If you want access to your money, but still want to earn some interest, then you could save in an instant or easy access savings account.

Here is what to think about before you choose which account to open:

  • Find the highest interest rate: This will give you a better return on your money

  • How much you need to open the account: This could be from 1p up to 10,000

  • How do you want to manage the account? Online, in a branch, by phone or post

Make sure to protect your money by saving in an account with a bank or building society that uses a compensation scheme, such as FSCS.

You can compare instant access savings accounts using our table to find the best rates.

What is the difference between instant and easy access?

The difference between the two types is you may need to wait a short period of time to access your funds in an easy access account because of the way they let you withdraw.

  • Instant access savings accounts let you withdraw your money at any point, with no penalty.

    You can usually transfer your money straight into your current account, or withdraw cash from a branch immediately.

  • Easy access savings accounts usually require you to link a separate account* to them to pay money in or make withdrawals.

    Alternative ways to withdraw from an easy access accounts include: faster payment, bank transfer or cheque by post.

* Such as a current account from the same provider.

How much do you need to open one?

You can open some instant access savings accounts with 1p, but the majority require 1 or more.

You can use our comparison table filters to find an account that can be opened with a specified amount, for example:

  • If you have less than 100

  • If you have more than 1,000

Instant access saving FAQs


How much can I save in an instant access account?


Usually as much as you want, but some accounts restrict how much you can save. This guide explains how to manage each type of account.


Can I get monthly interest with an instant access account?


Yes, however the majority of instant access savings account only offer interest paid out annually.


Is my money safe in an instant access savings account?


Most banks are backed by the Financial Services Compensation Scheme (FSCS) which protects your money up to 75,000 in a single institution.


Can I manage my instant access savings account online?


Not always, so make sure you check before you open the account. Our internet savings table only shows accounts that can be applied for online.


What is AER?


It is the Annual Equivalent Rate which tells you how much interest you will actually get paid until the end of the term of your chosen savings account.