How do notice savings accounts work?
Who are notice savings accounts for?
It can be a tricky dilemma with savings. Naturally, you’ll want to get a good rate of interest to help you grow your money. But often, you need to lock your money away to benefit from higher rates of interest. This might not be the best option if you’re saving for goals a few months down the line.
A notice savings account could offer you the best of both worlds. A higher rate of interest than some easy access accounts, without locking your money away completely.
It may not be suitable for immediate financial needs, like covering an unexpected bill. But if you have the financial security to plan a little further ahead, it could prove a useful way to save for goals further into the future. Goals where you will have time to give us the necessary amount of notice for when you need access to your money.
How much notice do I need to give?
Different notice savings accounts have different notice periods. You should always check how much notice you’d need to give before opening a notice savings account.
Our notice savings accounts do allow you to access your money before the notice period ends. However, you would have to pay an interest penalty, which may mean you’d get back less than you paid in.
How do I open a notice savings account?
You can open and manage our notice savings accounts in branch, by post or phone.
Other ways to save
If a notice savings account is not right for you, we have a range of other types of savings accounts.
You're protected up to £85,000
Your eligible deposits with Skipton Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS), the UK's deposit guarantee scheme.
Jargon explained
AER
AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest was paid and added each year. All ISA interest is paid tax-free, which means it’s exempt from income tax. We pay all non ISA savings interest gross, which means no tax is deducted. It’s your responsibility to pay any tax due, based on your individual circumstances. Tax rules may change in future. Please be aware that products can be withdrawn at any time and without notice.