Oxbury Bank has relaunched its 90-day Notice savings account with 4.9% interest, earning an “excellent” Moneyfacts rating.
Notice accounts act as a middle ground between easy access and fixed-rate savings accounts.
These accounts allow people to withdraw money when needed, but they have to give the bank an agreed amount of notice or they could face penalties.
Savers can launch Oxbury Bank’s 90-Day Notice Base Rate Tracker account with a minimum deposit of £1,000 and interest can be paid monthly.
Commenting on the deal, Caitlyn Eastell, a spokesperson at Moneyfactscompare.co.uk, said: “Oxbury Bank has re-launched the sixth issue of its 90 Day Notice Base Rate Tracker.
“Paying 4.90% AER / 4.79% gross, it takes a prominent position when compared to other monthly interest and notice account sectors.
“This account may well appeal to those searching for a higher rate than can be achieved on an easy access account.”
However, she noted: “The initial deposit must be made within the first 90 days of account opening or the account will close automatically. Overall, the deal earns an Excellent Moneyfacts product rating.”
While Oxbury Bank may be offering an appealing rate for 90-day notice accounts, it doesn’t quite top the table.
The Bank of London and the Middle East offers 90-day notice saver with a 4.94% expected profit rate. As the bank operates under Islamic finance principles, profit is gained instead of interest.
Savers need a larger opening deposit of £10,000 to launch the account and profit is paid quarterly. Up to £1million can be invested.
OakNorth Bank’s 90-day account, offered through Raisin UK, is also offering a competitive Annual Equivalent Rate (AER) of 4.85%.
Savers can also launch the account with a minimum deposit of £10,000 and up to £85,000 can be invested overall. Interest is paid monthly.
All savings accounts mentioned are protected by the Financial Services Compensation Scheme (FSCS).
