Notice savers for personal use are offered at three different tiers: 31 day, 60 day and 90 day. The rate of return also increases as you increase the terms. If you want to access your savings after the account has been activated, you give the bank notice and they will release the money in the time frame that you choose. So if you sign on for a 60-day notice saver, you will need to tell the bank 60 days in advance if you want access to your money.
Notice savers have unique features that could make them an appealing option for those who want to reach a savings goal, and need an extra incentive to get there. When comparing them, consider the following:
You do have to choose how long of a notification you want to give when you open the account, which will require some thought as to your future needs. The lowest rates are paid on 31 day notices, and get progressively higher as you move to 90 days.
The interest rate will have a direct impact on the return on your investment. If your main objective is to increase your savings rapidly you will want to choose the longer notice periods with the higher rates.
Unlike term deposits, notice savers lock you out from withdrawals but not on deposits. That means you can continue to add to the principal amount to increase your savings.
You get the most benefit in a savings product that calculates the interest daily and makes a monthly deposit. This allows you to benefit further with compound interest, where your earnings come from the combined total of your principal and earned interest amount.
You will want to check to ensure that you are able to meet any minimum deposit requirement for a notice saver account.
As with most high interest savings accounts, you will need a bank account to be linked to your notice saver. Check to make sure that your current bank will allow you to link your everyday account with a notice saver offered by another institution.
Notice savers are similar to savings accounts and term deposits, however there are a few key differences.
Savings accounts: A savings account usually offers a higher interest rate than a notice saver and term deposit, and you can access your money instantly when you need it. However, there are often monthly account conditions to meet so it's not a set-and-forget option. You can compare savings accounts to see how the rates compare.
Term deposit: A term deposit is locked for the duration of the term length, which can be between 1 month to 5 years. Term deposits sometimes offer better rates than notice savers, in exchange for locking your money away for longer. If you dip into your savings regularly a term deposit may not be the right solution for you.
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