Notice Savings account (AKA 30-day access accounts)

DJMK4

DJMK4

DJMK4

Soldato
Joined
1 Dec 2004
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S.Wales
Hi all,

I am after a decent 30-day access account to start saving "properly" none of this instant access malarkey

I have £500 to open said account, and don't really mind if its online, telephone, postal, aslong as its a minimum of 30-day to access any funds, has a good reputation and the highest interest rate possible.

I have had a look round comparison sites to get an idea, but is there anything I should be looking out for? looking to avoid?
 
There is nothing good with any of these accounts currently, you'd be hard pressed to find a better rate than a santander1-2-3 current account will provide, even at ISA savings rates. Some ISAs will just beat the amount, but don't conform to your 30 day approach in the main.
 
To be honest, interest rates are not my main reason for doing this, my main reason is to keep my hands off it.

I am not a good saver, but an impulse spender, especially given that most normal (ISA) accounts are not really savings accounts, in my eyes if they are instant access, they are not suited for longer term saving so a 30-day access account will be ideal for me.
 
Granted the interest rates are low, but what other alternative do I have if I don't want easy access to money waved in my face?
 
OllyM said:
Open a Santander 123 account and learn to control your impulse spending?
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As much as I would like to, I don't really want to, I already have an ISA account, for general savings (like buying stuff, small holidays, days out)

This will be used for a more broader term of saving, things like emergency saving (for car) and saving towards a house deposit, so really there is no need for it to be instant access.

Why should I learn to control? I am after a specific banking product, whats so hard to understand about this? and why is everyone acting like if I open a 30-day access account, I will be loosing money because of a slightly lower interest rate?

You do know a Santander 123 is a mere 2%?

Its hardly a massive increase in interest :rolleyes:
 
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DJMK4 said:
As much as I would like to, I don't really want to, I already have an ISA account, for general savings (like buying stuff, small holidays, days out)

This will be used for a more broader term of saving, things like emergency saving (for car) and saving towards a house deposit, so really there is no need for it to be instant access.
Click to expand...

You use an ISA for general savings?

You have it totally the wrong way round! You do realise you have an ISA subscription limit per tax year? ISA savings should for long term, like a house deposit.
 
PapaLazaru said:
You use an ISA for general savings?

You have it totally the wrong way round! You do realise you have an ISA subscription limit per tax year? ISA savings should for long term, like a house deposit.
Click to expand...

An ISA you can dip in to, which I don't want, whats so hard to understand about that?
 
Send me your money
I'll trade extremely volatile stock
I'm offering 1.3% interest and 30 day access to your money
????
Profit

Or

Loss

You in? :p
 
DJMK4 said:
An ISA you can dip in to, which I don't want, whats so hard to understand about that?
Click to expand...

ISA accounts are not designed to dip into. You have an annual tax free subscription so if you make any withdrawals, it is deducted from the remaining subscription. Plus, you can only have one ISA account per tax year.

I am only suggesting that you use your ISA for longer term savings, like a house deposit and a 'normal' savings account to dip into if required.
 
Energize said:
With many notice accounts you still have instant access to your money, there is just an interest penalty for withdrawal.
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Really? As most of the notice accounts I have seen are 30, 60, 90 day access.

Some are even "notice ISA accounts"


PapaLazaru said:
ISA accounts are not designed to dip into. You have an annual tax free subscription so if you make any withdrawals, it is deducted from the remaining subscription. Plus, you can only have one ISA account per tax year.
Click to expand...

Doesn't really stop anyone to be honest.
 
DJMK4 said:
As much as I would like to, I don't really want to, I already have an ISA account, for general savings (like buying stuff, small holidays, days out)

This will be used for a more broader term of saving, things like emergency saving (for car) and saving towards a house deposit, so really there is no need for it to be instant access.

Why should I learn to control? I am after a specific banking product, whats so hard to understand about this? and why is everyone acting like if I open a 30-day access account, I will be loosing money because of a slightly lower interest rate?

You do know a Santander 123 is a mere 2%?

Its hardly a massive increase in interest :rolleyes:
Click to expand...

So then send me £500 a month, seriously, I promise to give you back the amount you give me, 30 days after you ask for it.
I guarantee you zero interest, but your money will be safe.
I also guarantee not to give it back to you in an emergency or on a whim, I will make you wait 30 days.
I am only 1.25% less than the best 30 days savings account.

Trust me if interested.
 
Hikari Kisugi said:
So then send me £500 a month, seriously, I promise to give you back the amount you give me, 30 days after you ask for it.
I guarantee you zero interest, but your money will be safe.
I also guarantee not to give it back to you in an emergency or on a whim, I will make you wait 30 days.
I am only 1.25% less than the best 30 days savings account.

Trust me if interested.
Click to expand...

Sounds like every email in my junk folder. :D
 
DJMK4 said:
An ISA you can dip in to, which I don't want, whats so hard to understand about that?
Click to expand...

By choosing a rubbish notice account over a better product you areeffectively paying someone to make it harder to get your money. It's just ridiculous, it's surely not hard to not spend money you have set aside in a separate account?

The fact an ISA doesn't have a safety lid on it to stop prying fingers doesn't make it unsuitable for long term saving, that's actually exactly what it's for!
 
[TW]Fox;26023864 said:
By choosing a rubbish notice account over a better product you areeffectively paying someone to make it harder to get your money. It's just ridiculous, it's surely not hard to not spend money you have set aside in a separate account?

The fact an ISA doesn't have a safety lid on it to stop prying fingers doesn't make it unsuitable for long term saving, that's actually exactly what it's for!
Click to expand...


I have spent the last 10 years trying to be good with instant access money, which clearly isn't working for saving for things like a house deposit, maybe it will be sufficient

I don't see what the big fuss is about, how are ISA products are being front-lined as a "much better product" when they have clearly seen a massive decline in what you actually get out of them over the years, no way is a standard ISA account anywhere near as good as it used to be.

I want to lock away my money, why would I want access to it?

What exactly is rubbish about a notice account? from what I can see, the avg ISA rates are like 2-2.6%, some of the notice accounts are 1.3-2%, so hardly a massive difference.

Regardless of how "you" would deal with it, I am not "you" I am still standing my ground in terms of a proper long term savings accounts for things like saving for house deposits is something which

1) You can transfer a set amount in every month
2) Have the option for notice periods to withdraw
3) Does not give you the option for instant access
4) Ideally doesn't show up along your "current account" online, letting you transfer money in and out with a click of a button


Unfortunately I have time to throw away "leaning" how to control savings better in the hope that I do it, I have improved it over the years, but I still sometimes spend on the "whim" and would much rather chuck my money in to an account where I would need to give notice to access to it

I cant believe people are actually persuading me not to do this, surely this is going to the most efficient way for me to save? I will probably save more this way than any other way, as I wont be able to easily take it out.

Like I said, I have one ISA account with general savings in


one for longer term (House deposit)
 
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