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The top easy access savings accounts with 5% interest

Rates on easy access accounts remain competitive, enticing savers to move their money from low interest accounts.

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There are still plenty of providers hitting the heights of 5%

The savings market has been one to watch this year, as we’ve seen significant growth in interest rates across all types of savings accounts. 

Previously, we reported that interest rates on fixed-rate accounts had been slowly dropping, but fortunately the average interest rates for easy and instant access accounts remained stable at 3.5%. 

And the good news continues, as there are still plenty of providers that are superseding the average rate by hitting the heights of 5%. 

This week, Chorley Building Society was at the forefront with its easy access saver account (one withdrawal) offering an attractive 5.3%, but this rate wasn’t around for long as it’s now unavailable for customers. 

This is important to note, as it illustrates the fast moving nature of this market. If you find an account that suits your needs and has a solid interest rate, it’s always worth acting quickly. 

So, what does the easy access market look like now? Here are the top accounts currently available… 

Paragon Double Access -  5.25%

  • Unlimited deposits 

  • Only two withdrawals per year 

This easy access account is in line with the base rate at 5.25%, and it has some flexibility to satisfy savers who want to save regularly. 

The account can be opened with a minimum deposit of £1,000 and you have unlimited deposits until you hit the limit of £500,000. However, easy access accounts do sometimes come with some restrictions - which is why it’s important to understand the subtle differences between instant and easy access. 

In this case, savers can only make two withdrawals every 12 months. If you follow this rule, then the interest rate will remain the same, but if you withdraw for a third time the interest rate will drop to 1.50%. 

Ulster Bank Loyalty Saver - 5.20%

  • Deposit and withdraw whenever you need to 

  • Unlock the interest rate by depositing £5,000

If you don’t fancy a limit on withdrawals, then it’s worth exploring Ulster Bank’s Loyalty Saver. This easy access account enables savers to deposit and withdraw money whenever needed. 

However, it’s important to note that you’ll need access to a digital device to apply and then manage the account online. Plus, there’s another catch - to enjoy its 5.20% interest rate you’ll need a balance of £5,000+, otherwise the interest rate drops to 2.25%. 

The good news is that if you do have £5,000 to save, you’ll get the interest on the entire balance and it’ll be paid annually. 

Beehive Money Limited Easy Access -  5.20%

  • Open with £1,000 deposit 

  • Unlimited withdrawals 

For savers that might not have £5,000, then there are some options with a lower opening deposit. Beehive has an easy access account for UK residents aged 18 and over and it can be opened online with £1,000, with a maximum balance of £85,000. 

It also comes with unlimited penalty-free withdrawals, so you can easily manage and access your money when you need it. The 5.20% interest rate is then just the icing on the cake!

Cynergy Bank Online Easy Access Account - 5.15%

  • Open with just £1

  • Unlimited, free withdrawals 

Cynergy Bank’s easy access account is also worth exploring as although it has the lowest interest rate of the ones previously mentioned at 5.15% - it can be opened with just £1. This makes it very accessible to savers who are keen to start their savings journey. 

It also comes with unlimited, free withdrawals so it’s suitable for anyone that wants to access their money whenever they need it. However, this account is online only, so bear in mind that you’ll need digital access. 

Overall, there are still fantastic products in the market for savers who want to put money away but with some withdrawal flexibility. 

Interest rates are also competitive, so if your money is sitting in an account earning little to no interest, it’s worth comparing savings accounts to see if you could be getting a better deal. 

Get the freedom you need to start saving.

About Lucinda O'Brien

As a trained journalist, Lucinda has spent the past 10 years writing and editing content for regional and national titles, including The Mirror, WalesOnline and Manchester Evening News. She is now a personal finance editor and specialises in savings, helping people to make confident financial decisions so they can save for what matters most.

View Lucinda O'Brien's full biography here or visit the money.co.uk press centre for our latest news.