Easy-access savings accounts
- You could open an easy-access savings account with as little as £1
- Pay in and access your savings whenever you want
What is an easy-access savings account?
An easy-access savings account lets you withdraw money quickly and easily. You’ll earn interest on your account balance and, in most cases, you can usually dip into your savings whenever you want.
Because you have easy access, this type of account is a good way to save for emergencies – if your car or boiler breaks down, for example. That’s because you’ll be able to get your hands on your money quickly.
But it’s worth noting that not all easy-access savings accounts offer instant access to your savings. There could be a short wait to take your money out and you might not have unlimited access. Or you could be moved onto a lower interest rate if you go over a certain number of withdrawals.
Always look closely at the details before opening an account to make sure it works for you.
How does interest work on an instant-access savings account?
Most easy-access savings accounts have variable interest rates. This means that the rate on your account can go up or down.
The amount of interest you earn will depend on the type of savings account you have and the Bank of England base rate.
Many easy-access accounts pay interest yearly, although some pay it monthly. This can be useful for people who want to use the interest to top up their income in their bank account, rather than building up their savings pot.
Interest on savings compounds – in other words, provided you leave it in your account, you’ll earn interest on the interest that’s already been paid. This will help your savings grow faster.
Some easy-access savings accounts offer a bonus rate of interest to attract new savers. But this can be short term. Once the bonus period is over, you could find that the rate drops below that of other banks or building societies.
Keep an eye on the interest you’re earning and make a diary note to search again once your bonus rate expires. If your account no longer seems competitive, consider moving your balance to an easy-access savings account that pays a better rate.
What should I think about when choosing an easy-access savings account?
Before opening your account, consider:
- The interest rate – how it compares to other providers and whether it’s a short-term bonus rate
- Access – how much do you need to open the account and are there any restrictions on when and how often you can withdraw money?
- Penalties – most easy-access accounts don’t have penalties but check to make sure. With some accounts, you may be moved to a lower interest rate if you make too many withdrawals
- Managing your account – can you manage your account online, in branch and by phone?
Is an easy-access savings account right for me?
If you’re keen to start saving but still want to be able to access your money for unexpected expenses, easy-access savings accounts can offer a flexible and convenient solution.
But if you have a long-term savings goal and don’t mind locking away your money for a while, you could potentially find higher interest rates elsewhere. Limited-access savings accounts could include cash ISAs and fixed-rate savings accounts.
It may also be worth checking out a regular saver account. Many banks offer these and they typically have a higher rate of interest than some easy-access savings accounts. They usually allow you to save a maximum of £200 to £300 every month for a 12-month period.
You could also invest in a stocks and shares ISA, but this is riskier than a savings account or cash ISA. Because the amount your investment is worth may fall as well as rise, you could get a smaller amount of money back than you put in.
Read our guide to understand and compare different types of savings accounts.
What are the advantages and disadvantages of easy-access savings accounts?
The best easy-access savings accounts offer a competitive rate of interest and allow you to pay in or take out money when you choose. But there are downsides to consider too.
Let’s compare the benefits and drawbacks of easy-access savings accounts in the UK:
Pros:
- Simplicity – straightforward to set up, sometimes with as little as £1. Easy to move your money if the interest rate drops – especially if you can manage the account online.
- Build up savings – good for first-time savers and those who want to get into the habit of saving.
- Tax-free interest – you have a yearly Personal Savings Allowance (PSA), so you won’t pay tax on the first £500 (for a higher tax payer) or £1,000 (for a basic rate tax payer) of interest you earn per tax year. For many people, this means interest earned on their savings balances is completely tax free.
- A safety net – could mean you avoid having to use expensive credit or pay a penalty to access your savings in an emergency. The MoneyHelper service recommends having three to six months’ essential outgoings in an instant-access savings account.
Cons:
- Lower interest rates – the Annual Equivalent Rate (AER), which is how much interest you’ll earn in a year, is usually lower than fixed-term accounts and some regular saver accounts.
- Restricted withdrawals – some easy-access accounts limit the number of withdrawals you can make in a year without losing interest.
- Urge to spend – if it’s easy to get your hands on your money, it can be tempting to spend it rather than saving it.
Easy access savings account FAQs
Are easy-access accounts the same as instant-access accounts?
Easy-access accounts and instant-access accounts are very similar and you may see these two terms used interchangeably – but there are slight differences.
An instant-access account offers unlimited cash withdrawals and you can typically take money out directly from the account.
With an easy-access account, you might need to transfer the money from your savings account to your current account before you can get your hands on it. There may also be limits on the number of times you can take money out.
What are the best instant-access savings accounts for over 50s?
The best instant-access savings accounts for the over 50s are the same as those for under 50s. Savings accounts that target the over 50s don’t usually offer any additional benefits to standard accounts.
How much do you need to open an easy-access savings account?
Most easy-access savings accounts can be opened with just £1. But some need a deposit of £100 or more.
What is an easy-access bonus rate?
Some easy-access savings accounts offer you a bonus introductory rate of interest as an incentive to open them. The rate is usually fixed for 12 months, then it’s likely to drop.
There are sometimes conditions attached to the bonus. For example, you may lose the rate if you make more than a specified number of withdrawals.
Who can open an easy-access savings account?
To open most easy-access savings accounts, you need to be a UK resident aged at least 16. For some accounts, you need to be 18 or over.
Some banks or building societies limit some of their savings accounts to current account customers only.
How do I open an easy-access savings account?
Typically, you can open an easy-access savings account with a bank or building society:
- Online
- Over the phone
- Or by going into a branch.
In some cases, you may need to have a current account with the provider before you can open a savings account.
Will I be credit-checked to open a savings account?
Some banks may carry out a soft credit check to confirm your identity when you open a savings account, which won’t leave a mark on your credit record. As no borrowing is involved with a savings account, there won’t be a hard credit check.
Banks will, however, carry out an identity check to comply with money laundering regulations, so you’ll need to be able to prove who you are. You’ll typically need to provide:
- Photo ID, such as a passport
- Official proof of address, such as a council tax letter.
Is there an easy-access savings account with a high interest rate?
Yes, there are easy access savings accounts that offer a higher interest rate. In April 2025, some of the best rates on the market were around 4.4% to 5%.
But bear in mind that the best easy-access savings rates might be online-only accounts or may restrict the number of withdrawals you can make in a year.
They might also offer a 12-month introductory bonus rate, after which you’ll be moved to a lower rate of interest.
If you’re able to lock your money away for a while, you might want to look at a fixed-rate bond. This type of account typically offers a higher rate of interest than easy access accounts.
Is my money safe in an easy-access savings account?
All easy-access savings accounts offered by regulated UK banks and building societies are protected by the Financial Services Compensation Scheme. This covers up to £85,000 of your savings per person, per financial institution, and up to £170,000 in a joint account.
See if your savings are safe with the FSCS checker.
Can I manage my easy-access savings account online?
You’ll normally be able to manage your easy-access account online. Make sure you check before opening an account if this is important to you.
What are tiered rates?
Tiered interest rates are where different interest rates apply depending on how much is in your savings account.
Typically, the more there is in the account, the higher the rate of interest. But that may not always be the case, so it’s worth checking before you apply.
