Notice Accounts top FAQs answered
Here are some FAQs to get you started as you build your savings with your new Notice Account.
What is a Notice Account and how does it work?
Notice Accounts let you earn a higher interest rate compared to our regular access accounts in exchange for providing notice before you wish to make a withdrawal. We currently offer a 32 Day Notice Account and a 95 Day Notice Account, and they’re powered by our partner banks..
This means that, after you initiate a withdrawal in the app, it’ll take the respective notice period to receive the funds from the partner bank which powers the account. Once this notice period has passed you’ll receive your money the next working day.
What different savings accounts does Moneybox offer?
We offer two types of savings accounts: regular access and Notice Accounts. Our regular access account is our Simple Saver. Check it out today if you haven’t already.
With Notice Accounts, you need to give us notice before you can make a withdrawal. In exchange, you’ll tend to see higher interest rates compared to our regular access accounts. With regular access accounts, your money will be with you the next working day but you’ll earn a lower interest rate.
What happens when I want to withdraw from my savings account?
Withdrawals can be requested in-app at Settings > Withdraw.
- For our Simple Saver, we’ll send your money to your bank account on the next available working day.
- For our Notice Accounts, the money you’ve requested to withdraw continues to earn interest over the notice period. We’ll then send your withdrawal to your linked bank account on the next available working day after the notice period has ended.
You’ll receive an email to confirm your withdrawal is complete. You can have multiple withdrawals in progress at once, and you can track the progress of each withdrawal in Accounts > Select account > Recent activity > In progress.