91㽶ɫƵ

  • >
  • Savings>
  • Instant access savings accounts

Find our best instant access savings accounts

Withdraw your money when you need it with easy access interest rates up to 4.51%

Get the flexibility you need for your savings goals

Compare our best instant access savings accounts

ChipRaisin UKSkiptonParagonRCI BankAldermoreSagaTescoPost Office MoneyMarcus by Goldman SachsChipRaisin UKSkiptonParagonRCI BankAldermoreSagaTescoPost Office MoneyMarcus by Goldman Sachs
Fact checker
Last updated
November 25th, 2024

Best savings rates today - last updated Dec 4 2024

The highest interest rates for our top savings accounts available in the UK. This list is updated daily and it includes promoted products, so the highest interest rates could be further down the table.
Product typeAER
Instant access savings4.51%
Notice savings4.84%
Cash ISAs5.18%
1 year fixed rate bond4.80%
5 year fixed rate bond4.40%
Fixed rate bond4.80%
Instant access accounts may have slightly lower interest rates but they are more flexible than a fixed-rate account, as you can access the money when it suits you. It's important to consider your savings goal as this will determine when you'll need access to the money.

What is an instant access savings account?

An instant access or easy access savings account is one of the most flexible places to put money away. That’s because these accounts allow you to withdraw cash without facing any penalties. You’ll still earn interest on your savings, but you can also dip into them whenever you want to, whatever the reason.

It's also worth noting that easy and instant access savings accounts normally have a variable interest rate. This means the rate can go up or down, depending on the market. This is the main difference between instant and fixed-rate accounts, as the latter guarantees a specific interest rate for a set term.

Is an instant access account right for me?

This type of savings account is useful if you’re saving for an emergency fund or a short-term savings goal, such as buying a new home appliance or paying for a holiday. However, the flexibility offered by easy or instant access savings accounts means that interest rates can be lower than for other types of savings products.

However, as the inflation rate has slowed to 2.3%, there are many savings accounts offering an interest rate above this so it'll give your money more purchasing power.

Pros and cons

Pros

Withdraw your money whenever you like penalty-free
Open an account with as little as £1
Deposit as much money as you like, whenever you want

Cons

Lower interest rates compared to other savings accounts
Some easy access accounts take a few days to process withdrawals
Your money could lose value if the interest rate is below the inflation rate

Join our personal finance newsletter for top deals and insight

Email me about deals, news and money saving help from money.co.uk

You can unsubscribe at any time - privacy notice.

You’ve successfully signed up, thanks!

How to choose an instant access savings account

Consider these features when you compare instant access savings accounts.

Interest rate

Interest is essentially the main reason we open a savings account. Many providers offer bonus interest rates to entice new customers, while others have regular deposit requirements to earn those high rates. So, it's important to understand all the elements of the deals on offer. Interest may be paid out annually, or monthly, so keep that in mind too when picking an account.

Access to your money

With instant or easy access accounts, you should have more access to your money than other accounts. Some providers allow you to withdraw as and when you need it. Others may limit the number of withdrawals you're allowed within a certain period or charge you an interest penalty after a certain number of withdrawals.

The terms and conditions

Before opening an account, always check the terms and conditions. Some providers require you to make a minimum deposit just to open an account. Others may require a regular monthly deposit to earn the advertised interest rate – although this is not usually the case with easy access accounts.

fscs-logo
Is my money safe?
The Financial Services Compensation Scheme (FSCS) guarantees that the first £85,000 you have saved with a UK-authorised bank or building society (or the first £170,000 for a joint account) will be safe even if the business goes bust.

Our best instant and easy access savings accounts

We picked these deals by weighing up factors such as the interest rate, withdrawal conditions, and minimum opening balance for this product.

