Compare easy access accounts

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Post Office Online Saver Issue 5

This account pays a market leading 3.17% annual interest on a minimum opening investment of just £1.00.

Remember, however, that the rate includes a 1.52% bonus for the first year, so you may want to consider moving your money once the bonus disappears if you can find more competitive rates elsewhere.

Savers wishing to supplement their income can opt to receive interest monthly rather than annually.

You can get online access to your savings any time of the day or night and the account also allows unlimited free withdrawals.

 
Savers can make deposits to their Online Saver account whenever they want by transferring money from their debit card or from a nominated account. The maximum amount you can hold in the Online Saver account is £2 million.

 

The Post Office is an appointed representative of Bank of Ireland (UK) which is authorised and regulated by the Financial Services Authority. This means that savers’ first £85,000 will be protected in the event of the bank’s collapse under the UK Financial Services Compensation Scheme.

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Nationwide BS MySave Online Plus

Nationwide’s MySave Online Plus account pays up to 3.17% monthly interest, but you can only make one penalty-free withdrawal a year from this account.

 

You can open the account with a minimum of £1,000 and balances up to £24,999 will earn 2.85%.  The headline rate is available for balances of £25,000 or more.  Both theses rates include a bonus payable for the first year.

If you want to make any more withdrawals than this, you will lose the bonus and the will earn a lower interest rate in the month the withdrawal is made. While the rate on this account is generous provided you stick to one withdrawal a year, there are easy access accounts paying similar rates which allow unlimited withdrawals without penalty.

The account can be opened either as a sole or joint account. Savers can manage their money online using the MySave Online Savings Site.

The maximum amount you can hold in this account is £5 million, but if you are planning on investing a large lump sum, remember that only the first £85,000 is protected by the Financial Services Compensation Scheme.

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Coventry BS Online Saver (3)

This account pays 3.15% annual interest before tax on a minimum investment of £1.00, making it one of the highest easy access rates available.

This rate includes a 1.15% bonus which is only payable for the first year, so savers may want to move their money once this disappears.

Savers can make up to four penalty-free withdrawals a year, although if they wish to make any more than this, they will lose 50 days’ interest on the amount withdrawn each time they take money out.

The maximum you can hold in the account is £250,000, although if you are planning on depositing a large lump sum, bear in mind that only the first £85,000 is protected by the Financial Services Compensation Scheme.

Savers can choose whether to receive interest annually or monthly, which is useful for those looking to supplement their income. Annual interest is paid on the anniversary of account opening or, for savers who opt to receive it monthly, on the last day of the month.

The account can only be opened and operated online, so it will not suit savers who require telephone or branch access.

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ING Direct Savings Account

If you’re looking for flexibility, this is one of the most flexible easy access accounts and it is offering a really competitive rate of interest. Why is it so flexible? The rate is available on balances of £1.00 or more (many accounts will have a higher minimum deposit) and you can make unlimited penalty-free withdrawals and deposits.

There is no branch access but the account can be managed online or over the phone.

The rate includes a bonus for 12 months after which you earn ING Direct’s standard variable savings rate, currently 0.50%. After the first year, it may be worth moving your savings again as you will probably be able to earn a higher return elsewhere.

ING Direct is not part of the UK Financial Services Compensation Scheme (FSCS). This doesn’t mean your money isn’t safe. Instead you are covered by the Dutch scheme which actually offers greater protection than the FSCS. Up to €100,000 (about £85,000) is totally guaranteed – this compares with £85,000 under the FSCS.

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Derbyshire BS NetSaver Issue 3

The NetSaver account from Derbyshire BS, part of Nationwide BS, pays a competitive rate of 3.06% annual interest before tax on a minimum investment of £1,000.

The maximum that can be held in the account is £5 million, although only the first £85,000 is protected by the Financial Services Compensation Fund. One of the biggest advantages of the account is that allows unlimited, penalty-free withdrawals, so you can get your hands on your money whenever you want to.

The main downside of the NetSaver account is that the headline rate includes a hefty 2.06% introductory bonus lasting until 30th June 2013, meaning that you will have to find a new home for your money at that point to avoid missing out on more competitive deals.

The account can only be managed online, so it won’t suit savers who prefer telephone or branch access. You must be aged at least 16 to open a NetSaver account. This is a limited offer and may be withdrawn at any time, so don’t hang around if you are interested in opening an account.

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Allied Irish Bank (GB) Savings Direct Easy Access Reward Account

This account pays a competitive 3.00% annual interest before tax and can be opened with a minimum investment of £1.00.

This rate is made up of a 1.50% variable rate and a 1.50% ‘Reward’ rate. The Reward rate is fixed for the first five years, while the variable rate can move up or down at any time.

