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Notice savers for personal use are offered at three different tiers: 31 day, 60 day and 90 day. The rate of return also increases as you increase the terms. If you want to access your savings after the account has been activated, you give the bank notice and they will release the money in the time frame that you choose. So if you sign on for a 60-day notice saver, you will need to tell the bank 60 days in advance if you want access to your money.
Notice savers have unique features that could make them an appealing option for those who want to reach a savings goal, and need an extra incentive to get there. When comparing them, consider the following:
You do have to choose how long of a notification you want to give when you open the account, which will require some thought as to your future needs. The lowest rates are paid on 31 day notices, and get progressively higher as you move to 90 days.
The interest rate will have a direct impact on the return on your investment. If your main objective is to increase your savings rapidly you will want to choose the longer notice periods with the higher rates.
Unlike term deposits, notice savers lock you out from withdrawals but not on deposits. That means you can continue to add to the principal amount to increase your savings.
You get the most benefit in a savings product that calculates the interest daily and makes a monthly deposit. This allows you to benefit further with compound interest, where your earnings come from the combined total of your principal and earned interest amount.
You will want to check to ensure that you are able to meet any minimum deposit requirement for a notice saver account.
As with most high interest savings accounts, you will need a bank account to be linked to your notice saver. Check to make sure that your current bank will allow you to link your everyday account with a notice saver offered by another institution.
Notice savers are similar to savings accounts and term deposits, however there are a few key differences.
Savings accounts: A savings account usually offers a higher interest rate than a notice saver and term deposit, and you can access your money instantly when you need it. However, there are often monthly account conditions to meet so it's not a set-and-forget option. You can compare savings accounts to see how the rates compare.
Term deposit: A term deposit is locked for the duration of the term length, which can be between 1 month to 5 years. Term deposits sometimes offer better rates than notice savers, in exchange for locking your money away for longer. If you dip into your savings regularly a term deposit may not be the right solution for you.
Lock in a fixed rate on a range of term lengths between 3 months and 3 years for deposits $1000 or more.
Earn a competitive interest rate on terms between 1 month and 2 years with a Heartland Bank term deposit.
When can you expect term deposit interest rates to increase? Find out in this handy guide.
When your term deposit matures it's time to decide the next move for your money. Here are your options, including term deposit rollover (tdr).
Want to withdraw money from your term deposit before it matures? Penalties apply, so check out this guide to term deposit penalties and how they will affect you.
Term deposits with loyalty bonuses reward customers for their ongoing business by offering a bonus interest rate on term deposit balances.
Set your own terms and conditions for how your money grows with a flexible investment account that rewards you with higher interest earnings.
If you trying to decide on the best time to invest in a term deposit, start here. See the past interest rates on term deposits from 1985 until now.
If you need a safe place to tuck your savings of away and yield a profit, a $100,000 term deposit could provide a solution.