Sometimes it pays to give a little notice

When it comes to saving money, there are a range of options out there.

One option is a notice account, which can be a useful tool for those looking to grow their savings while still maintaining a level of accessibility and control over their funds.

So, what exactly is a notice account?

Essentially, a notice account is a type of savings account that requires you to give advance notice before making a withdrawal. This notice period can vary depending on the account, but typically ranges from as little as 7 days up to 180 days.

In exchange for this notice period, notice accounts generally offer higher interest rates than other types of savings accounts.

Benefits of a notice account

The main benefit of a notice account is that it can help you build up your savings while still allowing you to access your money when you need it.

By requiring you to give notice before making a withdrawal, notice accounts help discourage impulsive spending and encourage more thoughtful, intentional use of your savings. This can be particularly helpful if you struggle with sticking to a budget or tend to dip into your savings on a regular basis.

Additionally, notice accounts can be a good option if you are looking to earn a higher interest rate on your savings.

Of course, like any type of savings account, there are always things to consider.

One being, if you need to access your funds quickly for an unexpected expense or emergency you will not be able to withdraw without giving the notice period.

As with any financial decision it is important to consider the pros and cons, and do your research before opening a notice account, to ensure that the account is the right choice for you.

If you think a notice account could be for you, explore our range here.