Easy access savings accounts

Choose an account with a top rate - but check if it includes a temporary bonus. If it does, check if you're still happy with the account when the introductory bonus ends.

Pick an account that lets you withdraw money anytime without limits or penalties. Most easy access accounts should allow this, but it's always worth checking the small print or with the provider directly.

Some accounts may require an initial deposit, so look out for an account with a low (or no) minimum deposit to get started easily.

Go for an account that’s easy to manage, comes with a simple app or interface, has a helpful customer service option and sets clear terms with no hidden conditions.

Easy access cash ISAs are just like easy access savings accounts, but all the interest you make is free from income tax. This tax break is less attractive to many since the introduction of the personal savings allowance, which means basic rate taxpayers can earn up to £1,000 in interest a year without paying tax and should generally only consider an easy access ISA if it’s offering a better rate than a traditional savings account. However, higher rate payers only get a £500 savings interest allowance, while additional rate payers don’t get any allowance at all.

If you know you won’t need your money for a while, you may want to consider a fixed rate savings account. These lock your money away for a set period, typically between one and five years. In return, you may benefit from a higher interest rate than you can get with an instant access account. However, if you need to access your cash early, you’ll usually face interest penalties and/or exit fees.

With a regular saver account, you promise to save a certain amount of cash for a period of time, say between £25 and £250, every month for the next year. Making this commitment generally allows you to access better interest rates than with an easy access account and is also a good way to get into a regular saving habit. Withdrawals are not allowed with some accounts. However, other accounts will let you make one or more cash withdrawal per year, so check for this if you think you might need to access your savings.

These accounts allow you to make withdrawals but only after giving notice. The amount of notice you have to give will be pre-agreed and could be anything from seven to 180 days or more. So, think carefully about whether you might need your money in an emergency, and how quickly you might need to access it if so. The longer the money is locked away, the better the interest rate you’re likely to receive.

As the name implies, with an instant access savings account you can withdraw your savings instantly. You can either transfer the money into your current account or withdraw it at a branch. There's no penalty for taking money out.

With easy access savings accounts, while you can withdraw your money easily, it might still take a few days to get your money. Sometimes you have to link your easy access account to another account into which your withdrawals will be paid.

Currently, our best interest rate for an easy access account is 4.75% as of Mar 25 2026.

Yes, but you need to shop around. While most easy access savings accounts only offer interest paid out annually, some pay out monthly interest instead.

You can earn up to a set amount of interest each year tax-free, depending on your income. This is called your Personal Savings Allowance (PSA). If you earn more than your allowance, you’ll need to pay tax on the extra.

• Basic rate (20%) taxpayers can earn £1,000 in interest tax-free

• Higher rate (40%) taxpayers can earn £500 in interest tax-free

• Additional rate (45%) taxpayers don't receive a PSA

Your bank usually pays interest without taking tax off, so it’s your responsibility to check if you owe anything.

Most banks are backed by the Financial Services Compensation Scheme (FSCS) which protects your money up to £120,000 in a single institution.

Some instant access accounts come with an introductory bonus that lasts for a set period. Choosing an account with a bonus can therefore increase your interest payments in the short term. However, when the bonus period ends, you will probably have to switch to another account to keep earning one of the best instant access savings account rates.

How much you should keep depends on your situation - but remember it's common to use an easy access savings account for short-term needs.

Aim to set aside enough to cover your emergency fund - usually 3 to 6 months of essential spending - to give you a safety net if something unexpected happens.

You can also use this type of account for money you plan to spend soon, like holidays or big purchases, because you can access it quickly.