- You can open your Savings Direct 7 Day Notice Account by post only.
- Lodgements can only be made by cheque and electronic transfer.
- Minimum balance on the account is £1, maximum balance on the account is £1,000,000.
- You can withdraw money from this account to a bank account in your name, nominated at account opening.
- This account can only be operated by phone and by post.
- Interest is calculated daily and paid yearly in April.
- You can access your funds by serving the relevant notice period.
- You don’t need to make regular deposits - but if you wish to save regularly you can by means of a standing order from any current account or demand deposit account.
- We understand that under exceptional circumstances you may require emergency access to your funds. If you make a withdrawal without the full, specified notice period being served, you will be charged. This is calculated as follows:
Withdrawal Amount x Interest Rate x Notice Days Not Served/ 36,500
Example: You wish to withdraw £1000 from your Savings Direct 7 Day Notice Account on which you have not served any notice. The variable interest rate on your account, on the day of withdrawal, is 1.15%. (The variable rate used in the calculation is indicative, and has been chosen for illustrative purposes only). The following Breach of Notice Cost would apply:
£1000 x 1.15 x 7/36,500 = £0.22