In this article, we take a look at what a Notice Account is and the potential benefits to savers.

What is a notice account?

A notice account is an account which requires you to give notice to the savings provider each time you wish to make a withdrawal. In exchange for giving notice you will usually receive a higher interest than you would get on a standard easy access savings account.

The shortest notice period required on Notice Accounts is usually 30 days with some requiring up to 180 days.

To keep it simple, notice accounts at Paragon do not allow access within the agreed notice period. If there is a chance you may need to access your funds before the notice period, then an easy access product may be a better option.

What are the benefits of notice accounts?

A higher interest rate is the great advantage of a notice account but there are other benefits to saving in this type of account. You have the freedom to add to your savings at any point which makes this type of account ideal for those with longer term saving goals.

A Paragon notice account allows you to make unlimited withdrawals from your account subject to correct notice being provided. If you give notice to withdraw funds but then decide you would like to keep the savings in your account, Paragon allow you to cancel your notice at any point.

Paragon is committed to maintain pay rates in the short term which is why you will be notified of interest rate changes in advance by email or post. Increases in the interest rate will be notified within 30 days of the increase. If the rate is reduced, you will be notified within 120 days before the change.

For more information please visit our notice accounts page.