I have been looking at something similar and found 5.15% with ICICI bank (HIsave Savings account) this seems a good rate of interest with no catches unlike some others

My son and his girlfriend (who is still a student at age 17) are saving fro their first holiday and want the best return for instant access. They intend to save appx £300-400 per month - what would be the best account for them, given that they will want access easily?