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6 of the best easy access savings accounts

6 of the best easy access savings accounts

Category: Savings
31/05/2018

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 savings 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, particularly as base rate could still rise this year, 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 lot of commitment, easy access accounts can be a great starting point for any saver.

However, despite their flexibilities, there are a few things to watch out for. Most providers don't want too much easy access cash, 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 taking money out 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: 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 one year regardless of whether it comes with a bonus or not.

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, offering you a great rate with added convenience.


AER Details
Bank of Cyprus UK
Bank of Cyprus UK
Online Easy Access Account
Go to Site
1.32%
AER
  • Minimum investment of £1
  • Rate includes bonus of 0.47% for 12 months
  • No notice account
  • Variable rate
  • Unlimited additions and withdrawals allowed
  • Internet-based account
  • Access via nominated current account
  • Interest paid on its anniversary and must be compounded

Taking the top spot is this online easy access account with a bonus from Bank of Cyprus UK, which pays the market-leading variable rate of 1.32% on as little as a pound. This includes a fixed bonus of 0.47% for the first 12 months, which means interested savers will likely want to review this account after a year. It allows unlimited access for the height of flexibility.

AER Details
Paragon Bank
Paragon Bank
Limited Edition Easy Access (Issue 6)
1.31%
AER
  • Minimum investment of £1
  • Variable rate
  • No notice account
  • Further additions and withdrawals permitted
  • Access via nominated current account
  • Internet-based account
  • Interest paid on the anniversary of the account opening

In second place sits this bonus-free deal from Paragon Bank, which pays 1.31% on a minimum investment of £1. It allows additions and withdrawals at any time, provided a nominated account is used for the transactions.

AER Details
RCI Bank UK
RCI Bank UK
Freedom Savings Account
Go to Site
1.30%
AER
  • Minimum investment of £1,000
  • Variable rate
  • No notice account
  • Further additions and withdrawals permitted
  • Access via nominated current account
  • Internet-based account
  • Interest paid on the anniversary of the account opening and must be compounded

RCI Bank UK completes the top three with an account that pays a variable rate of 1.30% on a minimum of £100. Savers are free to make additional deposits and withdraw funds whenever they wish, with the online nature of this account giving them 24/7 access if they so desire. 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
Shawbrook Bank
Shawbrook Bank
Easy Access - Issue 12
1.30%
AER
  • Minimum investment of £1,000
  • Variable rate
  • No notice account
  • Further additions permitted
  • Withdrawals of at least £500 allowed without limit
  • Access via nominated account
  • Must be opened online, but can then be operated over the phone as well
  • Interest paid on its anniversary

Shawbrook Bank takes fourth place with this account that also pays a variable rate of 1.30%, but this time on a minimum investment of £1,000. Savers are free to make additional deposits and withdraw funds of at least £500 whenever they wish through a nominated account.

AER Details
Virgin Money
Virgin Money
Double Take E-Saver Issue 6
1.26%
AER
  • Minimum investment of £1
  • No notice account
  • Variable rate
  • Unlimited additions and withdrawals allowed
  • Two withdrawals permitted per calendar year, including closure
  • Access via nominated current account
  • Internet-based account
  • Interest paid yearly

Next up is this deal from Virgin Money, which boasts a variable rate of 1.26%. It can be opened with just £1 and permits unlimited additions via a nominated current account. However, only two withdrawals are allowed per calendar year, so interested savers should think carefully about how much access they expect to need.

AER Details
Paragon Bank
Paragon Bank
Easy Access (Issue 4)
1.25%
AER
  • Minimum investment of £1
  • Variable rate
  • No notice account
  • Additions and withdrawals permitted via nominated account
  • Internet-based account
  • Interest paid on the anniversary of the account opening

Completing the top six is Paragon Bank, with its second account in this chart. This one offers a variable rate of 1.25% on investments of at least £1, with all other features mirroring its higher-paying counterpart.

Information & rates correct as at: 31/05/2018

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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