A fixed-rate bond allows you to lock your money away for a set amount of time. You aren’t able to take the money out or add more money during this time, but in exchange you are normally rewarded with a higher interest rate in comparison to other savings accounts.
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Discover the flexibility of an easy access savings account
What is an easy access savings account?
Easy access is a flexible savings account as it allows you to withdraw and deposit funds quickly and easily. This makes it a suitable account for a rainy day or emergency fund. You’ll also earn interest on the money you save in this account, so it makes sense to move money into an easy access rather than leave it sitting in a current account earning little interest.
It’s worth noting that an easy access savings account should not be confused with an instant access saving account, as they do act slightly differently. An easy access account might not offer instant access to your money or unlimited withdrawals, so always check the terms and conditions.
An easy access savings account works well for an emergency fund."
How do easy access savings accounts work?
Easy access accounts will differ depending on the provider, but ultimately it allows you to access your money when you need to. But, this does come with a small caveat, as some easy access accounts might not allow you to access the money straight away, instead the account could allow one working day to release the money.
The interest you earn can be paid monthly or yearly (depending on the account), but this interest is variable, meaning it can fluctuate. Keep an eye on the interest rates, and don’t forget to move your money if there is an easy access savings account with a better rate. Your provider should notify you if the rate is going to change.
Is my money safe?
The Financial Services Compensation Scheme (FSCS) guarantees that the first £85,000 you have saved with a UK-authorised bank or building society (or the first £170,000 for a joint account) will be safe even if the business goes bust.
How to choose an easy access savings account
As with all savings accounts, it’s essential that you compare easy access accounts available in the market. Take into account the following factors when deciding which one is right for you.
Compare interest rates
Looking at interest rates is a great way to start your search, as you’ll want to make sure you are earning as much as possible on your savings.
Check the terms and conditions
Easy access accounts offer flexibility but they will differ in terms of how long it will take to withdraw and how much you can deposit. The good news is that it’s rare for easy access to have penalties.
Confirm how to access the account
Some easy access accounts only work online and others might have to be opened in branch. Therefore, it’s important to check the account’s accessibility and make sure it works with your circumstances.
Top easy access savings accounts deals
We’ve compiled some of the best easy access savings accounts deals currently on the market so you can see which provider might best suit your needs.
Editor’s pick
One of the highest interest rates for easy access accounts
Clearbank - Chip Easy Access Saver
Open with
Any amount
Interest rate
4.5% AER variable inc. 0.68% fixed bonus for 12 months
Term
Easy access
If more than 3 withdrawals are made in each 12 month period from account opening, the underlying interest rate will reduce; the introductory bonus will remain during the first 12 months and will not be lost if more than 3 withdrawal are made. For example if more than 3 withdrawals are made in the initial 12 month period the rate will reduce to 3.40% AER (2.72% + 0.68%), if more than 3 withdrawals are made in the 12 month period after the introductory bonus has ended the rate will reduce to 2.72% AER. The withdrawal period resets each 12 months on the anniversary of account opening, the rate will return to the higher interest rate and the 3 withdrawal limit is reset.
Show Details
Eligibility
Maximum Age
Unlimited
Maximum Initial Deposit
£1,000,000
Permanent UK Resident
YES
Rate Tiers
| Gross rate | |
|---|---|
| Including bonus | Excluding bonus |
| 4.41% | 3.75% |
| AER rate | |
| Including bonus | Excluding bonus |
| 3.82% | 4.5% |
Editor’s pick
One of the highest interest rates for easy access accounts
Raisin UK Monument Bank - Easy Access Account
Open with
£1,000
Interest rate
4.91% AER variable
Term
Instant access
No notice, penalty, or charge applies.
Show Details
Eligibility
Minimum Initial Deposit
£1,000
Maximum Initial Deposit
£85,000
Permanent UK Resident
YES
Rate Tiers
| Gross rate | |
|---|---|
| Including bonus | Excluding bonus |
| 4.8% | 4.8% |
| AER rate | |
| Including bonus | Excluding bonus |
| 4.91% | 4.91% |
The editorial team regularly checks the rates and top picks on this page, updating them daily.
Pros and cons of an easy access account
Pros
There is a low deposit to open an account, typically £1
You can add or withdraw funds quickly and easily
There is no term-length
Cons
Interest rates can be lower than fixed-rate accounts
Interest could be subject to tax
Rates are variable so they can go up or down
What are the alternatives to an easy access account?
Fixed-rate bonds
A fixed-rate bond allows you to lock your money away for a set amount of time. You aren’t able to take the money out or add more money during this time, but in exchange you are normally rewarded with a higher interest rate in comparison to other savings accounts.
Cash ISA
A cash ISA is a type of savings account where you'll never pay tax on the interest you earn. You can pay into multiple cash ISAs each year, but there is a limit on how much you can pay into the account. For example, this tax year it’s £20,000 per person.
Notice savings account
A notice savings account requires you to give notice to your bank or building society before you can withdraw money. The notice period varies from a week to more than a month, depending on your account. It tends to have a higher interest rate in comparison to an instant access account and provides more flexibility than a fixed rate bond.
What are the alternatives to an easy access account?
Fixed-rate bonds
Cash ISA
A cash ISA is a type of savings account where you'll never pay tax on the interest you earn. You can pay into multiple cash ISAs each year, but there is a limit on how much you can pay into the account. For example, this tax year it’s £20,000 per person.
Notice savings account
A notice savings account requires you to give notice to your bank or building society before you can withdraw money. The notice period varies from a week to more than a month, depending on your account. It tends to have a higher interest rate in comparison to an instant access account and provides more flexibility than a fixed rate bond.
How much interest you can earn with an easy access account at 5%
See how much you can make in one year
This interest is calculated on the basis there is only one deposit at the start of the year. It also does not include any taxes.
Source: Defaqto and Uswitch. Updated: September 26, 2024
FAQs
What is the best rate for an easy access savings account?
If you are looking for the best rate, the key is to compare easy access savings accounts in the market. To start this process, take a look at our editor’s picks above as we regularly update the best rates.
How often can I withdraw from an easy access savings account?
In terms of how often you can withdraw from an easy access savings account, that depends on the provider as every account will have different terms and conditions. However, some accounts do allow you to withdraw money as often as you would like.
Are my savings protected with an easy access savings account?
Yes, savings with a registered UK bank are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person, per bank. For extra peace of mind, it’s best to check with your bank that they are covered by FSCS.
What is a bonus rate?
A bonus rate is an additional interest rate that is added to the underlying rate for a set period of time or if you meet certain requirements within the savings account.
How much do I need to deposit to open an easy access savings account?
The amount of money you need to deposit to open an easy access savings account will vary, but some accounts allow you to open them with as little as £1.
Can I manage my easy access savings account online?
Yes, you can manage some easy access savings accounts online. However, this won’t be the case for all, so it’s important to check the terms and conditions.
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