Fixed, notice, or easy access?

Easy access lets you take money out whenever. The rate is variable, which means it can be cut without much fanfare — and usually is, a few months after you open it.

A fixed-rate bond locks the money for a term, one to five years, at a rate that cannot move. Most cannot be broken at all before maturity. A fixed-rate cash ISA is different: ISA rules require access, but expect an interest penalty of roughly 90 to 365 days.

A notice account sits between them — 45 or 120 days' warning before a withdrawal, in exchange for a better rate than easy access. Useful for money you know you will want, just not this month.