Building society relaunches savings account with 'enticing' 4.26% interest rate
The account has been praised as an "enticing option" for savers who want to maintain some flexibility while earning higher returns than an easy-access account.
The Stafford Building Society has re-launched a handful of its notice accounts, with one account paying an interest rate of 4.26%. The Notice 180 account could be a good option for people who have at least £5,000 to inject into a savings account and do not need to regularly withdraw money. The account allows additional fund additions, but only two withdrawals per society year.
This makes it an attractive option for those who are in a position to lock away funds for a year to earn interest, but would still like some of the flexibility that they get with easy access accounts. However, withdrawals are subject to a notice period of 180 days, so savers need to be comfortable putting away their money for a long time. The account has made it into comparison site Moneyfacts' "Best Buys" list. The interest is payable yearly, and the maximum investment is £450,000.
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The society year runs from November 1 to October 31, with two withdrawals allowed during that period. The account can be opened easily online, by post or by visiting a branch.
Joint account options are available, and account holders must be at least 16 years of age. Commenting on the deal, Caitlyn Eastell, Personal Finance Analyst at Moneyfactscompare.co.uk, said: "This week, the Stafford Building Society has re-launched a handful of its notice accounts, including the Notice 180.
"This may be an enticing option for savers who want to maintain some flexibility but get higher returns compared to an easy access account. Savers will need to invest at least £5,000, but further additions are permitted at any time."
However, she pointed out: "This account only permits up to two withdrawals per society year, and they are subject to giving 180 days’ notice, so they should be considered carefully."
At this interest rate, savers who deposit £5,000 in the account would earn £213.
What else is out there?
Earl Shilton Building Society's 180 Notice account currently tops Moneyfactscompare's Best Buys list with an interest rate of 4.5% AER. A minimum deposit of £5,000 is required, and up to £250,000 can be saved overall. Interest is paid annually.
OakNorth Bank's 180 Notice account places just behind with an AER of 4.38%. A minimum deposit of £1,000 is required, and up to £500,000 can be saved. Interest is paid monthly.
Shawbrook Bank also places competitively, with an AER of 4.35%. A minimum deposit of £1,000 is required, and up to £500,000 can be saved. Interest is paid monthly. Interest is paid on the anniversary of opening.
