What is a Notice Saver account in Australia?
It is a type of savings account that requires clients to give advance notice before making money withdrawals. While this comes with some inconvenience for customers, the interest rates on these offers are typically higher than other savings accounts.
What are the features of notice savings accounts?
Features of the accounts are:
- variable % rate
- rate is often tiered and depends on a balance
- free deposits but limited withdrawals because of a notice period
What is the notice period for such accounts?
Banks usually offer a notice period of 30 to 90 days.
Calculate income on a savings account for 1 year (example):
| Amount, $ | Rate, % | Income, $ |
| 14 000 | 0,10% | 14,00 |
| 14 000 | 0,10% | 14,00 |
| 14 000 | 0,10% | 14,00 |
| 25 000 | 3,35% | 837,50 |
| 25 000 | 3,35% | 837,50 |
| 25 000 | 3,35% | 837,50 |
| 64 000 | 3,95% | 2 528,00 |
| 64 000 | 3,95% | 2 528,00 |
| 64 000 | 3,95% | 2 528,00 |
See the similar FAQ about savings in Australian banks:
- Where do I find the CBA financial calendar?
- Where do I find the CommBank unit prices?
- Where do I find the NAB investor calendar?
- Where do I find the share price of NAB?
- Сommbank ETF fees
Details of companies offering the financial services:
BOQ Specialist
Head office’s address: 120 Collins Street
Contact center: 1300-160-160
Phone: 61-2-9293-2000
Mail address: GPO BOX 2539 Sydney 2001
Web-site: http://www.boqspecialist.com.au/
Swift code: QBANAU4B
Stock code: BOQ
BSB: 951-200
Rabobank
Head office’s address: 201 Sussex Street
Contact center: 1-800-025-484
Phone: 61-1800-445-445
Mail address: GPO Box 4577 Sydney NSW 2001
Web-site: http://www.rabobank.com.au
Swift code: RABOAU2B
ABN: 70 003 917 655
BSB: 42-201
Westpac Bank
Head office’s address: 275 Kent Street
Contact center: 13-20-32
Phone: 61-2-9155-7700
Mail address: 275 Kent Street, Sydney, NSW
Web-site: https://www.westpac.com.au/
Swift code: WPACAU2S
Financial institution code: WBC
Stock code: WBC
ABN: 33 007 457 141
BSB: 032-063