30 Day Notice Savings Accounts

How does a 30-day notice account work?

30-day notice savings accounts work by offering an interest rate that’s usually higher than with easy access accounts, on the promise that you’ll give 30 days’ notice to your savings provider before making any withdrawals.

As with most savings accounts there’ll be minimum deposit requirements to adhere to –the very best 30-day notice accounts will typically expect higher deposits – and most will let you add to your pot whenever you wish.

Interest is most often paid yearly or on the anniversary of the account being opened. However, some pay interest monthly and a few even pay it daily, which could be ideal for those who want to make the most of regular additions through compounding.

Note that whichever account you choose, interest rates will be variable, which means they can change at any time (although your provider will notify you in advance). This means you should regularly compare rates to make sure you’ve secured one of the best 30-day notice accounts in the UK.

When can you withdraw money?

You can withdraw the money penalty-free 30 days after giving notice to your savings provider. The money will typically be transferred to an account you previously nominated. You can generally withdraw as much or as little as you like, though some providers expect the full balance to be withdrawn, so make sure to check the terms of your chosen account.

Most notice accounts won’t allow you to withdraw your money any earlier. However, there are a few exceptions. Some providers will allow earlier access subject to an interest penalty (typically 30 days, in line with the notice period), though bear in mind that this can negate any interest you may have earned.

Those who may benefit from this flexibility may therefore want to look for accounts that allow earlier access, but it’s generally recommended to adhere to the notice period as much as possible. Any emergency savings would be better held in an easy access account.

Short-term notice accounts vs. long-term

Opting for a savings account with 30 days’ notice can offer a great compromise between rate and flexibility. These accounts don’t ask you to tie your money up for too long, as is the case with fixed rate bonds, but generally offer higher rates than for more accessible accounts. Our chart above even shows those accounts that offer notice periods of less than 30 days, offering added flexibility for those who may need it.

Yet the trade-off is that they typically pay lower rates than notice accounts with longer terms. Those who are happy to give more notice before making a withdrawal may therefore prefer seeking a notice savings account with a term of 60, 90 or even 180 days, though it’s important to be confident that this notice period can be adhered to.