When you’ve got a growing pot of money, you might be asking yourself: “where should I put it so it can work its hardest?”

At Moneybox, we offer different types of savings products to suit a variety of goals and timelines. If you’re growing your money for any mid-term goals, then you might be interested in looking at a fixed rate or a Notice Savings Account. They both offer the potential for great returns, but they ask for different kinds of commitment from you.

Here is a straightforward guide to help you decide which account is the perfect fit for your funds.

Fixed Rates

Think of the fixed rate as a commitment to your future self. In exchange for locking away a lump sum, you get certainty that you’re growing your savings with a great rate.

Feature Moneybox Fixed Rate
Interest Rate Earn 3.75% fixed for 1 Year
Deposits Lump-sum only. Deposits must be made within a short funding window after opening. You cannot add more money during the term.
Withdrawals / Access Zero access. Once you’ve deposited your money, your money is locked away until the access date at the end of the term.
Best for Mid to long-term goals where you don’t need the cash for a year or more.

 

Why choose a fixed rate?

  • You know your earnings: it’s a great tool for financial planning. Knowing your rate and how long you’ll be earning it means you can work out exactly how much you’ll receive when the term comes to an end.
  • Protection against rate drops: If interest rates across the market suddenly drop (or increase), your rate remains exactly the same. You are protected from market fluctuations and know precisely what you’ll earn.

Deposits made to a 1 Year Fixed Rate cannot be withdrawn until the end of the fixed term. There is no ‘cooling off’ period.

Notice Savings Accounts

A Notice Savings Account is the middle ground between an easy-access account and a fully locked-in fixed rate. It gives you the flexibility to access your money, but only after you’ve given us an agreed period of notice.

Feature Notice Savings Account
Interest Rate Variable. The rate can go up or down.
Deposits Flexible. You can continue to add money to the account as often as you like.
Access Conditional access. You can withdraw, but you must give notice (32 days, 90 days, or 95 days).
Best for Mid-term goals where you don’t need your money for a period of time – usually up to 3 months.

 

What are the different Notice products available?

We offer different products with varying notice periods, such as a 32 Day Notice, 90 Day Notice, or 95 Day Notice. Let’s breakdown the different accounts below:

For each, you’ll need to give notice to make a withdrawal. This means once you request a withdrawal in the app, it’ll take the respective notice period to receive the funds before this is transferred to you.

Comparing: Fixed vs Notice

Feature Fixed Rate Notice Savings Account
Interest rate Fixed Variable
Withdrawals No (locked until maturity) Yes (after notice period)
Additional deposits Only in the initial funding window Yes and you can top up regularly
Ideal For Lump-sums for 1+ year goals Mid-term goals and securing money you won’t need within 1-4 months

 

Ultimately, the best choice depends on your timeline and your comfort level with trading flexibility for certainty.

The good news, it doesn’t have to be one or the other, if you have different saving pots for different goals, then you might want to explore both options.

Head to the Moneybox app to see what’s available and start saving.