Best easy-access accounts: Today’s latest rates

As the name suggests, easy-access accounts provide straightforward access to your cash. They can be the simplest type of saving account and are a good idea if you want to regularly deposit and withdraw funds.

Easy-access accounts usually have variable interest rates, meaning the rate can be increased and decreased at the provider’s discretion – it should always let you know before the rate changes, however.

These accounts can come with a range of terms that mean you might not want to hold the account for the long term. For instance, some include introductory bonus rates, which are temporary offers to attract new customers. They’re usually good deals, but you’ll need to keep an eye on when they end and switch as soon as they do.

Some accounts also have limited access – for instance, only allowing a certain number of withdrawals each year. If you exceed these, you may be punished with a lower interest rate or the account may automatically close. The best bet is to make sure you’re clear on the terms before you sign up.

In this guide, Telegraph Money explains:

• How we determine the best rates
• The best easy-access savings accounts
• Expert opinion: Things to consider when choosing an easy-access savings account
• Easy access account FAQs

How we determine the best rates

The Best Buy tables show the best savings rates widely available in the market. This means certain accounts are excluded, including those that require minimum deposits of more than £25,000 or are available only to local or existing customers.

The data in these tables is provided by Savings Data Limited and is compiled using automated tracker tools and updates from savings providers. Savings Data Limited then manually checks the information and enters it into a database that feeds the live tables, which update daily.

The savings accounts shown are protected by the Financial Services Compensation Scheme. The information in this article is intended for information purposes and should not be taken as endorsement or advice.

Best easy-access savings accounts

See the table below to see the current top-rate easy-access savings accounts.

There are lots of other accounts that will let you access your cash. See our guides to the best current accounts that pay interest, the best regular accounts and best notice accounts – not to mention our guide to the best cash Isas, which lists out the top tax-free accounts.

For options on the top rates when you lock your cash away for a year or more, see our guide to the best fixed-rate bonds.

Expert opinion: Things to consider when choosing an easy-access savings account

Caitlyn Eastell, of Moneyfactscompare.co.uk, said: “Easy-access accounts are useful for keeping an emergency fund to cover any unexpected costs, as they allow savers to dip in and out when needed.”

But there are downsides, she added: “As the money isn’t locked away, it may be more tempting for savers to unnecessarily withdraw cash.

“The interest rates on easy-access accounts are variable, so could drop at short notice. In some cases, the number of withdrawals may be limited and, if exceeded, may cause the rate to drop dramatically.”

Mark Hicks, of Hargreaves Lansdown, added: “Easy-access accounts are probably the most popular in the market at the moment, offering good rates.

“However, clients do need to be aware that this rate is not guaranteed. It is important to monitor the easy-access product as quite often clients forget and then a year later, realise the rate is not attractive.”

Easy access account FAQs

What is the difference between instant-access and easy-access?

While instant-access and easy-access accounts are very similar, the slight difference is that instant-access accounts allow you to make withdrawals directly from the account, with no limit on how much you can withdraw or when you can take money out.

An easy-access account can include some restrictions, such as those we’ve mentioned above. Easy-access accounts might also have daily withdrawal limits and you might need to transfer the cash to a current account before you can actually spend it.

How much should I have in easy-access savings?

It’s generally accepted that you should have between three and six months’ worth of living expenses saved to fall back on in an emergency. It’s good to hold this money in an easy-access account that allows you to withdraw quickly, whenever you might need it.

What is the minimum balance for an easy access account?

The minimum balance for an easy-access account can vary hugely, from as little as £1 up to £10,000. Shop around for the account which best suits your needs and budget.