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Notice account or defined access: which is the right account for you?


It’s official, we are now in a recession. This might be a good time to review your savings to make sure your money is in the best place and that your portfolio is equipped to offer the best return for you.

We know that there are uncertain times ahead and that many savers will be in a different financial position now, compared to before the COVID-19 pandemic. So, you might want the reassurance of being able to access your money by putting your savings in an easy access account, rather than investing them in a fixed rate account for the time-being.

However, if you don’t want to lock your money away for an extended period but want to receive a higher rate than you would on an easy access account, there are some alternative options that might give you what you’re looking for.  

Choosing a notice or defined access account offers you the opportunity to earn a little bit more interest than you would with an easy access account but with more ease of access than with a fixed rate. These options offer the best of both worlds and could be a good choice if you’re worried your financial situation might change over the course of the next few months.

While a notice account gives you the freedom of unlimited withdrawals without the rate being impacted, the money won’t be accessible immediately. This might be a better choice if you’re confident you won’t need immediate, urgent access to your savings but want the freedom to withdraw as often as you like. This would work well for you if you already have an amount set aside in an easy access account as an emergency fund, and you’re looking for a ‘back-up’ option that pays a bit more interest.

A defined access account, on the other hand, offers instant access but only allows a set number of withdrawals each year to maintain the competitive rate. This could be a good option to use as an emergency fund, if you’re comfortable that you’re unlikely to need frequent withdrawals.  

Before you decide which type of savings account is the right one for you, think about what it is you're saving for and when is it that you'll need access to your money. Once you've answered those questions you can then decide whether a notice, easy access or defined access account will be the best option to help you reach your goals.

Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551