Easy access savings accounts

They’re very similar in that they both allow you to access your money quickly, but there are some slight differences. 
 
An instant access account offers unlimited cash withdrawals and you can take money out with a cashcard, just as you would with a current account.  
 
With easy access, you might need to transfer the money from your savings account to your current account, before you can get your hands on the cash. There may also be limits on the number of times you can take money out. 

This can vary quite considerably. Most easy access accounts can be opened with just £1. But some need a deposit of £50 or £100, or more.  
 
When you compare with us, we’ll show you the minimum balance you need to have in your account. 

There are easy access accounts that offer you a bonus introductory rate as an attractive incentive to open one. This is usually fixed for 12 months, after which it’s likely to drop like a stone. You should review your rate when the bonus ends. Also, there are sometimes conditions to the bonus. Foer example, not withdrawing money for a certain period after you open the account. 
 
It’s up to you whether you’d rather get the bonus and switch after a year, or choose an account without a bonus so you don’t have to keep moving your money around. That said, it’s always a good idea to keep an eye on how much interest you’re earning so you can make the most out of your money. 

To open most easy access savings accounts, you’ll need to be a UK resident aged at least 16. For some accounts, you’ll need to be 18 or over. 

You can open an easy access savings account with a bank or building society, either online, over the phone or by going into a branch.  
 
In some cases, you may already need to have a current account with the provider before you can set up a savings account. 

You can find top easy access accounts that have a higher rate than others by doing a comparison. Bear in mind that the best easy access savings rates might be available with online-only accounts, or restrict the number of withdrawals you can make in a year. They might also offer a 12-month introductory bonus rate, which means you'd automatically be moved on to a lower rate of interest after you’d held the account for a year. 

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 financial institution, if it goes under, and as much as £170,000 if it’s a joint account.

Not necessarily. Some savings are managed in-branch only, so make sure you check before you open the account if this is something that’s important to you.

Interest rates can go up or down as the amount you deposit increases, depending on the savings account. So, you could be paid a different rate of interest, based on how much money you’ve deposited. Typically, the greater the deposit, the higher the rate of interest would be. But that’s not always the case, so it’s worth checking what the rates are, before you apply.