Best easy access savings accounts
We found 296 PRODUCTS in total, of which 39 are EASY TO OPEN
4.45%
Variable
None
Anniversary, Monthly
Online
Online, Telephone
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Eligible deposits with UK institutions are protected by the Financial Services Compensation Scheme (FSCS) up to a maximum level of protection of £85,000 per person per institution. All new savings or bank accounts provided to UK customers are now covered by the FSCS.
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An easy access savings account, sometimes called an instant access or no-notice account, is a flexible way to save for the future. It allows you to add to your savings and make withdrawals as often as you choose without penalty, although some providers may apply some restrictions.
These accounts pay a variable rate of interest, which means the provider can increase or drop the rate as they choose.
Whether you have a lot of money to deposit into savings or not, many people will benefit from having an easy access savings account.
Because easy access accounts allow you to withdraw from your savings, they can act as an invaluable financial cushion if your income drops or if you’re hit with an unexpected expense, such as a car or boiler repair.
It means that you can dip into your savings to cover any necessary costs, instead of having to take out expensive forms of credit, for example.
It’s typically recommended that you aim to have at least three to six months of your essential outgoings in savings in case of emergencies, but any amount you can manage to save is better than nothing.
While there are other types of accounts that may pay higher rates of interest and be more suitable for your longer-term savings goals, easy access accounts can be useful places to store your emergency fund and any short-term savings that you’ll want to use in the near future.
There are a range of easy access accounts available, each coming with different features and conditions. So, to help you find the best easy access savings account for your situation, it’s worth thinking about the following points when you compare providers:
Instead of an easy access savings account, there are other types of accounts that may be worth considering.
This depends on the provider. Some easy access accounts can pay interest monthly, but others may only pay interest yearly or on anniversary, for example.
This depends on how much interest you earn across all your savings accounts. If the amount you earn is more than your Personal Savings Allowance (PSA), which is set at £1,000 for basic rate taxpayers, then you will have to pay tax on it.
It’s up to you. Some of the accounts near the top of our charts may pay an introductory bonus rate for a limited time, and they may be worth considering if they pay a competitive rate. You can use the annual equivalent rate (AER) to compare them with accounts that don’t pay a bonus. If you do choose an account with a bonus, it’s a good idea to review the account when the bonus ends to see if the new, lower rate is still competitive.
Instant access and easy access accounts are often used interchangeably, but there are some small differences between the two. Instant access accounts allow you to withdraw money directly from your savings without restriction and sometimes come with a cash card. While easy access accounts also allow withdrawals, some providers may apply some restrictions and you may not receive any withdrawals straightaway.