you want to access your savings.
Notice accounts can be a good way to save for a future goal where you can plan ahead nearer to the time of purchase, such as buying a home or paying for a wedding.
At Shawbrook, we offer a choice of two notice periods with our 45 day notice account and 120 day notice account. Use our table below to compare and find the best notice savings account for you and learn more about the benefits.
Explore the notice accounts we offer at Shawbrook below. Typically the longer the notice you opt for, the better rate you will receive.
| 45 Day Notice Account Issue 13 Summary PDF | ||||
|---|---|---|---|---|
|
AER
5.23%
Variable
|
Gross
5.23% Annually
5.11% Monthly
|
Min Balance
£1,000
|
Max Balance
£500,000
|
| 120 Day Notice Account Issue 55 Summary PDF | ||||
|---|---|---|---|---|
|
AER
5.25%
Variable
|
Gross
5.25% Annually
5.13% Monthly
|
Min Balance
£1,000
|
Max Balance
£500,000
|
AER stands for Annual Equivalent Rate and illustrates the interest rate if it was paid and compounded each year. We quote the AER on all of our accounts so that you can compare our products with those of other banks.
GROSS is the interest rate without the deduction of income tax. This is the interest rate paid on your account.
Your eligible deposits with Shawbrook Bank Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered. For further information or visit www.fscs.org.uk
We’ve put together some of the most important things to know about our notice savings accounts below. For information relating to a specific account, please click through on the comparison table above.
A notice savings account is a type of savings account that has no fixed term but requires a notice period 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. At Shawbrook, we offer a 45 day notice account and a 120 day notice account. Our accounts mean that once someone has let us know they would like to withdraw their money, they will receive it in 45 or 120 days.
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.
Whether a notice savings account is the best option will depend on your circumstances and savings goals. But some of the benefits include:
At Shawbrook, we currently offer two different notice savings accounts — a 45 day notice account and a 120 day notice account. You can find out more about these and the rates available in our comparison table above.
The interest rate is variable and may alter per your account’s terms and conditions. You can find out more in ‘Section 17: Change To Interest Rates’ of our Terms & Conditions for Personal Savings Accounts.
Deposits
After you have opened an account and deposited at least £1000, making additional deposits is easy. You can transfer your funds by electronic transfer from your nominated account using the following details:
Sort Code: 16-58-73
Account number: Your 8 digit Shawbrook savings account number
Reference: Your name as the payment reference
There is no minimum amount, and you can make as many deposits as you like.
Withdrawals
The notice you need to give to withdraw your money depends on the account you have chosen.
You can submit a withdrawal request online via our eSavings portal. Simply go to 'Messages', click on 'Create Message', select the product you wish to make a withdrawal from in the account list and select one of the withdrawal options.
Once your notice period has expired, we’ll release your funds to you.
It is simple to open and manage an account with Shawbrook.