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. 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 unless you're happy to change your account every year, it's often best to look for one that comes without this kind of bonus added in.
So, with that in mind, here are the current top-paying easy access accounts that don't include an introductory bonus, offering you a great rate with added convenience. But you may want to be quick about it – our research shows that many top savings deals can vanish from sight in a matter of days, so if you like what you see, don't delay!
RCI Bank Freedom Savings Account
Comfortably taking the top spot is this deal from RCI Bank UK, a restriction-free account that pays 1.45% AER variable on a minimum deposit of £100. Savers are free to make additional deposits and withdrawals whenever they wish, with this account offering instant access to funds for 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.
Shawbrook Bank Easy Access – Issue 5
Shawbrook Bank takes second place with this easy access deal, an internet-operated account that pays a variable rate of 1.25% from £1,000. As is common in this sector it allows further additions at will, together with unlimited withdrawals, provided they're of at least £500 and don't bring the balance under the minimum of £1,000. Savers should note that access is via a nominated current account.
Virgin Money Defined Access E-Saver Issue 7
Securing a top-three spot is this internet-operated account from Virgin Money that pays 1.16% 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 at the headline rate each year. Any more than this will result in a lower rate being paid for the remainder, making this deal suited to those who are willing to exercise caution when it comes to access.
Coventry BS Easy Access Saver (2)
Next up is this deal from Coventry BS, an easy access account that pays a variable rate of 1.15% yearly from a minimum deposit of £1. In true easy access style, further additions and withdrawals are welcome at any time, while the ability to manage the account via multiple channels offers added convenience.
ICICI Bank UK SuperSaver Savings Account
ICICI Bank UK makes the top five with its easy access account that pays a variable rate of 1.15% AER (1.14% monthly) from a minimum investment of just £1. It allows further additions and withdrawals at your leisure, provided any withdrawals are made through a linked current account, and savers will need to find a local branch in order to open the account.
Harrods Bank Instant Savings Issue 3
Just squeezing into the top six is this deal from Harrods Bank, an instant access deal that pays a variable rate of 1.11% AER (1.10% quarterly). It requires a hefty minimum investment of £25,000, but once deposited it allows further additions and withdrawals at will – providing the minimum balance of £25,000 is maintained – offering an appealing choice to those with a healthy savings pot.
Information & Rates correct as at: 02/08/2016
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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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