With so many savings accounts on the market, finding the right one takes more than a quick glance at a headline rate. The best easy access savings account for you depends on your balance, how often you need to dip in, and whether you want to manage everything via an app or prefer a more traditional provider.
This guide covers what to look for, how to compare accounts fairly, and the key questions to ask before you open one. For the current best rates, we recommend checking comparison sites such as MoneySavingExpert or Moneyfacts alongside this guide, as rates change frequently.
What is an easy access savings account?
An easy access savings account lets you deposit and withdraw money without restriction — no fixed term, no notice period, no penalties. You earn interest on your balance, and the rate is variable, meaning the provider can change it at any time.
If you’re new to easy access accounts, our full explainer on how easy access savings accounts work covers everything you need to know before opening one.
What makes a good easy access savings account?
When comparing easy access accounts, these are the factors that matter most:
Interest rate (AER)
The AER — Annual Equivalent Rate — is the standard measure used to compare savings rates fairly. It accounts for how often interest is compounded, so it’s the most accurate figure to compare across providers. The higher the AER, the more your money earns.
Use our savings calculator to see exactly how much interest you’d earn at different rates based on your balance.
Introductory bonus rates
Many of the highest-rated easy access accounts include a bonus rate for the first 12 months — after which the rate drops, sometimes significantly. Always check what the rate reverts to after the bonus period ends. An account that pays 5% for 12 months and then drops to 2.5% may not be the best choice if you’re likely to leave the money there long-term.
Withdrawal restrictions
Some accounts that market themselves as “easy access” have hidden restrictions — for example, limiting you to a certain number of fee-free withdrawals per year, or reducing your interest rate if you make more than a set number of withdrawals in a month. Always read the terms carefully before opening.
FSCS protection
The Financial Services Compensation Scheme (FSCS) protects up to £85,000 per person, per institution. Always confirm your provider is FSCS-protected — and if you have more than £85,000 to save, consider splitting it across more than one institution to ensure full protection.
App and online experience
If you want to manage your savings from your phone, the quality of the app matters. App-based providers like Chip and Plum have built their entire proposition around a slick mobile experience, making saving more intuitive and accessible.
Minimum deposit
Some accounts require a minimum opening deposit — this can range from £1 to £1,000 or more. Make sure you meet the requirement before applying.
Types of easy access savings account
Not all easy access accounts are the same. Here are the main types available in the UK:
Instant access savings accounts
The most common type — you can deposit and withdraw at any time with no restrictions. Most online and app-based savings accounts fall into this category. Rates vary significantly between providers, so shopping around is essential.
Regular savings accounts
These require you to save a set amount each month — typically between £25 and £250 — in exchange for a higher rate. They’re excellent for building a savings habit but usually come with restrictions on withdrawals and have a maximum balance or fixed term.
App-based savings accounts
Providers like Chip and Plum offer savings accounts managed entirely through a smartphone app. They often use smart technology to analyse your spending and automatically set money aside for you — making saving feel effortless. Many offer competitive rates alongside these features.
What to watch out for
Rate drops after the introductory period. As mentioned above, bonus rates are common. Set a reminder to review your rate after 12 months and switch if a better deal is available.
Multiple brands under one banking licence. Some banking groups operate multiple brands — for example, Halifax and Bank of Scotland are both part of Lloyds Banking Group. If you have savings with both, only £85,000 in total is FSCS-protected across the group, not £85,000 per brand. Always check which banking licence your provider operates under.
Accounts that require a current account. Some providers only offer their best savings rates to existing current account customers. Factor this in when comparing — the best rate may not be available to you without switching your main bank.
How to open an easy access savings account
Opening a savings account online or via an app typically takes under ten minutes. You’ll need:
- Your full name, address, and date of birth
- Your National Insurance number
- Proof of identity (usually verified automatically via a soft credit check)
- Your existing bank account details to link for transfers
Most accounts are approved instantly. Once open, you transfer money in from your linked current account and start earning interest straight away.
How much could I earn?
The interest you earn depends on your balance and the AER. Use our free savings calculator to see exactly what you’d earn over 1, 2 or 3 years at different rates — and to compare how much extra you’d make by switching from your current account to a more competitive provider.
Easy access vs other savings accounts
Easy access accounts are the most flexible savings option, but they’re not always the highest paying. If you have money you genuinely won’t need to touch for a year or more, a fixed rate savings account will typically offer a better return. If you want more than easy access but aren’t ready to commit to a fixed term, a notice savings account is worth considering.
For most people, the practical approach is to use an easy access account for your emergency fund — typically three to six months of living expenses — and consider other account types for any surplus savings on top of that.
Summary
The best easy access savings account is the one that pays a competitive rate, has no hidden withdrawal restrictions, and suits the way you want to manage your money. Rates change frequently, so it pays to review your account at least once a year and switch if a better deal is available. Use our savings calculator to see what your money could be earning — and make sure wherever you save is FSCS-protected.