What is a notice period savings account?

A notice savings account is a type of savings account that has no fixed term but requires a specific notice period before you can withdraw your money. They offer more flexibility than a fixed term account and support good financial discipline as they can prevent impulse withdrawals, promote regular saving as you can continue to deposit and they also tend to provide higher interest rates than easy access savings accounts. At Wombat, we offer two great notice savings accounts; 30-day and 95-day notice.