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 |
