Easy access savings accounts
Withdraw your money when you need it with easy access interest rates up to 4.75%
What is a easy access savings account?
An easy access savings account is one of the most flexible places to save money. That’s because it allows you to withdraw cash without facing any penalties. You’ll still earn interest on your savings, but you can also dip into the money whenever you need it.
This type of savings account is useful if you’re saving for an emergency fund or a short-term savings goal, such as buying a new home appliance or paying for a holiday. However, the flexibility offered by easy access savings accounts means interest rates can be lower than other types of savings products.
Plus, easy access doesn't always mean instant or unlimited access. This is why it's important to check the terms and conditions before applying so you understand any restrictions.
How does the interest rate work on easy access accounts?
Interest rates on easy access accounts have a variable rate, which means they can go up or down. The rate depends on different factors including the Bank of England's base rate (BBR), introductory bonus rates or tiered structures.
Some easy access accounts are BBR tracker accounts. This means the interest rate changes in line with the base rate - so if it goes down, so does the interest rate. But if the base rate increases, you'll benefit from more interest on your savings.
Providers also offer bonus rates, which normally work for an introductory set period. For example, a bank might offer 4% AER for the first year and then drop to 2% AER after that. Remember to check when the bonus expiries as you might then consider opening a new savings account with a higher rate.
You'll also find that some accounts offer different interest rates depending on how much you want to save. This means you might get a higher interest rate for a bigger deposit.
Remember, the interest can also be paid at different times, as providers can pay it monthly or annually. Check the terms and conditions to understand exactly how your easy access savings account works.
How to choose the best easy access savings account
Interest rate
Access to your money
Account management
The terms and conditions
Our top instant and easy access savings accounts
These savings accounts offer more flexibility with deposits and withdrawals.
Lucinda O'Brien, our savings expert says..
Pros and cons
Eligibility
Lucinda O'Brien, our savings expert says..
Pros and cons
Account details
Eligibility
Lucinda O'Brien, our savings expert says..
Pros and cons
Account details
Eligibility
Pros and cons of easy access savers
Pros
Cons
How to open an easy access savings account
To open a savings account for yourself, the basic eligibility criteria are:
Being 16 or older
Being a UK resident
Once you've chosen the easy access savings account you want using the steps mentioned above, getting set up is simple. All you need to do is:
Fill out an application form with the bank or provider. Typically, you can do this online, but you may also be able to open an account in a bank branch.
Provide proof of ID and address documents. Usually, a driver's licence and utility bill should suffice. Just make sure the utility bill has your current address.
Make the minimum deposit. Some easy access savings accounts can be opened with as little as 1p, but typically, most require £1 or more.
Is it a good time to get a savings account with a variable interest rate?
The question of whether it's a good time to get a savings account with a variable interest rate, depends on your personal financial goals and the current market.
The Bank of England's base rate is currently at 4.5% but it is unclear whether the rate will continue to fall this year. If it does, then rates on variable savings accounts are likely to decrease too. However, if the base rate sticks then the variable interest rate could stay the same. This means there is less certainty than fixed-rate accounts. These accounts have a fixed interest rate but you'll need to lock away your money for a period of time.
This ties in nicely with your financial goals. If you want to save long-term then a fixed-rate account could be more suitable and you can lock in the high interest rates currently in the market. However, an easy access account offers benefits for short term goals, as you'll be able to withdraw when it suits you.
The average rates have been calculated by taking the rates from the whole of market at the time of the base rate change. Source: Defaqto and Bank of England data. Updated February 2025.
What are the alternatives to an easy access savings account?
Easy access ISAs
Easy access cash ISAs are just like easy access savings accounts, but all the interest you make is free from income tax. This tax break is less attractive to many since the introduction of the personal savings allowance, which means basic rate taxpayers can earn up to £1,000 in interest a year without paying tax and should generally should only consider an easy access ISA if it’s offering a better rate than a traditional savings account. However, higher rate payers only get a £500 savings interest allowance, while additional rate payers don’t get any allowance at all.
High interest current account
A high interest current account could be a good alternative to an easy access account as there are some accounts on the market offering very competitive interest rates. If you have money sitting in a current account with 0% interest and you can meet the terms and conditions to have an account with a higher rate of interest, then this is also an option worth exploring.
Fixed rate bonds
If you know you won’t need your money for a while, you may want to consider a fixed-rate savings account. These lock your money away for a set period, typically between one and five years. In return, you benefit from a higher interest rate than you can get with an instant access account. However, if you need to access your cash early, you’ll usually face interest penalties and/or exit fees.
Regular savings accounts
With a regular savings account, you promise to save a certain amount of cash, say between £25 and £250, every month for the next year. Making this commitment generally allows you to access better interest rates than with an easy access account and is also a good way to get into a regular saving habit. Withdrawals are usually not allowed. However, some accounts will let you make one cash withdrawal per year, so check for this if you think you might need to access your savings.
Notice savings accounts
These accounts allow you to make withdrawals but only after giving notice. The amount of notice you have to give will be pre-agreed and could be anything from seven to 180 days. So, think carefully about whether you might need your money in an emergency, and how quickly you might need to access it if so. The longer the money is locked away, the better the interest rate you’re likely to receive.
Investment accounts
One problem with savings accounts is that they typically pay less than inflation, which means the purchasing power of your savings is eroded over time. So, if you’re saving for the long term (more than five years), you might want to consider investing your money. A well-diversified portfolio can generate returns that beat inflation over time. However, there are risks, and volatility means that your balance will fluctuate, and you could even end up with less than you saved. If you are going to invest, consider a stocks and shares ISA so the returns are tax-free.
Our best savings rates today - last updated Feb 15 2025
| Product type | AER | |
|---|---|---|
| Instant access savings | 4.56% | |
| Notice savings | 4.64% | |
| Cash ISAs | 5.00% | |
| 1 year fixed rate bond | 4.40% | |
| 5 year fixed rate bond | 4.27% | |
| Fixed rate bond | 4.60% |
FAQs
What's the difference between an easy and instant access savings account?
As the name implies, with an instant access savings account you can withdraw your savings instantly. You can either transfer the money into your current account or withdraw it at a branch. There's no penalty for taking money out.
With easy access savings accounts, while you can withdraw your money easily, it might still take a few days to get your money. Sometimes you have to link your easy access account to another account into which your withdrawals will be paid.
What is your best interest rate for an easy access account?
Currently, our best interest rate for an easy access account is 4.15% as of Feb 15 2025.
Can you earn interest monthly with an easy access savings account?
Yes, but you need to shop around. While most easy access savings accounts only offer interest paid out annually, some pay out monthly interest instead.
Can I manage my easy access savings account online?
Not always, so make sure you check before you open the account.
Is my easy access savings account protected?
Most banks are backed by the Financial Services Compensation Scheme (FSCS) which protects your money up to £85,000 in a single institution.
Should you choose an account with or without a bonus?
Some instant access accounts come with an introductory bonus that lasts for a set period. Choosing an account with a bonus can therefore increase your interest payments in the short term. However, when the bonus period ends, you will probably have to switch to another account to keep earning one of the best instant access savings account rates.
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