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Derin Clark

Derin Clark

Online Reporter
Published: 23/07/2019
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Virgin Money and Post Office Money had the highest average rates for easy access savings accounts at the beginning of July, according to research from 

The average rate of interest for easy and instant access savings accounts across 15 well-known banks and building societies was 0.58%. Both Virgin Money and Post Office Money were well in excess of this, with an average rate across their accounts of 1.26% and 1.25% respectively. However, the lowest average rates were from Barclays Bank at 0.28% and HSBC at 0.29%

One year on from the Financial Conduct Authority’s (FCA) price discrimination study, this research shows that there remains a wide discrepancy in the rates available for easy access accounts, and it could be that to secure a market-leading rate, you may have to switch your account.

How to get the best instant access account

  1. Some providers have a plethora of accounts – be sure to pick the one that gives you the access you need with the best rate.
  2. Keep an eye on your rate – providers should notify you in advance of any planned reductions.
  3. Be prepared to switch to maintain a market-leading rate – use our easy access chart.

Average easy access rates for 1 July 2019

Easy access analysis of 15 well-known brands versus market average rate 

Group Product count Lowest AER Highest AER Overall average AER AER difference of overall average versus market average of 0.58%
Barclays Bank 1 0.25% 0.30% 0.28% -0.30%
Coventry Building Society  18 0.50% 1.20% 0.81% 0.23%
CYBG 6 0.20% 1.00% 0.43% -0.15%
HSBC 11 0.10% 0.65% 0.29% -0.29%
Leeds Building Society  4 0.50% 1.10% 0.77% 0.19
Lloyds Banking Group 13 0.20% 0.60% 0.39% -0.19
Nationwide Building Society 8 0.10% 1.10% 0.50% -0.08%
Post Office Money®  5 0.75% 1.38% 1.25% 0.67%
Royal Bank of Scotland Group 9 0.20% 1.25% 0.39% -0.19%
Santander 5 0.35% 0.50% 0.43% -0.15%
Skipton Building Society 4 0.75% 1.15% 0.85% 0.27%
The Co-operative Bank 6 0.30% 1.40% 0.65% 0.07%
TSB 2 0.50% 0.55% 0.53% -0.05%
Virgin Money 10 1.00% 1.50% 1.26% 0.68%
Yorkshire Building Society 13 0.00% 1.40% 0.72% 0.14%

Range includes loyalty savers but not closed accounts, rates include all tiers. Source: 

Rachel Springall, finance expert at, said: “Clearly, a huge difference in the interest offered to consumers across the most familiar brands remains, despite the FCA’s price discrimination study 12 months ago, which is why savers should consider switching to a better deal. Some savers may feel comfortable to leave their cash in an easy access account linked to their current account – but this convenience can cost them dearly.

“The biggest banks pay less than the current base rate (0.75%) on average, despite some brands offering inflated rates to larger deposits (RBS Group). The ordinary saver however will likely get less than base rate and, in fact, Barclays Bank and HSBC pay 0.30% and 0.29% respectively below the average easy access rate of 0.58%, which includes all rate tiers.

“As murmurings of a base rate cut persist, variable rate accounts will be the first type of savings accounts to see rates worsen, and the last two years of base rate rises will likely quickly unravel as a result – so there is even more reason for savers to shake off any apathy or loyalty and switch elsewhere.”


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. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

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