30 Day Notice Savings Accounts

What is a 30-day notice account?

A 30-day notice account is a type of variable rate savings product that traditionally offers higher returns than an easy access account on the basis you let your provider know in advance before making a withdrawal.

How does a 30-day notice account work?

To get started, you’ll need a minimum initial deposit which can range anywhere from £1 to over £10,000 depending on the account and provider. Once opened, most notice accounts allow you to add to your pot whenever you wish (although, it’s wise to check specific terms and conditions by selecting ‘view further details’ next to a listing on our chart or by contacting your provider).

Any returns will be paid at regular intervals (such as monthly, yearly or on anniversary). However, as this type of account offers variable interest, the rate you receive can go up and down. Therefore, it’s important to regularly compare rates to find the best 30-day notice accounts in the UK.

When can you withdraw money?

Money can be withdrawn from your account without penalty so long as you serve the notice period in full; our chart above shows the best rates for accounts with notice periods of up to 30 days.

While you can usually withdraw as much or as little as you like, bear in mind that some providers may stipulate that the full balance be withdrawn – so it’s important to check any terms and conditions carefully.

What’s more, most notice accounts don’t allow you to withdraw your money without serving notice. Although there are some exceptions to this rule, be prepared to face a penalty (such as a loss of interest penalty that falls in line with the account’s notice period) to gain earlier access which might negate any interest you may have earned.

It’s generally recommended to adhere to the notice period as much as possible; anyone looking to build an emergency fund may therefore want to consider an easy access account.

Short-term notice accounts vs. long-term notice accounts

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 more accessible accounts. Our chart above even shows those accounts that have notice periods of less than 30 days - offering added flexibility to 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 a notice account with a term of 60 days, 90 days or even 180 days - though it’s important to be confident that you can stick to the notice period.