Easy-access savings 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.

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.

Most easy-access savings accounts can be opened with just £1. But some need a deposit of £100 or more.

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.

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.

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.

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.

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.

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 £120,000 of your savings per person, per financial institution, and up to £240,000 in a joint account.

See if your savings are safe with the FSCS checker.

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.

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.