Notice savings accounts require you to give advanced notice to the bank / building society that you wish to withdraw money from your account. If you do not provide sufficient notice then you will be penalised in the form of lost interest.

Generally, notice accounts will offer a higher rate of interest compared to instant access accounts. However, when you compare accounts from different banks/building societies, this is not always the case. Visit our 'best rates' section for details of the best deals currently available.

Notice accounts will vary with regards to how many days notice you are required to give. Typical notice periods are 30, 60 and 90 days.

Some notice accounts offer a little more flexibility in so far as you are permitted a certain number of instant cash withdrawals each year without penalty, perhaps two or three. This can be very useful if you need to access your money in an emergency.

Other notice accounts will offer an annual bonus if you don't touch your money for a year. The bonus can be withdrawn, once credited to your account, without losing the following year's bonus.

If you feel you are lacking somewhat in self-discipline you may prefer to have a notice savings account because the very fact that you have to give advanced warning of any cash withdrawals prevents you from withdrawing money on a whim, and therefore ensures your savings remain untouched.

You can deposit lump sums or regular payments into your account. Interest is paid monthly or yearly and in some cases you will be able to choose.

As with all savings accounts, the minimum deposit that can be made in order to open the account will vary from one bank / building society to the next.

Interest rates are usually banded according to the balance in your account, meaning the more money you save the higher the rate of interest you'll earn.

Opening a savings account with a building society qualifies you for membership of that building society, which in turn means you may be eligible for special benefits and exclusive offers.

Many savings accounts are issued with 'passbooks', especially building society savings accounts. These are small books that you present when make a deposit or withdrawal. Therefore, they provide a convenient, up to the minute record of your balance and a history of transactions made.