Notice saving accounts compete with term deposits

RaboDirect, Investec and Westpac have launched “notice accounts”. When depositors want to get their money out they have to give notice. Other institutions are expected to launch similar offerings.

Notice Saver rates are variable. Group executive of RaboDirect Australia and New Zealand Greg McAweeney says interest rates are competitive with term deposit rates.

McAweeney says Notice Saver will help people who struggle to reach their savings goals because they dip into their at-call savings.

Source: Sydney Morning Herald