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6 of the best easy access savings accounts

6 of the best easy access savings accounts

Category: Savings

Updated: 17/03/2017
First Published: 17/03/2017

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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. 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, too.

So, with that in mind, here are the current top-paying easy access accounts, most 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 being opened 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, easily the 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

Nattingham BS
Nottingham BS
eSaver Instant Issue 7

1.05% AER
  • Minimum investment of £1,000
  • No notice account
  • Variable rate
  • Further additions and withdrawals allowed at any time (via a nominated account)
  • Internet-operated
  • Interest paid yearly and must be compounded

In second place is this deal from Nottingham BS, a no notice deal that pays a variable rate of 1.05% AER yearly. It requires a fairly large minimum investment of £1,000, but once deposited it allows further additions and withdrawals at will - provided the minimum balance of £1,000 is maintained and a nominated account is used for all transactions - making it an appealing choice for internet investors with a decent savings pot.


AER
Details

West Brom BS
West Brom BS

WeBSave Bonus Saver 2

1.05% AER
  • Minimum investment of £1,000
  • No notice account
  • Variable rate (includes a bonus of 0.35% until 31.05.2018
  • Further additions and withdrawals allowed at any time
  • Internet-operated
  • Interest paid yearly and must be compounded

Securing a top-three spot is this deal from West Brom BS, one of the few in our list that includes a bonus element. It's an easy access account that pays a variable rate of 1.05% yearly from a minimum deposit of £1,000, including a 0.35% bonus until May 2018. In true easy access style, further additions and withdrawals are welcome at any time, making it a competitive choice for the internet investor.


AER
Details

Skipton BS
Skipton BS

Limited Edition Online Bonus Saver

1.02% AER
  • Minimum investment of £1 (maximum of £50,000)
  • No notice account
  • Variable rate (includes a bonus of 0.21% for 12 months)
  • Further additions and withdrawals allowed at any time
  • Internet-operated (but additions allowed via cash, cheque or standing order)
  • Interest paid yearly and must be compounded

Next up is this deal from Skipton BS, the second bonus account to make the cut. This one boasts a rate of 1.02%, including a 0.21% bonus for 12 months, and requires a minimum addition of just £1. It can be operated online for money management on the go, but it should be noted that the maximum investment is £50,000, relatively small by savings account standards.


AER
Details

Virgin Money
Virgin Money
Defined Access E-Saver Issue 10

1.01% AER
  • Minimum investment of £1
  • No notice account
  • Variable rate
  • Further additions allowed at any time
  • Up to three penalty-free withdrawals per calendar year (0.25% paid for the remainder of the year if limit is exceeded)
  • Access via nominated current account
  • Internet-operated
  • Interest paid yearly

Virgin Money makes the top five with this no notice deal that pays 1.01% from a minimum investment of just £1. Further additions are welcome at any time, and although withdrawals are also permitted without notice, only three will be allowed on a penalty-free basis per year.

This means savers will need to carefully consider their withdrawal requirements or be faced with a lower interest rate, making this deal suited to those who are willing to exercise caution when it comes to access.


AER
Details

Post Office
Post Office Money
Online Saver Issue 23

1.01% AER
  • Minimum investment of £1
  • No notice account
  • Variable rate (includes a bonus of 0.76% for 12 months)
  • Further additions and withdrawals allowed at any time (via nominated account)
  • Internet operated
  • Interest paid yearly and must be compounded

Just squeezing into the top six is this deal from Post Office Money, a no notice account that pays a variable rate of 1.01% AER yearly, including a 12-month bonus of 0.76%. It can be opened with a minimum of just £1 and allows further additions and withdrawals at will, making it a great choice for internet investors - provided they don't mind reviewing their rate in a year's time, as the withdrawal of the particularly high bonus means their returns will drop dramatically thereafter.

Information & Rates correct as at: 17/03/2017

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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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