Savings
Compare easy access accounts

Compare easy access accounts

Easy access accounts

Easy access accounts are ideal if you think you may need to dip into your savings. But, as generally rates are low, you may need to get creative to get the most out of your money.

Easy access accounts – Ordered by interest rate

These are the accounts available to open through MoneySuperMarket. We can show you all the accounts on the market, but we can only help you to open some of them.

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Your money is protected with the FSCS

The FSCS is the UK's compensation fund
Covered for up to £85,000
Independent of the government and the financial industry

What do the FSCS do?

The Financial Services Compensation Scheme, or the FSCS, is the UK’s independent compensation service for customers as a last resort if your bank, building society or credit union goes out of business. It is free for consumers and protects your savings up to £85,000 and £170,000 for joint accounts.

Only financial service companies that have been authorised to do business in the UK by the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA) are covered by the scheme. Most savings accounts are covered by the FSCS, but it’s worth making sure your money is protected.

How do I make a claim?

For claims against protected banks and building societies, you don’t need to do anything - the FSCS will compensate you automatically up to £85,000 per person, per authorised bank. Please be aware that the £85,000 is not per account – if you have more than one account with a bank/building society and your savings are more than £85,000 you can only receive up to £85,000.

How long will a claim take?

The FSCS aim to pay compensation within seven days of a bank or building society failing. More complex claims may take up to 20 working days.

Interest Rate (AER)
This is the money made on what you save. AER illustrates what the interest rate would be if interest was paid and compounded once each year. This can go up and down if the rate is variable, and will stay the same if it’s fixed.

Interest on this account will be paid monthly

Term
This is how long you agree to save your money for, or lock it away for with a fixed account. It is agreed before you open your account. There may be a penalty if you withdraw your money before the end of the fixed term.

Notice period
This is the period of time a bank or building society requires advance notice before you can withdraw any of your money.

Deposit
This is the minimum amount you need to open this account. Displayed is also the maximum amount of money you can add to the account. Some accounts allow additional deposits. Check on the provider’s site, conditions can apply.

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Not sure what account is right for you? Tell us a few details and we can help you decide

Easy Access Savings Accounts

If you want a simple and flexible savings account where you know exactly what you’re getting, an easy access non-bonus account could be right up your street.

Savings accounts can be complicated. Between rules on how often you can make withdrawals, rate-inflating bonuses and the like, what looks like a great deal can often turn out to be less appealing.

With easy access non-bonus savings accounts you can rest assured that the rate you see is what you’ll get and that you’ll be able to access your money as and when you need to.

And, since the introduction of the new Personal Savings Allowance (PSA) in April 2016, banks and building societies now pay interest on all savings accounts gross, or before any tax is deducted. The PSA means that basic-rate taxpayers can earn £1,000 of savings interest without the taxman taking a slice, and higher rate taxpayers can earn £500. Additional rate taxpayers are not eligible for a PSA. If the interest you earn exceeds these limits, any tax you owe will usually be collected via the Pay As You Earn (PAYE) system or via your self-assessment tax return.

Sound good? Here’s a look at these kinds of accounts in a little more detail.

What cash savings accounts do savers own?

Surveyed 2,000 internet users, data collected by Mintel, accurate as of May 2019

What is an easy access non-bonus savings account?

Just as its name implies, an easy access savings account grants you easy access to your money whenever you like, without having to pay any penalties or forfeit any interest.

Some savings accounts place restrictions on withdrawals. Notice accounts, for example, require you to put in a period of notice before you can withdraw cash. Other savings accounts will impose penalties for making withdrawals.

Easy access accounts, on the other hand, let you take out money as you please – though some easy access accounts do limit the number of penalty-free withdrawals you can make each year.

The non-bonus part means that the rate of interest is not inflated by a temporary bonus. For example, an account may be advertised with a headline rate of, say, 1.50%, but include a 12-month bonus of 1.00%. After the bonus period ends, the rate drops to 0.50%.

So, with an easy access non-bonus account you’ll be able to withdraw cash pretty much as you please, and the rate you see is the rate you’ll get, unless it’s a variable rate account which is subject to change.

The top 5 priorities for savers when choosing a new savings provider

Surveyed 1,672 internet users, data collected by Mintel, accurate as of May 2019

The importance of saving

It’s always been a good idea to put some money away for emergencies, or just for rainy days. Many households are now being squeezed by the rising costs of living, making it even more important to have something to fall back on.

The benefit of an easy access account is that you’ll be able to dip into your savings at the drop of a hat, without having to give any notice or worry about penalties – after all, you’re not going to get any notice of an upcoming emergency.

The flexibility of these types of accounts comes at a price, though, as easy access accounts tend to have lower rates than other types of savings accounts.

Generation Z and Millennials prioritise budgeting tools the most when choosing a new savings provider

Surveyed 1,672 internet users, data collected by Mintel, accurate as of May 2019

Things to look out for

To say the rate you see is what you’ll get with a non-bonus savings account is slightly misleading, because accounts with variable rates can go up and down. It’s important to keep an eye on your rate as you may want to move your money to a more attractive account.

Again, there may actually be restrictions on how many withdrawals you can make during the term of the account, at least without incurring penalties. Be sure to check the terms and conditions of the account before signing up.

Our savings comparison tool allows you to compare rates across a range of accounts and providers to help you find the best home for your money.

Where do savers find information on a new savings account provider? Surveyed 1,672 internet users, data collected by Mintel, accurate as of May 2019

Is your money safe?

Your savings are protected by the government-back Financial Services Compensation Scheme. This covers deposits of up to £85,000 (as of 30 January, 2017). This amount applies per individual per institution, not per account, so watch out if you have two accounts with a single bank that have a combined balance above £85,000, as not all of your money will be protected. If you have a joint account, both accountholders have £85,000 of protection, giving a total of £170,000.