Cash point

Savers looking to boost their interest rate but still have access to their cash might find notice accounts worth a look. Research from data firm Moneyfacts.co.uk shows the average rate on notice accounts has hit 1%, the highest since November 2012 when it stood at 1.08%.

The current top rate on these accounts, where savers have to notify the provider in advance – ranging from seven to 180 days’ notice – before making withdrawals, is 0.2% more than the best rate six months ago.

The best notice accounts include PCF Bank (020 7227 7577) which pays 1.85% on its 180 day account, Paragon Bank (paragonbank.co.uk) which offers 1.8% on its 120 day account, and Kent Reliance which pays 1.49% on its 60 day account. It can be opened online, by post or in branch.

Rachel Springall, finance expert at Moneyfacts.co.uk, said: “The notice account market is steadily improving, with various notice periods available for savers.

“Notice accounts now pay 0.4% more than easy access accounts on average.”