Glossary · UK
What is Notice Account?
A savings account that pays a higher rate in exchange for giving a set notice period - often 30, 60 or 90 days - before you can withdraw money.
Full Definition
A notice account is a UK savings account that sits between an easy-access account and a fixed-term bond. You can usually pay money in freely, but to withdraw you must give advance notice - commonly 30, 60, 90 or 120 days. Because the provider can plan around predictable outflows, notice accounts often pay more than instant-access accounts while keeping the rate variable rather than locked. If you need cash before the notice period ends, access is usually refused or penalised with lost interest. They suit savers who want a better rate but are not ready to lock funds away in a fixed bond. Eligible deposits are protected by the Financial Services Compensation Scheme up to the standard limit per person, per banking licence. Interest counts as savings income for tax, set against your Personal Savings Allowance. Notice accounts are useful for planned spending where you can anticipate withdrawals in advance.