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 It is now over 6 months old so the content may be out of date.

Derin Clark

Derin Clark

Online Reporter
Published: 13/03/2019

While easy access savings rates might be lower than their fixed savings counterparts, just yesterday Moneyfacts.co.uk reported that easy access rates are on the rise and last month data released by UK Finance showed that a growing number of savers are choosing easy access saving accounts over fixed rate deals.

One reason for the growing number of consumers opting for easy access savings accounts is due to the current economic uncertainty, whereby savers are happy to forego higher saving rates for more flexibility and quick access to their money. With this in mind, Moneyfacts.co.uk has rounded up the best easy access rates currently available to savers. All the accounts in this round up have no restrictions on deposits and withdrawals, meaning that savers have complete control over their money.

Best easy access rates with a bonus that allow unlimited withdrawals

  • Marcus by Goldman Sachs® Online Savings Account 1.50% AER
  • Cynergy Bank Online Easy Access Account – Issue 22 1.43% AER
  • Post Office Money Online Saver Issue 35 1.38% AER

The best easy access with bonus deals can be found with online accounts. Marcus by Goldman Sachs®' Online Savings Account is offering the best rate of 1.50% AER, with a 0.15% bonus for 12 months. This account doesn't require a deposit, permits further additions at any time and allows unlimited withdrawals. It can only be opened online but can then be managed by phone as well, with the only restriction with this account being that you must have a UK mobile phone number to apply.

Alternatively, the Online Easy Access Account – Issue 22 from Cynergy Bank offers a rate of 1.43% AER for a minimum deposit of just £1, which includes a 0.43% bonus for 12 months. This account can only be opened and managed online, but it again allows unlimited additions and withdrawals. Another online-only account that requires just a £1 deposit is Online Saver Issue 35 from Post Office Money. This account pays 1.38% AER yearly and includes a 1.13% bonus for 12 months.

Best easy access rate with a bonus and branch access

  • Post Office Money® – Instant Saver (Issue 11) 0.75% AER
  • TSB Easy Saver 0.50% AER

While the best easy access with bonus rates can be found with online-only accounts, if savers are only interested in accounts with branch access there are a number of options available. The highest-paying easy access account with a bonus that allows branch access is Instant Saver (Issue 11) from Post Office Money®. This account offers a rate of 0.75% AER for a deposit of £100, which includes a 0.65% bonus for 12 months. The account can be opened by post and in branch and then managed both of these ways, as well as online and by phone.

Alternatively, TSB's Easy Saver offers 0.50% AER with a 0.20% bonus for 12 months from an opening deposit of just £1. This account can be opened in branch and online and then managed by both of these channels as well as by phone and mobile app. TSB also offers a rate of 0.55% on its eSavings account with a bonus of 0.25% for 12 months, however while this account can be opened in branch it can only be managed online, by phone and via its mobile app, and is also only available to new and existing TSB current account customers.

Best restriction-free easy access rates without a bonus

  • Ford Money Flexible Saver 1.42% AER
  • RCI Bank UK Freedom Savings Account 1.42% AER

Two accounts in the bonus-free easy access charts are offering unlimited additions and withdrawals at a competitive rate of 1.42%. The accounts are from Ford Money and RCI Bank. Freedom Savings Account from RCI Bank is an online-only account that requires a small minimum deposit of £100, while Flexible Saver from Ford Money needs a deposit of just £1 and can be opened online and by phone before becoming purely internet-operated.

Cash ISA

  • Coventry Building Society – Easy Access ISA (Online) 1.50% AER

Many of the best rates in the Moneyfacts.co.uk cash ISA Best Buy charts require notice before savers can access their funds, though there are several top deals available that don't have this restriction. Indeed, the rate currently at the top of the chart is from Coventry Building Society which is offering 1.50% on its Easy Access ISA (Online) and has no restrictions on additions or withdrawals. This online-only account requires a minimum deposit of £1, though it should be noted that the rate includes a 0.35% bonus until 31 July 2020.

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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