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- Savings
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- Savings Notice Account
Notice Saver Account
Save on your terms with Afin Bank’s Notice Saver Account. Access savings with an agreed notice and manage your account securely through our mobile app.
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Flexible Saving with Competitive Growth and Easy Access
If you’re looking to save with flexibility, our Notice Saver Account offers a secure way to grow your savings with competitive variable interest rates, while still allowing access to your funds with notice. And with our handy app, you can see your money grow at the click of a button.
Ready to set up a Notice Saver Account with us? We’re here
to help.
Why might a Notice Saver Account work best for you?
Our Notice Saver Account might be just the thing for you and your savings needs. If you’re unsure of the account’s features, take a look at the table below and the product summary
Summary
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This document is part of the Notice account Specific Terms and Conditions. Read it alongside the Deposits General Terms and Conditions. The information here highlights the main features of the account but doesn’t replace reading the full terms.
90 day notice deposit
Balance: £1,000 – £200,000
Gross Annual Interest: TBC
AER: TBC
- Interest is calculated daily and paid annually or at account closure.
- Interest will be paid on the anniversary of your first deposit.
- You can choose to have interest paid into your Savings Account or Nominated Bank Account.
- Interest is only accrued when the balance is at or above the minimum requirement.
Interest Rate Changes
Yes, the interest rate on your account can change. It is based on the Bank of England Base Rate, plus or minus a spread.
Changes to the Bank of England Base Rate will affect your account on the next business day. We may also adjust the interest rate spread for reasons outlined in the 90-Day Notice Account Terms. These reasons include market shifts, changes in money market rates, higher account costs, or regulatory updates.
If the spread* is increased, we will notify you at least one day before it takes effect.
If it is reduced, we will notify you at least 14 days in advance.
If we lower the spread*, you will have 30 days from the effective date to close your account or switch to another account with us, without giving the usual 90 days’ notice. Any interest earned will not be affected and will be paid to you when you either switch to another account with us or close your account.
*spread in this document refers to the rate that is added or subtracted to the Bank of England Base Rate.
This projection is just an example and does not consider your personal circumstances. It assumes that:
- No further deposits or withdrawals are made during the 12-month period.
- The interest rate stays the same during the 12-month period.
- The year is not a leap year.
Deposit at account opening: £1,000
Interest earned after 12-months: TBC
Balance at 12-months with interest: TBC
To open this account, you must:
- Be 18 years or over.
- The account can only be used for individuals.
- Be a UK resident (for tax purposes).
- Have a valid mobile phone number.
- Have a valid email address.
Opening an account:
- You can apply for an account via our mobile app which can be found here.
- You will need your contact details, email address and details of your UK current account you wish to register as your Nominated Bank Account.
- If we need additional information about your application, we will contact you.
Managing your account:
- You can manage your account via our app.
- You can also contact us by telephone to provide instructions about your account.
Minimum / Maximum balance:
- Minimum balance – £1,000.
- The maximum balance is £200,000 per account holder. If you deposit more than this, the extra amount will be returned to your nominated bank account. This limit applies to the total balance across all your Afin Bank deposit accounts.
- Your eligible deposits with Afin Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered.
- This account allows you to make partial withdrawals. You can make all your withdrawals in the app.
- You must give us 90 days’ notice before making a withdrawal. In exceptional cases, we may allow a withdrawal from the account within 90 days at our discretion. We will need evidence, and we are not obligated to approve the withdrawal. If we allow such a withdrawal, we will return your funds, along with any interest accrued up to that date, to your Nominated Bank Account.
- You will have the option to withdraw your funds without the required notice period if we reduce your interest rate, except when passing on a reduction in the Bank of England base rate. To request a withdrawal, log into our app and provide notice. Withdrawals can only be made to your Nominated Bank Account.
- You can submit only one withdrawal request at a time. If you have a pending withdrawal, you must wait for it to be processed or cancel the request before submitting a new one.
- You can only cancel one withdrawal request in any 12-month period. “12-months” counts from your account activation date to your account anniversary.
- An account may only be held in single name.
- If you change your mind within 14 days of opening your account, we will cancel your account without penalty or notice.
- 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.
- We reserve the right to close the account to new funds without notice. If we close the account to new funds the account will continue to operate, but we will not accept new deposits into the account.
- You can still add funds to your account if you have a pending partial withdrawal notice, but not if you have a pending full withdrawal notice or a request to withdraw and close the account.
- We reserve the right to withdraw this product at any time.
Your Nominated Bank Account
Your Nominated Bank Account must be a UK current account in your name.
Interest rate definitions
- AER stands for Annual Equivalent Rate. It shows what the interest rate would be if interest were paid and compounded once each year.
- Gross p.a. is the interest rate without tax deducted.
Tax
- Interest is paid gross, without the deduction of income tax. It is your responsibility to ensure that any tax is paid.
- We reserve the right to make a deduction for withholding tax as may be required by law from time to time.
- The tax treatment of the interest payable depends on your personal circumstances and may change in the future.
Why choose a
Notice Saver
Account?
Our mission has always been to support the financial goals of our customers. That’s why, if you’re looking for the benefits of higher interest rates, while still having the option to withdraw funds with an agreed notice period, a Notice Saver Account might work for you. Here’s a few other reasons:
Interest is calculated daily and paid annually, helping your savings grow over time
Unlike Fixed Term Savings Accounts, you’re not locked in for a period
Enjoy greater flexibility than Fixed Term Savings Accounts with the ability to access your funds with an agreed notice period
Securely deposit, withdraw and monitor your savings through our app
Deposit between £1,000 and £200,000, allowing you to save to suit your needs
FSCS protection
Your eligible deposits with Afin Bank are protected up to a total of £120,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered.
How does a Notice Saver Account work?
The interest rate attached to our Notice Saver Account is variable, meaning it may change based on the Bank of England base rate, plus or minus a spread*. Your interest will be calculated daily and paid to you annually. If the base rate changes, we’ll adjust our rates accordingly. Please see product summary for more information.
You can deposit a minimum of £1,000 and a maximum of £200,000 per account holder. If you want to make any other deposits throughout your term, you can make these at any time using our app, as long as your total account holder balance doesn’t exceed £200,000.
Our Notice Saver Account offers an agreed notice period for when you want to withdraw funds. Early withdrawals are not permitted, except in exceptional circumstances where sufficient evidence is provided to us. Once your notice period is over, funds will be transferred to your nominated bank account.
Just like all Afin Savings accounts, you can easily view and manage your Notice Saver Account through our handy mobile app. And if you require help with your account, our Customer Support team is available via hello@afinbank.com.
Applying for
a Notice Saver
Savings Account
To apply for a savings account with us, you simply need to download our app, available on iOS and Android.
Once you’ve opened an account, choose the savings account that works best for for your needs.
Deposit your funds and start saving. Your journey starts here!
