GB Bank Notice Savings Accounts

Notice savings accounts have some great benefits; they typically offer a higher interest rate and they promote good financial discipline but they can be more restrictive as you need to wait the full notice period before any funds are accessible. It’s worth verifying that you can afford to wait the notice period before opening a notice account.

With Wombat, you can have multiple savings accounts to suit different financial goals. For short-term goals, our GB Bank Base Rate Tracker may be more suitable as you can withdraw once a month without notice.

Our notice accounts have variable rates so there is a chance the rate will change throughout the lifetime of your account.

Should the interest rate change, you will receive the same number of days notice as the notice period on the account. So, for a 30 day notice account, you will be given a minimum of 30 days before your interest rate adjusts.

Yes, you are welcome to continue using the account as soon as the notice period has ended and your withdrawal is complete.

We only offer full withdrawals from notice accounts at this time. To initiate a fee free withdrawal, open the Wombat app > make sure the correct savings account is selected > tap ‘Withdraw’ > and tap ‘Continue’ to confirm you would like to withdraw your full cash balance. Note: the actual amount you receive will also include accrued interest earned during the notice period.

The withdrawal time scale depends on which notice account you hold. For example, it will take 30 calendar days for your withdrawal to complete on a 30 day notice account. If your notice period ends on a non-business day, then it will clear the next working day.

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.