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6 of the best easy access savings accounts

6 of the best easy access savings accounts

Category: Savings

Updated: 16/01/2018
First Published: 23/11/2017

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. They can be ideal if you're not sure what will happen to interest rates in the near future, particularly now that base rate has risen - which could explain why savers are moving away from fixed rate deals - 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; 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. There may have been a slight boost in competition recently, but these upticks tend to be few and far between, even with the base rate rise - providers have so far been slow to pass on the increase, so you'll still need to remain vigilant to get the best rate. 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 withdrawals if you regularly need to access your cash.

You should also be prepared for the fact that online-only accounts often pay the best rates, and 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. Having said that, if you're organised and happy to review your account every year, they could still be worth considering, particularly as many offer rates that rival their bonus-free counterparts - and the bonus element is usually guaranteed.

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. 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.

Top 6 easy access savings accounts:

AER
Details

Paragon Bank

Paragon Bank

Limited Edition Easy Access (Issue 4)

1.31% AER
  • Minimum investment of £1
  • No notice account
  • Variable rate
  • Further additions via nominated account allowed at any time
  • Withdrawals permitted
  • Internet-operated
  • Access via nominated current account
  • Interest paid on anniversary

Taking the top spot is this no notice account from Paragon Bank, which pays a market-leading variable rate of 1.31%. This internet-operated deal allows unlimited additions and withdrawals, and can be opened with as little as a single pound - a truly accessible offering which clearly deserves its number one status.


AER
Details

BM Savings

BM Savings

BM Internet Saver

1.30% AER

  • Minimum investment of £1
  • 12-month bond
  • Variable rate
  • Further additions allowed at any time and unlimited withdrawals permitted
  • Internet-operated
  • Access via nominated current account
  • Interest paid on anniversary
  • After the first year the account will automatically revert to a Standard Saver Internet Account

In second place sits this internet-operated deal from BM Savings that pays 1.30% from a minimum investment of £1. Unusually, this is a variable rate bond, which means that while you can still add and withdraw funds as you see fit, you can only do so for a 12-month period. At that time, the account will revert to a standard internet saver and the rate could drop considerably, so you'd then need to review the market and consider switching to a new deal.


AER
Details

RCI Bank UK

RCI Bank UK

Freedom Savings AccountGo to Site

1.30% 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 opening and must be compounded

RCI Bank UK secures a place in the top three with this restriction-free account that pays a variable rate of 1.30%. It requires a minimum investment of £100, after which savers are free to make additional deposits and withdraw funds whenever they wish. 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

Bank of Cyprus UK

Bank of Cyprus UK

Online Easy Access AccountGo to Site

1.25% AER

  • Minimum investment of £1
  • No notice account
  • Variable rate (includes 0.40% bonus for 12 months)
  • Unlimited additions and withdrawals allowed
  • Access via nominated current account
  • Internet operated
  • Interest paid on the account's anniversary and must be compounded

Next up is this deal from Bank of Cyprus UK that boasts a variable rate of 1.25%, including a fixed bonus of 0.40% for the first 12 months. It can be operated online with just £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 rate in a year's time, however, when the bonus disappears.


AER
Details

ICICI Bank UK

ICICI Bank UK

HiSAVE SuperSaver Savings Account - Bonus

1.25% AER

  • Minimum investment of £1
  • No notice account
  • Variable rate of 0.65% paid at £1, rising to 1.25% at £500 (rate includes a bonus of 0.60% until 30.09.2018 on funds of £500+)
  • Additions and withdrawals allowed at any time via a nominated account
  • Must be opened online, after which it can be operated by mobile app as well
  • Interest paid monthly and must be compounded

Completing the top five is this internet and app-operated deal from ICICI Bank UK, a variable rate account that includes a bonus element, provided you've got at least £500 to invest, bringing the rate to 1.25% AER (1.24% gross). It allows unlimited additions and withdrawals via a nominated account, but the bonus element means that those with a pot of less than £500 may be better off looking elsewhere.


AER
Details

Post Office Money

Post Office Money

Online Saver Issue 27Go to Site

1.22% AER

  • Minimum investment of £100
  • No notice account
  • Variable rate (includes 0.97% bonus for 12 months)
  • Unlimited additions and withdrawals allowed
  • Access via nominated current account
  • Internet-operated
  • Interest paid yearly and must be compounded

Post Office Money just manages to make the top six with its Online Saver, an internet-operated deal that boasts a variable rate of 1.22% from a minimum investment of £1. As is common in the sector, it allows unlimited further additions and withdrawals, but it should be noted that much of the rate is made up of the 0.97% bonus, which means reviewing the account in a year's time will be a must.

Information & Rates correct as at: 14.09.2017

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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