Compare instant and easy access savings accounts

Compare these easy access accounts that could earn you a high interest rate and let you withdraw your savings whenever you need to.

  • Withdraw your savings whenever you want
  • Earn competitive interest rates
  • Protected by the FSCS up to £85,000
sponsored
Investec Online Flexi Saver
Get instant access and unlimited withdrawals. Open with £5,000
sponsored
Clearbank - Chip Instant Access
Deposit and withdraw almost instantly. Open with just £1
Aldermore
Post Office Money
Skipton
Chip
Paragon
Investec
RCI Bank
Raisin UK
Yorkshire Building Society
Marcus by Goldman Sachs

How do I find the best instant access savings account?

1

The interest rate

A higher interest rate gives you a better return on your money

2

Minimum deposit requirement

Some accounts need just 1p, yet others need up to £10,000.

3

How you want to manage the account

Some accounts are online, yet others are managed in a branch, on the phone or by post

4

Whether your money's protected

Choose an account with a bank or building society that uses is backed by the FSCS compensation scheme.

Instant and easy access savings accounts deals

17 results found, sorted by highest interest rate. How we order our comparisons. Commission earned affects the table's sort order.
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My Community Bank Easy Access

Account type
Instant access
Open with
£1
Interest rate
5.17% AER variable on £20,000+
Protection scheme
FSCS
The interest rate you receive will vary based on your account balance.
No notice, penalty, or charge applies.
More Information
Rate Tiers
Gross rateGross rateAER rateAER rate
Excluding bonusIncluding bonusExcluding bonusIncluding bonus
£10%0%0%0%
£1,0002.52%2.52%2.55%2.55%
£20,0005.05%5.05%5.17%5.17%
Eligibility
Maximum Initial Deposit£85,000
Minimum Initial Deposit£1
Minimum Age18 years
Permanent UK Resident

Paragon Double Access Account (Issue 6)

Account type
Easy access
Open with
£1,000
Interest rate
5.16% AER variable
Protection scheme
FSCS
If more than 2 withdrawals are made in a 12 month period, the rate payable will drop from the date of the 3rd withdrawal, with the 12 month period resetting on the anniversary of the account opening date.
More Information
Rate Tiers
Gross rateGross rateAER rateAER rate
Excluding bonusIncluding bonusExcluding bonusIncluding bonus
£1,0001.5%5.16%1.5%5.16%
Eligibility
Maximum Initial Deposit£500,000
Minimum Initial Deposit£1,000
Minimum Age18 years
Permanent UK Resident

Hampshire Trust Bank Online Easy Access Account Issue 17

Account type
Instant access
Open with
£1
Interest rate
5.06% AER variable
Protection scheme
FSCS
No notice, penalty, or charge applies.
More Information
Rate Tiers
Gross rateGross rateAER rateAER rate
Excluding bonusIncluding bonusExcluding bonusIncluding bonus
£15.06%5.06%5.06%5.06%
Eligibility
Maximum Initial Deposit£250,000
Minimum Initial Deposit£1
Minimum Age18 years
Permanent UK Resident

Aldermore Double Access Account (Issue 1)

Account type
Easy access
Open with
£1,000
Interest rate
4.9% AER variable
Protection scheme
FSCS
The rate includes an ongoing bonus subject to a maximum of 2 withdrawals per 12 month period. Further withdrawals are permitted however a lower rate of interest will be paid.
More Information
Rate Tiers
Gross rateGross rateAER rateAER rate
Excluding bonusIncluding bonusExcluding bonusIncluding bonus
£1,0001.5%4.9%1.5%4.9%
Eligibility
Maximum Initial Deposit£1,000,000
Minimum Initial Deposit£1,000
Minimum Age18 years
Permanent UK Resident

