Best Instant Access Savings Accounts | moneyfacts.co.uk

Instant Access Savings Accounts

  - Access your savings with no notice. These variable accounts give you instant access to your savings.

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Compare the Best Easy Access Accounts - no bonus

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AER Notice / Term Minimum Investment Account Opening Search all 1746 accounts
 

1.30%
None £100
  1. Yes
  2. No
  3. No
  4. No
Details...
Go to Site
 

1.25%
None £1000
  1. Yes
  2. No
  3. No
  4. No
Details...  

1.22%
None £1
  1. Yes
  2. No
  3. No
  4. Yes
Details...  

1.21%
Instant £1000
  1. Yes
  2. Yes
  3. Yes
  4. No
Details...  

1.20%
None £1
  1. Yes
  2. No
  3. No
  4. No
Details...  

1.20%
Instant £100
  1. No
  2. Yes
  3. Yes
  4. No
Details...  

1.11%
Instant £500
  1. No
  2. Yes
  3. No
  4. No
Details...  

1.08%
None £1000
  1. Yes
  2. No
  3. No
  4. No
Details...  

1.01%
Instant £1
  1. No
  2. Yes
  3. Yes
  4. Yes
Details...  

1.01%
None £10
  1. Yes
  2. No
  3. No
  4. No
Details...  
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1.00%
None £1000
  1. Yes
  2. No
  3. No
  4. No
Details...
Go to Site
 

0.20%
Instant £25000
  1. Yes
  2. Yes
  3. No
  4. Yes
Details...
Go to Site
 

0.10%
Instant £1
  1. Yes
  2. Yes
  3. No
  4. Yes
Details...
Go to Site
 

0.75%
None £1
  1. Yes
  2. No
  3. No
  4. No
Details...
Go to Site
 

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Easy & instant access savings accounts (without bonus) explained

'Easy access savings' sounds pretty self-explanatory, but as usual there is more to these accounts than meets the eye. To get to grips with what easy access savings accounts are and how to determine the best instant access savings account for you, read on.

What is an easy access savings account without bonus?

An easy access savings account allows additions and withdrawals without you having to give notice (as you would with a notice account). However, this doesn't mean that all these accounts provide unlimited access.

The best easy access savings accounts are the ones that can offer a high rate of interest as well as unrestricted access. Look at the 'Details' above to see if an account will allow only a certain number of withdrawals or comes with a penalty restriction, and pay attention also to the account opening and management options - unlimited access won't be of much help in an emergency if you'd need to drive to a faraway branch to get your money.

The accounts on this page are all without a bonus, which means they don't have an additional fixed rate for a certain time (usually 12 months) adding to their overall interest rates. Instead, the entire rate is as you see it in the chart above, and will be variable, which means it could change at any time. The easy access accounts with a bonus, on the other hand, will have a rate that includes a fixed bonus, so you'd still have a variable element, but also a guaranteed basic minimum rate for some time.

You'll notice that the interest rates on easy access savings accounts tend to be lower than on notice or fixed accounts. That's because you have to make a choice: do you want the highest savings rate, or quick access to your funds? Providers won't offer both, otherwise they'd never get people to sign up for a fixed rate bond.

Why should I get an easy/instant access account?

While you won't be able to get both a high rate and access, there's no reason why you can't get both an easy access account for an emergency pot and a fixed rate bond for better savings rates. Instant access accounts can also be ideal if you want to start a savings habit, but aren't sure if you can fully commit.

A lot of accounts will come with low investment minimums, which means you could in some cases just put in a single pound to start saving. Of course, the more you manage to put away, the more you'll be able to earn in interest, but there's no pressure to keep saving after your initial deposit.

So, if you want to dip your toe in the savings waters, are looking to put funds aside for an emergency pot (in case your car breaks down, for instance), or simply don't know when you'll want to make use of the funds again, don't let your money languish in your current account (unless it's a high interest current account that you're specifically using for a small savings pot, but that's another story). An easy access savings account might just be the best choice for you.

If you're still not sure, consider the alternatives. There are easy access accounts with temporary bonuses for those who'd like some security in their interest rate. Note, however, that you would need to review these accounts once the bonus expires, and the best instant access savings rates may be found on those accounts that don't have a bonus - always check both charts before making a decision.

Alternatively, you could potentially get a higher interest rate while still retaining unlimited access by looking at high interest current accounts, as mentioned above. The only downsides to these accounts are that they will usually require a certain amount of regular income and activity (such as multiple direct debits), and only pay interest up to a certain balance, so if you want to get interest on more than £2,000-3,000 you'd still be better off with a savings account.

The same low investment restriction applies to regular savings accounts. These tend to offer higher interest rates, but you'll only be able to put away maybe £50 to £500 per month. Additionally, most regular savers usually only allow you to access your funds again after a year, so they're not suitable for emergency pots.

Another easy access option is a variable rate cash ISA. These accounts may not offer the best interest rates, but they do allow for tax-free saving, and there are both notice and no notice options available depending on your needs.

As you can see, there are a lot of things to consider when deciding on what kind of account might be right for you. Just remember that there's nothing stopping you from getting a high interest current account for your everyday banking and then setting your surplus money aside in an easy access savings account.

What's the difference between an instant access account and an easy access account?

Note that instant and easy access savings accounts are here used interchangeably. Looking at the Notice/Term column in the table above, you will find that accounts that say Instant are those that can be managed in branch or come with a cash card, so you'll be physically able to withdraw your money instantly by visiting your provider or an ATM. With accounts that say None, you can still get access to your money easily, but you'd need to transfer it to a current account first. Whether you prefer the 24/7 access of an online account or the personal touch of a branch-based deal is up to you.

Broadly speaking, an instant access account will transfer your funds out instantly, so you could see them arrive in your current account within minutes, while an easy access account (otherwise known as a no notice account) can take a bit longer. However, if you do your banking online, it's likely that you won't see that much of a difference between the two.

For those who want to be completely certain that they'll be able to access their funds and take money out of their savings account quickly, keep an eye on the 'Notice / Term' column in the table above. If it says 'None', you're looking at a no notice/easy access account, so for extra speedy access you'll want an account that says 'Instant' instead. Just remember that the best instant access accounts may not be the best easy access account overall, so you'll have to ask yourself how important instant access is to you.

What next?

Compare the above accounts with:

And see which account or combination of accounts works best for you.

Not sure what AER is, or the difference between a gross and net rate? Read our guide on the subject.


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