Notice Deposits

• What is a notice savings account?

  A notice savings account is a type of account that offers a secure way to grow your savings while requiring you to provide advance notice before making a withdrawal.

   

  Key Features

  • Notice Period: You must notify your bank or savings provider in advance of any withdrawal. The length of the notice period can vary depending on the account.
  • Flexibility with Planning: Ideal for savers who don’t need immediate access to their funds and can plan withdrawals in advance.

   

• How long do I have to fund my account once its opened?

  When your application to open a savings account is approved, you’ll need to deposit funds within 14 days to activate and secure your account.

   

  This ensures your account is set up and ready to help you achieve your savings goals.

• When can I make a deposit to my notice savings account?

  Get Started with Your Savings

  Once your account is set up, you can start adding money right away!

   

  Key Details

  • Minimum Balance: You can fund your account at any time. The minimum deposit permitted is £1, however the minimum balance required to earn interest is £1,000. When your application to open a savings account is approved, you must meet the minimum balance within 14 days.
  • Earning Interest: Your balance needs to reach £1,000 to start earning interest.
  • Maximum Deposit: You can save up to £200,000 across all accounts. If you deposit more, we’ll return the extra to the account it came from.

   

  Changed Your Mind? No Problem!

  If you decide within 14 days that the account isn’t right for you, we’ll cancel it—no fees, no hassle.

   

• Can I make additional deposits into my notice account

  You can add money to your account anytime! Just remember:

  • Balance Limit: You can keep up to £200,000 across all your accounts.
  • FSCS Protection: Your money is protected up to £85,000 per person by the Financial Services Compensation Scheme (FSCS).

   

  This gives you freedom to save, while keeping your money safe and secure.

   

• Can I withdraw money from my account?

  Making Withdrawals from Your Notice Account

  With Afin Bank, withdrawing your savings is simple and secure. Here’s what you need to know:

   

  When Can You Withdraw?

  • You can withdraw once you have provided a withdrawal request and only after your notice period ends.

   

  Withdrawal Options

  • Partial Withdrawal: Take out some of your money while keeping your account open.
  • Full Withdrawal: Withdraw everything and close your account.

   

  Deposits & Withdrawals

  • If making a partial withdrawal: You can still add more money.
  • If making a full withdrawal: you can still make deposits to your account. If the balance of the account does not meet minimum balance     requirements, your account will be closed after 30 days and any accrued interest returned to your nominated account
  • If making a full withdrawal & close: You cannot add make any additional deposits to your account.

   

  Limits & Rules

  • Minimum withdrawal: £1.
  • Maximum withdrawal: Your available balance.
  • One request at a time:  You can only have one active withdrawal request.

   

  Cancelling a Withdrawal

  • You can cancel a withdrawal request once every 12 months using the app.

   

• Can the interest rate change on a notice savings account?

  The interest rate on your account is variable and may change based on the following factors:

   

  How Your Interest Rate is Determined

  • Your rate is tied to the Bank of England Base Rate, with a spread added or deducted.
  • Changes to the Base Rate (increase or decrease) will affect your account on the next day.

   

  Adjustments to the Spread

  We may adjust the interest rate spread due to:

  • Market shifts.
  • Changes in money market rates.
  • Higher account operating costs.

   

  Notification Periods

  • If the Spread Increases: We will notify you at least one day before the change takes effect.
  • If the Spread Decreases: We will notify you at least 14 days in advance.

   

  Your Options

  • If the spread is reduced, you’ll have 30 days from the effective date to either:
    • Close your account, or
    • Switch to another account with us, without giving the usual notice period.

   

  Important Note

  Any interest earned prior to the change will remain unaffected and will be paid to you when you either switch accounts or close your account.

   

• What is The Bank of England Base Rate?

  The Bank of England Base Rate is the key interest rate set by the Bank of England, acting as the benchmark for other interest rates across the UK economy.

   

  Why is it Important?

  • It’s the rate at which the Bank of England lends to commercial banks and financial institutions.
  • This rate directly influences the interest rates you see on:
    • Savings accounts
    • Loans
    • Mortgages

   

  When the base rate changes, it can affect how much you earn on savings or pay on borrowing. For accounts linked to the Bank of England Base Rate, like notice savings accounts, any changes in the base rate are typically reflected in the account’s interest rate.

• What is the interest rate spread?

  In this document, the spread refers to the additional rate that is either added to or subtracted from the Bank of England Base Rate.

   

  How it Works

  • The Bank of England Base Rate serves as the benchmark rate.
  • The spread determines the final interest rate for your account.
    • Example: If the Base Rate is 3% and the spread is +1%, your account’s interest rate would be 4%.

   

  The spread allows us to adjust rates based on factors like market conditions and operating costs.

   

• How quickly does the Notice Savings Account product rate take to change when Bank of England Base Rate changes?

  Stay Up to Date with Interest Rates

  When the Bank of England Base Rate changes, your savings account rate updates the next business day.

   

  This means your account always stays in line with the latest rates, so you benefit without delay.

   

• Will I be notified of rate changes?

  We’re committed to keeping you informed about any changes to your savings account’s interest rate. Here’s what you need to know:

   

  Bank of England Base Rate Changes

  • We’ll notify you of any changes to your interest rate due to change to the Bank of England Base Rate within a reasonable time after the change occurs.
  • The interest rate on your savings account will automatically adjust to reflect the change and take effect on the next day.

   

  Changes to the Interest Rate Spread

  • When the Spread Increases:
    • We’ll notify you at least one day before the new rate takes effect.
  • When the Spread Decreases:
    • We’ll notify you at least 14 days in advance.

   

  Your Options if the Spread Decreases

  If the interest rate spread is reduced:

  • You’ll have 30 days from the effective date to:
    • Close your account, or
    • Switch to another account with us, without the usual notice period.
  • Any interest earned before the change will remain unaffected and will be paid to you when you either close your account or switch to another account with us.

   

  We aim to make any adjustments transparent and straightforward.

   

• How do I close my Notice Account?

  If you decide to close your Afin savings account, we’re here to make the process straightforward.

   

  How to Close Your Account:

  • You’ll need to give us full notice before we can close your account.
  • This can be done conveniently via the app.
  • To close your account, simply withdraw all your funds. Once this is completed, your account will be automatically closed.

   

  What Happens Next:

  • Your funds will be transferred to your Nominated Account on the selected date.
  • The transfer will be credited to your account immediately.