Can you earn monthly interest?

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.

Do you pay tax on easy access savings?

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.

Should you choose an account with a bonus?

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.

What is the difference between instant access and easy access savings?

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.

Best Easy Access Savings Accounts

Savings

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Life Insurance

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