Card
Yorkshire Building Society Easy Access Saver Issue 3
£1
Minimum
4.35%
AER variable
FSCS
Protection
Instant access
Account
How we score our products
Expert verdict
4.8/5
Apply now
Lucinda O'Brien, our savings expert says..
"Are you keen to start building a rainy day fund? An easy access account can help. This type of savings account offers competitive interest rates but you can also withdraw the money when you need it. This offering from Yorkshire Building Society has an interest rate of 4.35% AER variable and there are unlimited withdrawals."
Pros and cons
Pros
  • Open from £1
  • Unlimited instant withdrawals
  • Cons
  • Interest is paid annually
  • Online only
  • Account details
    No notice, penalty, or charge applies.
    Eligibility
    Maximum Age
    Unlimited
    Minimum Initial Deposit
    £1
    Maximum Initial Deposit
    £500,000
    Permanent UK Resident
    Card
    Marcus by Goldman Sachs Online Savings
    £1
    Minimum
    4.3%
    AER variable inc. 0.49% fixed bonus for 12 months
    FSCS
    Protection
    Instant access
    Account
    How we score our products
    Expert verdict
    4.5/5
    Apply now
    Lucinda O'Brien, our savings expert says..
    "This easy access account can be opened with just £1 and there is an interest rate with a bonus for the first 12 months. It’s also easy to manage online with its app and withdrawals can be actioned by logging into your account or via the phone. "
    Account details
    No notice, penalty, or charge applies.
    Eligibility
    Maximum Age
    Unlimited
    Minimum Initial Deposit
    £1
    Maximum Initial Deposit
    £250,000
    Permanent UK Resident
    Card
    RCI Bank Freedom Savings Account
    £100
    Minimum
    4.45%
    AER variable
    FSCS
    Protection
    Instant access
    Account
    How we score our products
    Expert verdict
    4/5
    Apply now
    Salman Haqqi, our savings expert says..
    "A simple, no-frills easy access account. Pay-in from £100 up to £250,000 with unlimited payments and withdrawals. There's also no worrying about penalties, tiered rates, fees or bonus/notice periods."
    Account details
    No notice, penalty, or charge applies.
    Eligibility
    Maximum Age
    Unlimited
    Minimum Initial Deposit
    £100
    Maximum Initial Deposit
    £250,000
    Permanent UK Resident

    How do I open an instant access savings account?

    To open a savings account for yourself, the basic eligibility criteria are:

    • Being 16 or older

    • Being a UK resident

    Once you've chosen the instant access savings account you want using the steps mentioned above, getting set up is simple. All you need to do is:

    • Fill out an application form with the bank or provider. Typically, you can do this online, but you may also be able to open an account in a bank branch.

    • Provide proof of ID and address documents. Usually, a driver's licence and utility bill should suffice. Just make sure the utility bill has your current address.

    • Make the minimum deposit. Some instant access savings accounts can be opened with as little as 1p, but typically, most require £1 or more.

    The monthly average interest rate for instant access accounts
    How interest rates on savings accounts compare to the inflation rate.

    The average rates have been calculated by taking the rates from the whole of market at the time of the base rate change. Source: Defaqto and Bank of England data. Updated November 2024.

    What's the difference between an easy and instant access savings account?

    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.

    What are the alternatives to an instant access savings account?

    Easy access ISAs

    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 should 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.

    Learn more about cash ISAs

    High interest current account

    high interest current account could be a good alternative to an easy access account as there are some accounts on the market offering very competitive interest rates. If you have money sitting in a current account with 0% interest and you can meet the terms and conditions to have an account with a higher rate of interest, then this is also an option worth exploring. 

    Learn more about current accounts

    Fixed rate bonds

    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 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.

    Learn more about fixed rate bonds

    Regular savings accounts

    With a regular savings account, you promise to save a certain amount of cash, 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 usually not allowed. However, some accounts will let you make one cash withdrawal per year, so check for this if you think you might need to access your savings.

    Notice savings accounts

    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. 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.

    Learn more about notice accounts

    Investment accounts

    One problem with savings accounts is that they typically pay less than inflation, which means the purchasing power of your savings is eroded over time. So, if you’re saving for the long term (more than five years), you might want to consider investing your money. A well-diversified portfolio can generate returns that beat inflation over time. However, there are risks, and volatility means that your balance will fluctuate, and you could even end up with less than you saved. If you are going to invest, consider a stocks and shares ISA so the returns are tax-free. 

    Learn more about stocks and shares ISAs

    FAQs

    Can you earn interest monthly with an instant access savings account?

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

    Can I manage my instant access savings account online?

    Not always, so make sure you check before you open the account.

    Is my instant access savings account protected?

    Most banks are backed by the Financial Services Compensation Scheme () which protects your money up to £85,000 in a single institution.

    What is your best interest rate for an easy access account?

    Currently, our best interest rate for an easy access account is 4.5%.

    Should you choose an account with or without a bonus?

    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.

    Learn more about savings accounts

    From how to choose the right savings account to understanding the tax-free benefits of ISAs, we've got you covered.
    What's the best place for your money?
    What's the best place for your money?
    How can I start saving money for my child?
    How can I start saving money for my child?
    Are cash ISAs still worth it?
    Are cash ISAs still worth it?

    About the author

    Lucinda O'Brien
    Lucinda O'Brien has spent the past 10 years writing and editing content for regional and national titles. She applies her industry knowledge to ensure readers can make confident financial decisions.

    Customer Reviews

    Rated 4 out of 5
    by 1,066 people