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5 cracking easy access savings accounts

5 cracking easy access savings accounts

Category: Savings

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Easy-access savings accounts allow you to access your money whenever you need it, without having to give advance notice to your savings provider.

They are the most flexible type of savings account, letting you pay into them at any time, and can be the perfect place to build up that emergency fund.

But you must remember to check an account's terms and conditions in case there are any withdrawal restrictions to ensure it suits your financial and lifestyle needs.

For example, don't opt for a high-paying deal which penalises for numerous withdrawals if you feel you will be regularly accessing your cash – it's all about finding an account that works for you.

If you don't want to change your account every year it's often best looking for one that comes without a short-term bonus too, so with that in mind here are the current top-paying easy-access accounts that do not include an introductory bonus.

Top 5 easy access savings accounts (without Bonuses):

Britannia Select Access Saver 5

1.65% AER

  • Minimum investment of £500
  • No advance notice needed to withdraw funds
  • Further additions permitted at any time
  • 4 withdrawals allowed per calendar year – any more will result in a lower rate (will revert to previous rate the following January)
  • Account can be opened online, in branch or by phone but can then be operated by post, phone or branch.

Penny saysPenny says…"Comfortably taking the top spot, and by a pretty large margin, is this deal from Britannia paying 1.65% on a minimum investment of £500.

"It offers savers the chance to make further additions whenever they wish, however they should be aware that, although no notice is needed to access funds, only four penalty-free withdrawals will be allowed per calendar year."

BS Triple Access Saver Issue 3

1.40% AER

  • Minimum investment of £100
  • No advance notice needed to withdraw funds
  • Further additions allowed
  • Interest paid monthly
  • Account must be opened online then operated via phone or post

Penny saysPenny says…

"In second place is the Triple Access account from Yorkshire BS, offering a competitive rate of 1.40%.

"Additional deposits are allowed without restriction, however savers must remember than only three withdrawal days are permitted per year."

Earl Shilton BS Progress

1.40% AER
  • Minimum investment of £100
  • Further additions permitted
  • Instant access account – no advance notice needed to withdraw funds
  • 6 withdrawals are permitted per year (March-Feb)
  • Rate reduces by 1.30% if more than 6 withdrawals are made
  • Account can be opened and operated via branch or post

Penny saysPenny says…

"Again paying 1.40% on a minimum investment of £100, Earl Shilton's account easily makes the top three.

"Additions are permitted, however although a higher number of withdrawals are allowed, any more than six will result in a considerable rate cut of 1.30%."

PostSave Easy Access (2)
1.40% AER
  • Minimum investment of £500
  • No advance notice needed to access funds
  • Further additions permitted
  • 12 penalty-free withdrawals per year, then 30 day loss
  • Minimum withdrawal of £500
  • Account can be opened via all channels however can then only be operated by post

Penny saysPenny says…
"In fourth spot is this deal from Coventry, a postal-operated account offering 1.40% on a minimum initial investment of £500.

"Savers can make additional deposits at any time and are allowed up to 12 withdrawals per year, however any more will result in a 30 day loss of interest penalty."

National Counties BS 2nd Issue Branch Saver

1.40% AER

  • Minimum investment of £1
  • Tiered rates of interest
  • Instant access account
  • Further additions and withdrawals permitted without restriction
  • Access via a nominated current account
  • Withdrawals permitted
  • Account must be opened and operated in branch

Penny saysPenny says…
"National Counties BS secures a top five spot with its 2nd Issue Branch Saver, offering 1.36% AER from a minimum deposit of just £1. However, savers should note that the headline rate will only be offered on balances of £500 and above – any less will garner a rate of 0.50%.

"The added flexibility of both withdrawals and additional deposits being permitted adds to the appeal, with this instant access account having no limit on the number of withdrawals that can be made."

Information & Rates correct as at: 06.06.2014

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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.