Coronavirus - Get the latest updates and resources from MyWalletHero - Find out more.
Advertiser Disclosure

The Best Easy Access Savings Accounts

Updated: 22nd May 2020

Easy access savings accounts offer the great combination of higher interest than most current accounts and (you guessed it!) easy access to your money. These accounts can be a great way to earn interest on your money while not overly restricting your access.


Offers from our affiliate partners appear first and are ordered from highest rating to lowest, followed by other top-rated offers. You can read more about our ratings and page sort here. Offers from affiliate partners are marked with *

Here are MyWalletHero’s picks for the best easy access savings accounts:

Great for: Earning interest with flexible access
4.5 stars question mark

The interest rate is all important with savings accounts, and the rate for the Online Savings Account at Marcus stacks up well. The rate doesn’t affect the flexibility of the account as you can easily access funds and can start savings with as little as £1.

HIGHLIGHTS

  • Competitive interest rate
  • Start saving with as little as £1
  • Flexible account that allows easy access to your funds
  • A joint account holder can also transfer money to and from account
  • Interest Rate (AER):

    1.05%
  • Account Type:

    Easy Access
  • Protection Scheme:

    FSCS
  • Account Minimum:

    £1

what we like

  • Competitive interest rate
  • Start saving with as little as £1
  • Flexible account that allows easy access to your funds

HIGHLIGHTS

  • Competitive interest rate
  • Start saving with as little as £1
  • Flexible account that allows easy access to your funds
  • A joint account holder can also transfer money to and from account

DISCLAIMER

Great for: Earning interest with flexible access
4 stars question mark

If you’re looking for a competitive interest rate with plenty of flexibility, Aldermore’s Easy Access Account is worth considering. The account offers unlimited withdrawals so you can take money out – or pay money in – whenever you like. You will need a minimum deposit of £1,000 to open the account however, which is higher than some other easy access accounts out there.

HIGHLIGHTS

  • Quick and easy online setup
  • Competitive interest rate
  • Unlimited withdrawals – take money out whenever you need it
  • Interest Rate (AER):

    1.00%
  • Account Type:

    Easy Access
  • Protection Scheme:

    FSCS
  • Account Minimum:

    £1,000

what we like

  • Quick and easy online setup
  • Competitive interest rate
  • Unlimited withdrawals – take money out whenever you need it

HIGHLIGHTS

  • Quick and easy online setup
  • Competitive interest rate
  • Unlimited withdrawals – take money out whenever you need it

DISCLAIMER

Great for: Flexible access while earning interest
4 stars question mark

This account offers a competitive rate, which is among the highest we’ve found. With unlimited payments and withdrawals you’ll have quick, flexible access to your money. Of note, this account requires a minimum initial deposit of £100 — which is a little higher than some.

HIGHLIGHTS

  • Competitive interest rate
  • Start saving from £100
  • Flexible account that allows easy access to your funds
  • Interest Rate (AER):

    1.05%
  • Account Type:

    Easy Access
  • Protection Scheme:

    FSCS
  • Account Minimum:

    £100

what we like

  • Competitive interest rate
  • Start saving from £100
  • Flexible account that allows easy access to your funds

HIGHLIGHTS

  • Competitive interest rate
  • Start saving from £100
  • Flexible account that allows easy access to your funds

DISCLAIMER

Great for: Earning interest with flexible access
3.5 stars question mark

This easy access savings account from Paragon Bank ticks plenty of boxes. You can start saving from as little as £1 and can manage your account easily online. This savings account also offers unlimited withdrawals and deposits, which allows you flexible access to your money.

HIGHLIGHTS

  • Apply and manage online
  • Start saving with as little as £1
  • Flexible account that allows easy access to your funds
  • Interest Rate (AER):

    0.5%
  • Account Type:

    Easy Access
  • Protection Scheme:

    FSCS
  • Account Minimum:

    £1

what we like

  • Apply and manage online
  • Start saving with as little as £1
  • Flexible account that allows easy access to your funds

HIGHLIGHTS

  • Apply and manage online
  • Start saving with as little as £1
  • Flexible account that allows easy access to your funds

DISCLAIMER

Great for: Earn interest with limited access
3.5 stars question mark

With Virgin Money’s Double Take E-Saver, you’ll earn more interest than your typical current account. And you can top up your savings whenever you like. However, this account isn’t quite as flexible as the average easy access — you can only withdraw twice per calendar year. There is a fun extra perk though: This account gets you access to Virgin Money Lounges.

HIGHLIGHTS

  • Earn interest on your savings
  • No long lockups, but only two withdrawals per year
  • Add to your savings whenever you like
  • Access to Virgin Money Lounges in London, Edinburgh, Glasgow, Norwich, Sheffield and Cardiff
  • Interest Rate (AER):

    1.01%
  • Account Type:

    Easy Access
  • Protection Scheme:

    FSCS
  • Account Minimum:

    £1

what we like

  • Earn interest on your savings
  • No long lockups, but only two withdrawals per year
  • Add to your savings whenever you like

HIGHLIGHTS

  • Earn interest on your savings
  • No long lockups, but only two withdrawals per year
  • Add to your savings whenever you like
  • Access to Virgin Money Lounges in London, Edinburgh, Glasgow, Norwich, Sheffield and Cardiff

DISCLAIMER

Great for: Earning interest with flexible access
3.5 stars question mark

Although mainly marketed at UK residents aged 50 or over, the Saga Easy Access Account is available to anyone over the age of 18. This easy access account offers you a flexible way to save your money, whilst offering a competitive interest rate. For the first 12 months you’ll get a bonus 0.20% interest, taking the interest rate for your first year up to 1.00%.

