In this paper, we develop a correlated noise model for bipolar transistors from an accurate nonquasi-static model. The proposed noise model includes the signal delay through base-collector space-charge region and is implemented using four extra nodes. We also present a simplified version of the same model that requires only two extra nodes. A further simplified version that uses only one extra node is found to be identical with a state-of-the-art correlated noise model. When compared with the device simulation data, our proposed models show improved accuracy compared with the existing state-of-the-art noise models.