Clearbank - Chip Instant Access

Account type
Instant access
Open with
£1
Interest rate
4.84% AER variable
Protection scheme
FSCS
The account is offered and managed by Chip. ClearBank is responsible for only the provision of the account and holding your funds which are FSCS protected (subject to eligibility).
Only bank accounts from certain providers will work with the Chip App. This savings product is only for Chip users. Account is available on all Chip plans including free option.
No notice, penalty, or charge applies.
More Information
Rate Tiers
Gross rateGross rateAER rateAER rate
Excluding bonusIncluding bonusExcluding bonusIncluding bonus
£14.74%4.74%4.84%4.84%
Eligibility
Maximum Initial Deposit£250,000
Minimum Initial Deposit£1
Minimum Age18 years
Permanent UK Resident

Yorkshire Building Society Internet Saver Plus Issue 14

Account type
Instant access
Open with
£1
Interest rate
4.8% AER variable
Protection scheme
FSCS
No notice, penalty, or charge applies.
More Information
Rate Tiers
Gross rateGross rateAER rateAER rate
Excluding bonusIncluding bonusExcluding bonusIncluding bonus
£14.8%4.8%4.8%4.8%
Eligibility
Maximum Initial Deposit£500,000
Minimum Initial Deposit£1
Minimum Age16 years
Permanent UK Resident

Skipton Single Access Saver Issue 2

Account type
Easy access
Open with
£15,000
Interest rate
4.8% AER variable
Protection scheme
FSCS
Up to one withdrawal is allowed each calendar year, without notice or penalty after which no further withdrawals are permitted until the next year, except closure. If the customer needs to make a further withdrawal within the same year they can do so by closing the account.
More Information
Rate Tiers
Gross rateGross rateAER rateAER rate
Excluding bonusIncluding bonusExcluding bonusIncluding bonus
£15,0004.8%4.8%4.8%4.8%
Eligibility
Maximum Initial Deposit£1,000,000
Minimum Initial Deposit£15,000
Minimum Age16 years
Permanent UK Resident

Marcus by Goldman Sachs Online Savings

Account type
Instant access
Open with
£1
Interest rate
4.75% AER variable
Protection scheme
FSCS
No notice, penalty, or charge applies.
More Information
Rate Tiers
Gross rateGross rateAER rateAER rate
Excluding bonusIncluding bonusExcluding bonusIncluding bonus
£14.15%4.65%4.24%4.75%
Eligibility
Maximum Initial Deposit£250,000
Minimum Initial Deposit£1
Minimum Age18 years
Permanent UK Resident

Saga Easy Access Savings Account

Account type
Instant access
Open with
Any amount
Interest rate
4.75% AER variable
Protection scheme
FSCS
No notice, penalty, or charge applies.
More Information
Rate Tiers
Gross rateGross rateAER rateAER rate
Excluding bonusIncluding bonusExcluding bonusIncluding bonus
£14.15%4.65%4.24%4.75%
Eligibility
Maximum Initial Deposit£100,000
Minimum Age18 years
Permanent UK Resident

RCI Bank Freedom Savings Account

Account type
Instant access
Open with
£100
Interest rate
4.75% AER variable
Protection scheme
FSCS
No notice, penalty, or charge applies.
More Information
Rate Tiers
Gross rateGross rateAER rateAER rate
Excluding bonusIncluding bonusExcluding bonusIncluding bonus
£1004.75%4.75%4.75%4.75%
Eligibility
Maximum Initial Deposit£250,000
Minimum Initial Deposit£100
Minimum Age18 years
Permanent UK Resident

What is an instant access savings account?

An instant access or easy access savings account is a bank account for your savings. It's more flexible than most other savings accounts. You can earn interest, but still dip in to your money whenever you need to and deposit money at your choosing.

Is an easy access savings account right for me?

Keeping your money safe in the most profitable place is sensible. Sometimes, this can mean putting it into an account with restrictions. But you might prefer to know your savings are within easy reach, in case you need to dip into them.

If you want access to your savings whenever you like, but would still like to earn some interest, an instant access savings account might be for you. Or you could look at an easy access savings account. With savings accounts your money is protected by the FSCS as well¹.

