For the planners and savers
The notice account is a straightforward idea. Let us know in advance when you want your money, and we’ll pay you an attractive variable rate.
Before you apply for an account please read the following information:
The product summary below, the Key Product Information, the Terms and Conditions and the Depositor Protection Scheme Information documents.
120 Day Notice Personal Account Issue 55
Interest rate for balances of £1,000 or more:
Annual Interest (Variable) 5.25% Gross / AER
Monthly Interest (Variable) 5.13% Gross / 5.25% AER
Interest rate where the balance falls below the minimum account opening balance;
Gross / AER (Variable); 0.05%
Interest is calculated daily. Interest will be paid on the anniversary of the date we receive your first deposit – this will be monthly or annually depending on the product you choose. If the anniversary falls on a weekend or a bank holiday your interest will be credited on the next working day.
The Interest rate is variable and may be altered in accordance with the account Terms and Conditions and Section 17 Change To Interest Rates of our Terms and Conditions for Personal Savings Accounts.
A deposit of £1,000 at an annual Gross rate of 5.25% (variable) would generate an estimated balance of £1,053 in one year - This is for illustrative purposes only.
(This illustrative example assumes no withdrawals, no changes to the variable interest rate over the period and interest paid annually on a cleared deposit. Interest is rounded to the nearest pound. The illustrative example does not take into account the individual circumstances of a customer.)
The information provided above is a summary of the key features of the savings account and is not intended to be a substitute for reading the terms and conditions that apply to the account.
Financial Services Compensation Scheme (FSCS)
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
Terms Explained
AER. This stands for Annual Equivalent Rate. If you left a sum of money in your account all year, the AER would be the interest rate you’d get if we paid you interest during the course of the year and your subsequently higher balance then earned more interest (this is known as Compound Interest). The AER will only be higher than the gross interest rate where we pay you interest more than once a 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.
Terms & Conditions for Personal Accounts
Regulation
Shawbrook is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The FCA & PRA regulate many different kinds of financial services companies, and make sure that banks treat their customers fairly. Find out more at www.fca.org.uk or www.bankofengland.co.uk/prudential-regulation
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.