Interest rates are falling so it’s really important that you earn the highest returns possible on the savings you need to dip into regularly.
Instant access savings accounts, also known as easy access accounts, can be a great option for savers that need a pot of money that is readily accessible, possibly for emergencies or unexpected expenses, such as a car or boiler repair.
Here’s our rundown of how easy access savings accounts work and where you can find the best rates.
What is an easy access savings account?
An easy access savings account, as the name suggests, is a type of savings account that usually lets you withdraw your money whenever you want.
However, depending on the account, there might be some limits on the number of withdrawals you can make each year, or penalties that apply if you make frequent withdrawals, so it’s important to read the small print to make sure you choose the right account for you.
Some easy access accounts also offer introductory bonuses to lure savers in, but once these disappear, rates often aren’t nearly as favourable. It’s therefore worth checking whether there is a bonus included in the rate, and if there is, make a note of when it finishes in your diary so you can move to a more competitive account at that point.
If you aren’t sure that an easy access account will suit you, have a look at our guide What are the different types of savings account? for some other options you might want to explore.
Savings made easy with Raisin UK
Raisin UK provides a free savings platform where you can apply to open savings accounts with over 30 banks and building societies. Enjoy competitive interest rates from FSCS-protected banks.
The best easy access savings accounts
Rates on easy access accounts are changing all the time, so it’s worth keeping an eye on how much interest your account is paying, and switching if you can find better returns elsewhere.
Here are a few of the current best buy easy access accounts currently available. This table is supplied by Raisin UK and is updated weekly.
Top 5 Easy Access accounts
by Raisin UK
Interest (AER): 4.51%
Interest on £5,000:
+£229
Guarantee:
£85,000
Interest (AER): 4.50%
Interest on £5,000:
+£228
Guarantee:
£85,000
Interest (AER): 4.48%
Interest on £5,000:
+£227
Guarantee:
£85,000
Interest (AER): 4.20%
Interest on £5,000:
+£213
Guarantee:
£85,000
Interest (AER): 4.13%
Interest on £5,000:
+£209
Guarantee:
£85,000
Finally…
While many of these banks and building societies allow you to have balances of anywhere from £50,000 to £1m or more, remember that the Financial Services Compensation Scheme only covers balances up to £85,000 with individual banking groups. So if you hold more than this in a single account, and the bank goes bust you might not be able to get your money back.
You can read more about this in our guide Are my savings safe?