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

Instant access savings accounts

As the name implies, with an instant access savings accounts you can access your savings instantly. You can either transfer the money into your current account or withdraw it at a branch. There's no penalty for taking money out.

Easy Access Savings Accounts

With easy access savings accounts, while you can withdraw your money easily, it might take a short while to get to your money. Sometimes you have to link your easy access account to another account, and withdraw money into that account.

How much do you need to open an instant access savings account?

The best instant access savings accounts can be opened with as little as 1p. Most need £1 or more. Some need as much as £10,000.

Use our comparison table to find the best instant access accounts. Then use the filters to find accounts that can be opened with a specific amount. For example, you could find one that needs you to put in less than £100. Or you could search for instant access savings accounts that need you to put in more than £1,000.

What are the pros and cons of instant access or easy access savings accounts?

  • Withdraw your money whenever you like
  • No penalties for withdrawing cash
  • Open an account with as little as £1
  • Deposit money whenever you can
  • Lowest interest rates compared to other savings accounts
  • Some easy access accounts take a few days to process withdrawals
  • Your money could lose value if the interest rate is below the inflation rate

Do I pay tax on interest I earn from my instant savings account?

Most people don't pay tax on savings interest because everyone has a Personal Savings Allowance. It's only people with lots of savings that pay interest on them.

Basic-rate taxpayers can earn £1,000 in savings interest tax-free and higher-rate taxpayers can earn £500.

Find out more about paying tax on your savings here.

Is there an instant savings account with a high interest rate?

Some of the best easy access accounts pay a slightly higher rate than others.

But you should be aware of restrictions. Accounts with the best instant access savings rates might be online only, or might have strict rules. For example, some accounts may only allow a certain number of withdrawals in a year.

The best easy access savings option will have a good rate and restrictions that won't be a problem for you personally.

child savings

What is the best way to save for your child?

Saving for a child's future is a crucial part of planning your family's finances. There is no perfect formula and every family will have their own best options. However, there are a number of ways you can choose to save for your child, so you should be able to find a product to fit your financial goals.

The best way to save for your child is likely to be through a children's savings account. It is a savings account that can only be opened by, or on behalf of, a child under 18.

For example, an instant access children's savings account will let you pay money in and take it out when it's needed, but will not usually offer you very competitive interest rates.

If access is not a priority and you are looking for higher interest accounts, fixed term bonds and junior stocks and shares ISAs could produce a better return on your child's money.

Read more about saving for your children.

What's the best instant access savings accounts for over 60s?

If you're looking for the savings accounts for over 60s, you'll see that there aren't many age-specific accounts available.

There are a few, but they don't pay high rates in comparison to other easy access ISA options that aren't age-specific.

Instead, you might be better off doing a more general search. Or, you could just look at traditional savings accounts with good rates, which also give you easy access to your money.

Instant access saving FAQs

Can you earn interest monthly with an instant access savings account?

Yes, but you need to shop around. While most instant access savings accounts only offer interest paid out annually, some pay out monthly interest instead.

Is my instant access savings account protected?

Most banks are backed by the Financial Services Compensation Scheme (FSCS) which protects your money up to £85,000 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.

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.

Explore savings guides

See more guides

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Read More

What's the best place for your money?

Knowing what to do with savings can be difficult, especially with inflation so high. Here is what you can do if you have money to invest.

Read More

Why compare savings accounts deals with money.co.uk?

Comparing savings accounts could save you money. Our multiple award-winning comparison service makes sure you get the lowest fees and rates possible based on your individual circumstances. Our aim is to provide you with the most up-to-date information, as well as useful tools and calculators so to help you make life's most important decisions and take control of your money.

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¹FSCS protection for banks, building societies and credit unions is up to £85,000 per person per banking licence, or up to £170,000 for joint accounts.

Last updated: 20 September, 2021