These types of accounts offer instant access to your money without the need to give any notice, pay a financial penalty or forfeit interest. They are ideal for people who wish to save money but may need access to the cash at short notice. Due to the flexibility of these accounts the interest rates offered are normally slightly lower than other types of accounts.
No notice accounts can be operated via a branch, telephone, post or the internet, but do bear in mind that while some high-interest telephone and internet-based accounts claim to offer instant access, you may have to wait a few days while a cheque is sent out or a transfer is made to your current account.
It is prudent to check your rate at least every three months to ensure that you are getting the best return on your savings.‹