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6 of the best easy access savings accounts

6 of the best easy access savings accounts

Category: Savings

Updated: 07/07/2017
First Published: 07/07/2017

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 for those who aren't sure if they'll need to dip into their pot to store savings. 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 things to watch out for. For one, given recent news that only 10% of easy access accounts pay a rate of at least 1%, you'll have to be vigilant to get the best rate. There is furthermore a growing number of accounts that only allow a certain number of withdrawals per year, so watch out for deals that will penalise you for withdrawals if you regularly need to access your cash.

If you'd like to manage your account in a non-digital way, you might have some trouble finding a decent return, too, considering online-only accounts often pay the best rates. It all comes down to 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 as well. Many bonuses only last for a 12-month period, after which the rate will drop considerably, so you may want to look for an account that comes without this kind of bonus added in. Having said that, if you're organised and are happy to review your account every year, they could still be worth considering, as 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.

AER
Details

Ulster Bank

Ulster Bank

eSavings

1.25% AER
  • Minimum investment of £1
  • No notice account
  • Variable rate
  • Further additions via Anytime Internet Banking allowed at any time
  • Withdrawals permitted via nominated current account
  • Account must be opened online, and can then be managed by telephone and mobile app as well, provided savers register for Anytime Banking
  • Interest paid monthly and must be compounded

Taking the top spot is this no notice account from Ulster Bank, which pays a variable rate of 1.25% on a monthly basis. If you're happy to open this account online, it allows unlimited additions and withdrawals, and can be opened with as little as a single pound - a truly easily accessible offering.


AER
Details

Ulster Bank

Ulster Bank

Easy Access Savings

1.25% AER

  • Minimum investment of £1
  • Instant access account
  • Variable rate
  • Further additions allowed at any time
  • Withdrawals up to £300 permitted by cash card
  • Account must be opened in branch, and can then be managed in branch and through ATMs (online, telephone and mobile app management requires Anytime Banking)
  • Interest paid yearly and must be compounded

In second place sits the branch-based and yearly version of the top account, which also pays a variable rate of 1.25%, making these two deals from Ulster Bank joint market-leaders in the easy access market. This account has some limitations on withdrawals, but can be managed by more means than its online counterpart, making it a matter of personal preference for those choosing between these top rates.


AER
Details

National Counties BS

National Counties BS

1st Issue Classic Saver

1.12% AER

  • Minimum investment of £20,000
  • Instant access account
  • Variable rate
  • Further additions allowed until 11.8.2017
  • Unlimited withdrawals via a nominated current account, with a £100 minimum and £25,000 maximum daily withdrawal limit
  • Must be opened in branch or by post and can then be managed over the phone and online as well
  • Interest paid yearly and must be compounded

Completing the top three is this instant access account from National Counties BS, which pays a variable rate of 1.12% as long as you've got at least £20,000 to invest. In exchange for this large investment, you not only gain a top-three savings rate, but also the possibility to make unlimited withdrawals (up to £25,000 per day) and further additions until August. Certainly something worth considering for big savers.


AER
Details

Tesco Bank

Bank of Cyprus UK

Online Easy Access AccountGo to Site

1.11% AER

  • Minimum investment of £1
  • No notice account
  • Variable rate (includes 0.51% bonus for 12 months)
  • Unlimited additions and withdrawals allowed
  • Access via nominated account
  • Internet-operated
  • Interest paid on the account's anniversary and must be compounded

Next up is this deal from Bank of Cyprus UK which boasts a variable rate of 1.11%, including a fixed bonus of 0.51% for the first 12 months. It can be operated online with £1 and permits unlimited access via a nominated current account, for the height of flexibility. Savers who are interested in this online-only account would be wise to review the account in a year's time, once the bonus disappears.


AER
Details

Tesco Bank

Tesco Bank

Internet Saver

1.11% AER

  • Minimum investment of £1
  • No notice account
  • Variable rate (includes a bonus of 0.71% for 12 months on funds of up to £1 million only)
  • Additions and withdrawals allowed at any time
  • Maximum daily withdrawal limit of £10,000 to non-Tesco Bank accounts and £100,000 to Tesco Bank accounts in own name
  • Must be opened online, and can then be operated by mobile app as well
  • Interest paid yearly and must be compounded

In fifth place is this internet saver from Tesco Bank, the second one in this list that includes a bonus element. It's a no notice account that pays a variable rate of 1.11% on funds up to £1 million thanks to a 0.71% bonus that is added for the first 12 months. There are some withdrawal restrictions which favour those that already have a Tesco Bank current account, yet it remains a competitive deal regardless.


AER
Details

Post Office Money

Post Office Money UK

Online Saver Issue 25Go to Site

1.11% AER

  • Minimum investment of £1
  • No notice account
  • Variable rate (includes a bonus of 0.86% for 12 months)
  • Additions and withdrawals allowed at any time
  • Internet operated
  • Interest paid yearly and must be compounded

Post Office Money just manages to squeeze into the top six with this restriction-free account that pays a variable rate of 1.11% including a fixed bonus of 0.86% for the first 12 months. It requires a minimum investment of just £1, 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. Interested savers should, however, remember to review the account after the bonus expires, as the rate will decrease substantially at that time.

Information & Rates correct as at: 07/07/2017

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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