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6 of the best easy access savings accounts

6 of the best easy access savings accounts

Category: Savings
Author: Lieke Braadbaart
Date: 20/09/2018

Easy access savings accounts are as simple as they sound – they allow you to access your money without having to give advance notice to your provider, and they can usually 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.

They can be ideal if you're not sure what will happen to interest rates in the near future, especially given last month's base rate rise and the delayed response of providers, and can be just as suitable if you've got short-term savings goals, or even if you simply want to get into the habit of saving. As they don't require a big commitment, easy access accounts can be a great starting point for any saver.

However, there are a few things to watch out for. Most providers don't want too much cash that is easily accessible, as these funds mean uncertainty for them, which is why the best rates tend to disappear rather quickly. So, if you see an account you like, don't hesitate. There's also 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 withdrawing money if you require regular access to your cash.

Make sure you carefully consider accounts that come with bonuses, too: most only last for a 12-month period, after which the rate will drop considerably. That said, given the current state of the market, you may want to review your account after a year regardless of whether it comes with a bonus or not, so the security of a bonus might actually be an asset.

It all comes down to finding an account that works for you, which means you should always check the terms and conditions to ensure it suits your financial and lifestyle needs. With that in mind, here are the current top-paying easy access accounts, looking at both those with and without an introductory bonus.


AER Details
YorkshireBS
Yorkshire Building Society
Single Access Saver Issue 13
1.41%
  • Minimum investment of £100
  • Variable rate
  • Instant access account
  • Unlimited additions allowed
  • One withdrawal day permitted per account year
  • Can be opened in branch or by post and then operated online as well
  • Interest paid on its anniversary and must be compounded
  • Account becomes Triple Access Saver after 12 months

Taking the top spot is Yorkshire Building Society, with an account that pays the market-leading variable rate of 1.41% on a minimum deposit of £100. While it allows unlimited additions after this, savers can only access their funds on one day per year, so it may not be suitable for those who think they'll need more frequent access.

AER Details
Coventry BS
Coventry BS
Limited Access Saver (2)
1.40%
  • Minimum investment of £1
  • Rate includes a bonus of 0.25% for 12 months
  • Variable rate
  • No notice account
  • Unlimited additions allowed
  • Three penalty-free withdrawals permitted per year, with further withdrawals subject to 50 days' loss of interest
  • Access via nominated current account
  • Account can be opened in branch, by post, over the phone or online, after which it can be operated online and over the phone
  • Interest paid on the anniversary of the account opening

In second place sits Coventry BS, with a deal that pays a near market-leading 1.40% on a minimum investment of £1, which includes a bonus of 0.25% for the first 12 months. It allows additions at any time, but only a certain number of withdrawals per year before an interest penalty is charged, so this product would be best suited to savers who are organised.

AER Details
Kent Reliance
Kent Reliance
Branch & Online Easy Access - Issue 30
1.37%
  • Minimum investment of £1,000
  • Variable rate
  • Instant access account
  • Further additions permitted via cash at branch, cheque, bank transfer or debit card
  • Unlimited withdrawals permitted, but withdrawal method depends on how the account is opened
  • Access via nominated current account
  • Internet- and branch-based account (must be at least 18 to open it online)
  • Interest paid yearly

Kent Reliance completes the top three with an instant access account that pays a variable rate of 1.37%, provided at least £1,000 is put away. Savers are able to make additions through various means and can withdraw funds whenever they wish, making this a truly easy to access deal.

AER Details
Bank of Cyprus UK
Bank of Cyprus UK
Online Easy Access Account – Issue 18
1.36%
  • Minimum investment of £1
  • Rate includes 0.36% bonus for 12 months
  • Variable rate
  • No notice account
  • Further additions and withdrawals allowed without limit
  • Access via nominated account
  • Internet-operated
  • Interest paid on its anniversary and must be compounded

Next up is the online-exclusive easy access account from Bank of Cyprus UK, which offers a rate of 1.36% including a 0.36% bonus for the first 12 months, and savers only need £1 to open it. Additionally, there are no limits on withdrawals or additions, provided access goes through a nominated account, making this a great option for an emergency pot.

AER Details
AA
AA
Easy Saver - Issue 8
Go to Site
1.36%
  • Minimum investment of £100
  • Rate includes 1.16% bonus for first 12 months
  • No notice account
  • Variable rate
  • Unlimited additions and withdrawals allowed
  • Access via nominated current account
  • Account can only be opened online, but then also operated over the phone
  • Interest paid on the anniversary of the account opening
  • Operated by Bank of Ireland UK

In fifth place sits AA's bonus saver, which boasts a variable rate of 1.36% with a 12-month bonus of 1.16%. It can be opened with a £100 deposit and permits unlimited additions as well as withdrawals via a nominated current account. Note that the substantial bonus means interested savers would be wise to review this account after a year, but also that customers can enjoy the certainty that their rate won't be able to fall too much in the first year.

AER Details
Virgin Money
Virgin Money
Double Take E-Saver Issue 7
1.36%
  • Minimum investment of £1
  • No notice account
  • Variable rate
  • Additions and withdrawals permitted via nominated account, but only two withdrawals allowed per calendar year including closure
  • Internet-based
  • Interest paid yearly

Completing the top six is Virgin Money, with its account also offering a variable rate of 1.36% on investments of at least £1. This online deal only allows two withdrawals per calendar year, making it more suitable for those who can plan their access, although the lack of a bonus means it could be a decent long-term home for emergency funds – as long as you don't have more than two emergencies per year.

Information and rates correct as at: 20.09.2018

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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