Danske Midas Notice Account

With this savings account, exclusive to customers aged 50 and over, you’ll need to deposit a minimum of £2,000 and give us 95 days' notice to withdraw funds.

Good to know

  • You can pay in whenever you like
  • Pay in or request a withdrawal using eBanking, our apps, in branch or over the phone
  • We’ll text you when your withdrawal is complete
  • Apply online in minutes

Need to know

  • This isn’t an instant access account, so you’ll need to give us 95 days’ notice for every withdrawal
  • You’ll need to deposit at least £2,000 into the account within 14 days of opening. Maximum balance £250,000
  • You must be aged 50 or over
  • Only one account may be held per person

Summary Box

Please review the summary box below which contains all of the information you need to know before applying for a Danske Midas Notice Account.

Account name: Danske Midas Notice Account.

1. What is the interest rate?

Balance Gross/AER
All credit balances 1.10%

Interest is calculated on a daily basis on the cleared credit balance on your account and applied annually at the end of October.

2. Can Danske Bank change the interest rate?

  • Yes, this rate is variable. We can decrease the credit interest rate for any of the reasons set out in the General Terms and Conditions - Personal Banking.
  • We’ll give you 109 calendar days’ notice of any reductions to the credit interest rate (this is the equivalent to 14 days plus the 95 day notice period required for withdrawals). We’ll send you a reminder 14 days before the change takes effect. Where we hold an email address for you, we’ll send you this notice via email, otherwise we’ll send a letter.
  • We may increase the credit interest rate payable on the account immediately. We will advise you of any increase in the credit interest rate on your next statement.

3. What would the estimated balance be after 12 months based on a £2,000 deposit?

Initial deposit at account opening Estimated interest earned after 12 months Estimated balance after 12 months
£2,000.00 £22.00 £2,022.00

This estimate is for illustrative purposes only and does not take into account your individual circumstances.

The estimate assumes that:

  • no further deposits or withdrawals are made;
  • there's no change to the interest rate; and
  • interest is added to the account at the end of the 12 month period.

4. How do I open and manage my account?

  • All parties to the account must be aged 50 or over.
  • A minimum deposit of £2,000 is required. You must lodge this amount (as one sum) within 14 days of the date we provide you with the sort code and account number of the account, otherwise the account will be closed.
  • You can only open one account. This can be in your sole name or in joint names with someone else.
  • The maximum balance you can have in the account is £250,000, with the exception of credit interest.
  • You can open your account in branch or by telephone via our dedicated Midas account opening line on 028 9004 9260. Alternatively, you can complete an application form on our website at danskebank.co.uk/midas-notice and submit this to us.
  • You can communicate with us and give us instructions by telephoning us, visiting one of our branches or by using eBanking (if you have registered for this service). Alternatively, you can write to us.

5. Can I withdraw money?

  • Yes, withdrawals can only be made by giving us 95 days’ notice. Where the 95th day does not fall on a business day, the withdrawal will be completed on the next business day. You cannot withdraw your funds earlier than this.
  • All withdrawals must be by electronic transfer to another account. You cannot withdraw cash.
  • You can provide notice to make a withdrawal in-branch, by eBanking or by telephone.
  • Where you provide us with a mobile telephone number, we will send you a text message confirming acceptance of your withdrawal request and again on completion of your withdrawal at the end of the notice period.

Additional Information

Interest is paid ‘gross’. This means that we do not deduct tax from the interest we pay. Depending on your personal circumstances, you may have to pay tax on your interest.

AER stands for ’Annual Equivalent Rate’ and illustrates what the interest rate would be if interest was paid and compounded (paid on the total balance including previous interest) once each year.

Rate correct as at 2 July 2018.

The information provided in this summary box includes the key features of the account only and is not intended to be a substitute for reading the terms and conditions that apply to the account.

Print this summary box for your records

Want to open an account?

Further Information

This account is not suitable for day-to-day banking.

Please be aware that this account isn’t an instant access savings account. You'll need to have access to funds for short-term emergencies.

We’ll send you a statement at least every six months. If you use eBanking, you can ask us to make these statements available electronically instead of sending you paper copies.

How savings are taxed depends on your individual circumstances and may change in the future.

Danske eBanking and 24 Hour Telephone Banking may be temporarily unavailable when we carry out routine maintenance.

We do not charge for our text service, but you may have to pay your mobile-phone company.