United National Bank has just reduced the rate on its 3 Month Gold Deposit account by 0.50% to 3.00%. This leaves Stroud & Swindon offering the top notice rate, paying 3.20% on its account for the over 50s.

By comparison, Coventry BS is paying 3.30% on its 1st Class Postal account, which requires no notice for savers to access funds.

Michelle Slade, spokesperson at Moneyfacts.co.uk commented:

“Fixed rates continue to offer the highest rates for savers, but with many offering no access during the term of the deal, many savers will have at least part of their money in a variable rate account.

“Notice savings account have historically offered much higher rates than easy access accounts as the provider will have warning of any impending withdrawal.

“While easy access has been the preferred choice of variable rate account for most savers, a large number have opted for notice accounts to make the most of their money in this low interest rate environment.

“Providers are increasingly turning to their savings books to fund their lending activity. Those unable to compete in the ever competitive fixed rate bond market have moved to offering top rates on easy access.

“Moneyfacts figures show that 30% of consumers are looking for easy access savings.

“There is now no incentive for savers to invest their money in a notice account when they can get better rates and access to their money as soon as they need it.”

Easy Access Best Buy

Notice Best Buy

www.moneyfacts.co.uk - The Money Search Engine

Moneyfacts.co.uk is the UK's leading independent provider of personal finance information. For the last 20 years, Moneyfacts' information has been the key driver behind many personal finance decisions, from the Treasury to the high street.

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