The account only allows a maximum of four withdrawals a year. If you make any more than this, then you only receive the 1.50% variable rate in that year. In the sixth year of holding the account, you can make an unlimited number of withdrawals, but you will only be earning the variable rate at this point, so the chances are you may be better off moving your money to another account.

Savers can access their accounts by post or telephone, so this account won’t suit anyone who prefers to monitor and operate their savings online.

Allied Irish Bank is authorised and regulated by the Financial Services Authority in the UK. That means the first £85,000 of any deposits held with the bank are fully protected by the Financial Services Compensation Scheme.

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Santander eSaver Issue 5

 

There are a few of easy access savings accounts paying 3.00% of which this is one. There are other options which offer slightly higher rates of interest, but nevertheless this is a competitive account.

 

The headline rate is good at 3.00% although be prepared to move your money after the first year as it includes a 12-month bonus of 2.50%.

 

Interest is calculated daily and you can choose whether to have it paid monthly or annually. The monthly option will suit those looking to use their savings interest to supplement their income.

 

You can make unlimited penalty-free withdrawals and deposits and access your account 24 hours a day.

 

The total amount covered under the Financial Services Compensation Scheme will be £85,000 (£170,000 if the accounts are in joint names).

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Nationwide BS MySave Online Plus

Nationwide’s MySave Online Plus account pays up to 3.17% monthly interest, but you can only make one penalty-free withdrawal a year from this account.

You can open the account with a minimum of £1,000 and balances up to £24,999 will earn 2.85%. The headline rate is available for balances of £25,000 or more. Both theses rates include a bonus payable for the first year.

If you want to make any more withdrawals than this, you will lose the bonus and the will earn a lower interest rate in the month the withdrawal is made. While the rate on this account is generous provided you stick to one withdrawal a year, there are easy access accounts paying similar rates which allow unlimited withdrawals without penalty.

The account can be opened either as a sole or joint account. Savers can manage their money online using the MySave Online Savings Site.

The maximum amount you can hold in this account is £5 million, but if you are planning on investing a large lump sum, remember that only the first £85,000 is protected by the Financial Services Compensation Scheme.

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Lloyds TSB eSavings

This online account pays 2.50% annual interest before tax - but only to savers who have at least £10,000 to invest, and who have a Lloyds TSB current account.

Balances of less than £10,000 will earn a much lower rate of 1.60%, which doesn’t compare very favourably with the rates available from some of the current market-leading easy access accounts.

The eSavings rates also include a fixed introductory bonus of 1.50% for the first 12 months, so those with balance of £1.00 up to £9,999 will see their interest plummet to just 0.10% after a year, unless they switch their savings elsewhere.

On the plus side, you can access your savings whenever you want to, and as you have to have a current account with Lloyds TSB to open the account, you will be able to make instant transfers between the two.

Interest is paid annually and you can rename your account to suit you, such as holiday, rainy day or simply savings. The name you choose will only appear in internet banking and not on your statements.

You must be aged 16 or over to open this account.

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Post Office Instant Saver account

This easy access savings account pays 2.10% annual interest before tax on balances of £500 or over.

While this rate is reasonable, it is possible to earn over 3.00% annual interest from alternative easy access accounts. The rate also includes a hefty 2.00% bonus which is only payable for the first 12 months, so you may want to move your money once this disappears.

On the plus side, the account does promise that until at least 1st January 2013, if the Bank of England base rate changes, the rate on the account will be changed by the same percentage within 30 days.

You can make unlimited penalty-free withdrawals and deposits into the account whenever you want.

The maximum that can be held in this account is £1 million, but remember that if you are planning to invest a large lump sum remember that only the first £85,000 is protected by the Financial Services Compensation Scheme.

This account can be managed online, by phone or at your local Post Office, and can be opened by anyone aged 11 or over who is resident in the UK. If the applicant is aged under 16, an adult must sign the application form to agree that the child is aware of the terms and conditions.

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Lloyds TSB Easy Saver

This account pays 1.60% annual interest before tax, which is almost half the amount of interest you can earn from the current market-leading easy access account.

The rate includes a fixed introductory bonus of 1.50% for the first 12 months, so the interest you earn will plummet to just 0.10% after a year unless you move your money elsewhere. Interest is paid annually, so this account won’t suit savers who are looking to supplement their monthly income.

The account can be opened with a minimum investment of £1.00 and you don’t have to have a Lloyds TSB current account to be eligible to apply. However, if you do have a current account with Lloyds TSB and are registered for online banking, you can get instant online access to your money.

Alternatively, you can get easy access to your cash using the bank’s branch network and the account comes with an optional Cashpoint® card if you want to use the Lloyds TSB ATM network. There are no limits on how much you can save, but if you are planning on investing a large lump sum, then bear in mind that only the first £85,000 is protected by the Financial Services Compensation Scheme (FSCS).