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6 of the best easy access savings accounts

6 of the best easy access savings accounts

Category: Savings

Updated: 05/05/2017
First Published: 05/05/2017

Easy access savings accounts are as simple as they sound - they allow you to access your money whenever you need it, without having to give advance notice to your savings provider, and they can be paid into at any time.

They're the most flexible type of savings account and can be the perfect place to build up that emergency fund, or to store savings for those who aren't too sure if they'll need to dip into their pot. They can be just as suitable for those with short-term savings goals, and ideal for those who simply want to get into the habit of saving - they don't require a lot of commitment, so can be a great starting point for fledgling savers.

However, despite their inherent flexibilities, there are a few catches to watch out for, as some accounts come with opening or withdrawal restrictions. For instance, there are a growing number of accounts that only allow a certain number of withdrawals per year, so don't choose a high-paying deal that will penalise you for withdrawals if you'll regularly need to access your cash.

Some only allow you to manage the account online, too, but considering these online-only accounts often pay the best rates of interest, they could well be worth considering! It's all about finding an account that works for you, so always check the terms and conditions to ensure it suits your financial and lifestyle needs.

Make sure you carefully consider accounts that come with bonuses, too. Many only last for a 12-month period, after which the rate will drop considerably, so you may want to look for one that comes without this kind of bonus added in. Having said that, if you're organised and are happy to change your account every year, these accounts could still be worth considering, particularly as many offer rates that rival their bonus-free counterparts - and the bonus element is usually guaranteed.

So, with that in mind, here are the current top-paying easy access accounts, looking at both those with and without an introductory bonus, offering you a great rate with added convenience.

Top 6 easy access savings accounts:


AER
Details

RCI Bank
RCI Bank

Freedom Savings Account

1.10% AER
  • Minimum investment of £100
  • Variable rate
  • No notice account
  • Further additions and withdrawals permitted
  • Access via a nominated current account
  • Account must be opened online before becoming post, phone and internet-operated
  • Interest paid on the anniversary of the account opening and must be compounded

RCI Bank UK takes the top spot with this restriction-free account that pays a market-leading 1.10% AER variable, the joint-top rate for this sector of the market. It requires a minimum investment of £100, after which savers are free to make additional deposits and withdraw funds whenever they wish, with the instant access nature of the account offering the height of flexibility.

It should be noted that this bank is covered by the French compensation scheme (which covers deposits of up to €100,000) rather than the UK-based FSCS.


AER
Details

Britannia
Britannia
Select Access Saver 7

1.10% AER
  • Minimum investment of £500
  • Instant access account
  • Variable rate
  • Further additions and withdrawals allowed at any time, however a lower rate is paid if more than four withdrawals are made per year
  • Can be opened online, by phone and in branch, before becoming branch, post and phone-operated
  • Interest paid yearly

In second place is this deal from Britannia, an instant access deal that again pays a variable rate of 1.10% AER yearly. It just misses out on the top spot due to its slightly higher investment requirement of £500 and access restrictions, with only four penalty-free withdrawals allowed per year.


AER
Details

Yorkshire BS
Yorkshire BS

Single Access Saver Issue 4

1.10% AER
  • Minimum investment of £100
  • Instant access account
  • Variable rate (includes a bonus of 0.50% for 12 months)
  • Further additions allowed at any time
  • Only one withdrawal day permitted per account year
  • Can be opened in branch or by post, and then operated in the same ways as well as online
  • Interest paid on anniversary and must be compounded

Securing a top-three spot is this deal from Yorkshire BS, one of the few in our list that includes a bonus element. It's an easy access account that pays another joint-top rate of 1.10% from a minimum deposit of £100, this time including a 0.50% bonus for the first 12 months. It again comes with withdrawal restrictions, however, as although further additions are welcome at any time, you can only access those funds on a single day in any account year, so careful management is a must.


AER
Details

Leeds BS
Leeds BS

Limited Issue Online Access Account Issue 2

1.05% AER
  • Minimum investment of £1,000
  • No notice account
  • Variable rate
  • Further additions allowed while issue remains open
  • Unlimited withdrawals allowed until maturity (31.05.18)
  • Internet-operated
  • Interest paid on maturity

Next up is this deal from Leeds BS that boasts a rate of 1.05%, provided you've got a minimum of £1,000 to invest. It can be operated online for money management on the go and permits unlimited withdrawals until its maturity next year, but it should be noted that further additions will only be allowed while the issue remains open, so it'd be wise to invest sooner rather than later.


AER
Details

Bank of Cyprus
Bank of Cyprus UK
Online Easy Access Account

1.05% AER
  • Minimum investment of £1
  • No notice account
  • Variable rate (includes a bonus of 0.45% for 12 months)
  • Further additions allowed at any time
  • Unlimited withdrawals via a nominated account
  • Internet-operated
  • Interest paid on anniversary and must be compounded

Bank of Cyprus secures a top-five position with this internet-operated deal, the second bonus account to make the cut. This one boasts a rate of 1.05%, including a 0.45% bonus for the first 12 months, and requires a minimum investment of just £1. It permits truly unlimited additions and withdrawals, provided they're made via a nominated account, an increasingly unusual feature in this market.


AER
Details

Charter Savings Bank
Charter Savings Bank
Easy Access Issue 3

1.01% AER
  • Minimum investment of £1,000
  • No notice account
  • Variable rate
  • Further additions and withdrawals allowed at any time
  • Access via nominated current account
  • Internet-operated
  • Interest paid on anniversary

Just squeezing into the top six is this deal from Charter Savings Bank, a no notice account that pays a variable rate of 1.01% AER yearly and can be opened with a minimum of £1,000. In true easy access style, further additions and withdrawals are welcome at any time, making it a competitive choice for the internet investor.

Information & Rates correct as at: 04/05/2017

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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
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