Read full review >

HIGHLIGHTS

  • Bonus 0.20% rate for the first 12 months
  • Start saving with as little as £1
  • Flexible account that allows easy access to your funds
  • Interest Rate (AER):

    1.00%
  • Account Type:

    Easy Access
  • Protection Scheme:

    FSCS
  • Account Minimum:

    £1

what we like

  • Bonus 0.20% rate for the first 12 months
  • Start saving with as little as £1
  • Flexible account that allows easy access to your funds

HIGHLIGHTS

  • Bonus 0.20% rate for the first 12 months
  • Start saving with as little as £1
  • Flexible account that allows easy access to your funds

DISCLAIMER


In this section:

What is an easy access savings account?

An easy access saving account places no restrictions on how you access your savings. These savings accounts allow you to access your money whenever you like. This makes them ideal if you need to dip into your savings for an unexpected expense or don’t want your money locked away for a period of time.

They also don’t tend to restrict how much you can withdraw or deposit (although some accounts do limit the number of withdrawals you can make without losing interest). So if you are not sure how much you can commit to saving each month, or don’t know how much you will need to withdraw from your savings at any one time, you won’t usually be penalised.

However, as these savings accounts don’t restrict access, they tend to have a lower rate of interest when compared with other savings accounts. But the good news is that they typically have a higher rate of interest than most current accounts.

What are the benefits of an easy access savings account?

The main benefit of an easy access account is accessibility. It’s the type of account you need if you expect to need to dip into your savings now and then. It lends itself to that emergency fund that savers keep aside and use if their washing machine fails or their car breaks down.

An easy access account can also be the first step towards a savings habit. If you want to save but aren’t sure you want to commit fully just yet, an easy access savings account allows you to deposit whatever you can. And it gives you the comfort of knowing you can access your money whenever.

They also typically have low starting deposit requirements. This isn’t the same across the board, but for most easy access accounts you will only need £1 to get going.

What’s the difference between easy access and fixed rate?

There are several differences between an easy access savings account and a fixed rate account. These range from accessibility to the amount of interest you can expect to earn. Let’s take a look:

Accessibility – Whereas with an easy access account you can dip into your savings whenever you want, with a fixed rate bond your money is invested for a fixed term (1 to 5 years). If you want to take your money out before the end of the agreed term, you may face a penalty charge.

Interest – Fixed rate bonds tend to offer a slightly higher rate of interest than easy access accounts. This is because you have committed to locking your money away for a period of time. Interest is also fixed for the term of your bond, whereas easy access accounts are typically variable rate deals.

Deposit – Many fixed rate bonds require a large initial deposit. Also, some fixed rate bonds don’t allow additional deposits during the term of the account. So, in order to make the most of the bond, you will need to pay in one large lump sum when you open it. In comparison, most easy access accounts can be opened with just £1.

Are my savings protected in an easy access savings account?

Easy access savings accounts are covered under the Financial Services Compensation Scheme (FSCS).

The FSCS means that you can recover your savings up to £85,000 if a bank, building society or credit union were to fail. The key thing to understand is that this is £85,000 per financial institution. If your savings amount to more than this, maybe try to spread them out across different banks and building societies.

How does an easy access savings account work?

Interest – With most easy access savings accounts, your interest will be paid on a yearly basis. This will either be on a set date or on the anniversary of the account opening.

When looking at an account, you may notice a difference between the AER (annual equivalent rate) and the gross interest rate on offer. This is because the AER assumes that you will keep your money in the account for the full year and therefore benefit from compound interest. Compound interest is the interest you accrue on the interest you have already earned.

Initial deposit – In order to open an easy access account, you will be required to make an initial deposit. With most accounts of this type this will be as little as £1, but you may find some have a higher minimum deposit requirement, e.g. £1,000.

Withdrawals – With this type of account, you can typically make a withdrawal whenever you like. However, some accounts may limit the number of withdrawals you can make each year without losing interest. Just make sure you read the account details before applying.

It’s also worth noting that some easy access accounts offer more-immediate withdrawals than others; it could take a few days for any withdrawals or transfers you make to go through. This is where they differ from instant access accounts.

What is an introductory bonus interest rate?

If you are comparing easy access accounts, you may see that some carry an introductory bonus – a bonus interest rate that is fixed for a period, typically a year.

For example, imagine an easy access account has an interest rate of 1%, but includes an introductory bonus of 0.2% fixed for 12 months. For that first year, you will earn 1.2% on your savings. However, after 12 months the interest rate will return to 1%. At this point, consider reviewing your rate and maybe switching your savings to another account.

It is also worth bearing in mind that the variable nature of easy access account interest rates means it is a good idea to review your rate on a regular basis anyway.

Which banks or building societies have the best easy access accounts?

The answer may be disappointing, as we can’t really say definitively which banks and building societies have the best easy access accounts.

What accounts are available and what their interest rates are fluctuate over time. So it is always worth checking back and comparing accounts if you are interested in opening a new one.

One important thing to note, though: at MyWalletHero, we don’t feature some of the smaller building society accounts. While these may offer a competitive rate, they can be in-branch only and/or apply to only a specific area of the UK.


The Motley Fool receives compensation from some advertisers who provide products and services that may be covered by our editorial team. It’s one way we make money. But know that our editorial integrity and transparency matters most and our ratings aren’t influenced by compensation. The statements above are The Motley Fool’s alone and have not been provided or endorsed by bank advertisers. The Motley Fool has recommended shares in Lloyds, Tesco and Barclays.