It’s quick and easy
See all available accounts in one place. You’ll be shown the interest rate you’ll receive, the notice period – if any – and the minimum and maximum deposit
If you want to take out an easy-access savings account, it’s important to understand how to maximise returns and get the most out of your deposit.
Keep a high balance. It sounds obvious, but a higher balance means more cash will be paid out in interest.
Add to your savings each month. To get more interest, make sure you pay in as often as possible. Set up a standing order for a set amount on payday if possible. Remember, such accounts are instant access so you can always get the money if you need it
Add money when rates go up. If interest rates rise, then add some money so you can take advantage of the higher rate
Easy to set-up and manage and you’ll receive interest on your money
Make deposits to add to your savings whenever you want
Withdraw money without having to give notice
You don’t need a large amount of money to open up the account
Higher interest rates may be available elsewhere, such as fixed rate savings accounts
There may be a limit to the amount of cash withdrawals you can make in a given time period
Variable interest rates – which can be reduced at short notice
The Annual Equivalent Rate (AER) - how much interest you’ll earn in a year - is usually lower than fixed-term accounts and even some current accounts
After years of historically low interest rates, banks are finally starting to offer decent rates for savers in the wake of the Bank of England raising the base rate steadily from early 2022. That means most savings products are better than they were a year ago. However, you should consider the following:
Whether interest rates will fall. If it looks like the Bank of England might start to cut rates, now is the time to opt for a fixed rather than variable account. That means you’ll get the same interest for a set period that won’t be subject to change
Variable rates are at their highest in years. Despite potential rate changes, variable rate savings accounts are offering the best rates they have since the 2008 financial crash. So you can still get a good return if you don’t want to lock your money away
Easy access savings accounts are handy during the ongoing cost of living crisis. If things get tight, you can get your money instantly, safe in the knowledge it will have grown thanks to higher interest rates
Most high-rate current accounts have become limited in scope, so easy access savings accounts offer a great alternative
With an easy access savings account you have the peace of mind that you can quickly get your money should you need it. While this makes it similar to a current account, an easy access savings account could also pay you a higher interest rate on your balance. Higher rate introductory period offers can be worth snapping up. Once the rate drops, it’s time to easily access your money and move it elsewhere."
Easy access accounts almost always offer variable rates of interest, which means the rate on your account can go up or down at any time. It’s worth keeping an eye on the interest you’re earning. If it no longer looks competitive, we recommend moving your savings to an account that offers a higher rate.
Easy access accounts are designed to give you access to your money, but some may impose certain restrictions, such as how many withdrawals you can make in a given period, such as per month or per year. Check the terms of the account before you sign up, so you’re not surprised later.
With the personal savings allowance all basic-rate taxpayers can earn £1,000 of interest on their savings each year before they have to pay any tax on it. Higher-rate taxpayers can earn £500 of gross interest a year tax-free. Anyone earning upwards of £150,000 won’t be able to benefit from the personal savings allowance. 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.
Just as with other accounts, easy access savings accounts are generally covered by the Financial Services Compensation Scheme (FSCS) guarantee – you can check before you sign up. This means the first £85,000 of your savings with the financial institution will be covered in the rare event that the bank or building society goes bust.
Some savings providers offer easy access accounts designed for the over 50s.
They work in the same way as other easy access accounts - and making deposits and withdrawing your cash is usually quick and straightforward. The best accounts are typically those that offer the highest interest rates without restrictions.
But while there are specialist accounts for the over 50s, it’s also worth comparing easy access savings from across the market to ensure you pick the most suitable for you.
A minimum deposit depends on the kind of easy-access savings account you are opening. Some accounts allow to start with as little as £1, although this can rise to as much as £5,000. Be sure to check the small print before opening an easy-access savings account.
An easy access savings account usually comes with a variable interest rate, which may change whenever the Bank of England raises or lowers the base interest rate. It may also change when your bank decides to make amendments. This can sometimes mean rates drop over time.
A fixed-rate savings account pays a set percentage of interest over a given period. For example, 5% over 12 months. Interest is often paid every month and usually, you cannot make withdrawals, although you can sometimes make deposits. After the fixed period, rates will fall, at which point you can withdraw your money and place it elsewhere. The longer the fixed term, the higher the interest rate. Just remember that this money will be locked away and inaccessible.
You can compare savings accounts using a number of factors. These include the interest rates they offer as well as how long the rate will last, the amount you might need to deposit in order to open the account, and how you can access the account. Once you’ve decided which account you want, simply click through and you’ll be taken to the provider’s website.
Not sure what type of account to go for? Our Savings Decision Tree can help you decide.
You work hard to earn your money, and we don’t think you should waste a penny of it paying over the odds on your household bills. That’s why at MoneySuperMarket, we’re on a mission to save Britain money.
Whip your credit score into shape with Credit Monitor
Super save over and over again with Energy Monitor
There are always more ways to save with MoneySuperMarket
So how do we make our money? In a nutshell, when you use us to buy something, we get a reward from the company you’re buying from.
You might be wondering if we work with all the companies in the market, or if our commercial relationships with our partners might make us feature one company above another. We’ve got nothing to hide, and we want to give you clear answers when it comes to questions like these, so we’ve pulled together everything you need to know on this page.