Best easy-access savings accounts – earn up to 5%
Easy-access savings accounts are offering inflation-busting rates of up to 5% on your cash savings, but they won't last for long. We look at the best interest rates on the market now
Easy-access savings accounts are a popular option for savers who want flexibility without sacrificing returns.
These accounts typically offer some of the top savings rates on the market while allowing penalty-free withdrawals, making them well-suited for emergency funds and short-term savings goals.
Currently, the leading easy-access rate is 5% AER from LemFi, a financial services app. If you want to lock in rates before they drop any further, you can opt for a one-year fixed savings account, currently paying up to 4.85% AER.
Try 6 free issues of MoneyWeek today
Get unparalleled financial insight, analysis and expert opinion you can profit from.
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Those hoping to maximise their tax-free savings allowance may also want to consider the best cash ISAs.
Below, we round up the best easy-access savings accounts on the market. The Bank of England held interest rates in April, so you may want to hurry to take advantage of the top rates.
All the banks featured here are protected by the Financial Services Compensation Scheme (FSCS), meaning up to £120,000 of your savings are protected should a bank or financial firm go bust.
Best easy-access savings accounts
Tembo Money HomeSaver – 4.75% AER
Tembo Money is a savings provider and not a bank; therefore, it doesn’t have its own savings accounts. The FSCS will still protect your money up to £120,000. You can earn 4.75% (variable) on your savings, which includes a 1.75% fixed bonus for 12 months. You can also get a conditional 1% fixed HomeSaver bonus – payable if you complete a mortgage through Tembo Money Limited within three years from opening this account. You can’t make over three withdrawals in one calendar year, and the account can be opened with just £10, up to 25,000. Interest is paid annually, and the account can be opened online via the Tembo app.
Chase Saver With Boosted Rate – 4.5% AER
You can earn a 4.5% boosted rate within your first 31 days of opening a Chase saver. It includes an extra 2.25% AER boost for 12 months on top of the standard variable rate. There is no minimum deposit requirement, and you can go up to £3 million. This offer is only available to new customers. Interest is paid monthly, and the account can be opened online.
Chorley Building Society Online Saver – 4.27% AER
With this Chorley BS account, you can earn 4.27% by saving anywhere between £1,000 and £500,000. But you can only make two withdrawals, and only up to £120,000 of your savings will be eligible for protection under the FSCS. Interest is paid annually, and you can open the saver online.
Mansfield BS Triple Access Bonus Saver – 4.25% AER
This account from Mansfield BS pays 4.25% if you save between £1 and £400,000, of which only £120,000 is eligible for FSCS protection. The interest rate includes a 1% bonus that is fixed for the first 12 months, after which it reverts to 3.25%. You can access your funds thrice each calendar year, and open the account in person or via post. Interest is payable annually.
Principality Building Society Online Bonus 5 Access – 4.25% AER
Starting with an investment of just £1, this easy-access saver allows you to save up to a maximum of £1 million at 4.25% interest. This rate includes a (variable) bonus of 1.95% for the first 12 months. You can withdraw money from this account five times a year without affecting the interest rate. The account can be opened online.
Sidekick Multi Shield – 4.23% AER
This saver can be opened online with a minimum balance of £10,000. The interest rate is 4.23% (variable) and includes a 1% bonus for six months on your first £120,000. It's worth noting that Sidekick partners with UK-regulated banks to provide its savings products. The rate is also a blended rate, which means that your first £120,000 is deposited at a higher rate partner bank, the second £120,000 at the next highest rate bank, and so forth. Since the above deal lets you allocate your funds across multiple banks, it is eligible for FSCS protection of up to £360,000. It is operated by Bondsmith.
Yorkshire Building Society Triple Access eSaver – 4.2% AER
Save anywhere from £1 to £500,000 in this Yorkshire BS account. You can make up to three withdrawals in a year, except for the first 14 days after opening your account. If you make a withdrawal using CHAPS, you will incur a fee. Interest is paid yearly and you can open the account online.
Charter Savings Bank Easy Access – 4.18% AER
Open this account with £1 and save up to £1 million, but keep in mind that only £120,000 of your deposit will be protected by the FSCS. Interest is paid annually on maturity and you can open the saver online.
Cahoot Simple Saver – 4.17% AER
Open this easy access saver with just £1 and save a maximum deposit of £2 million. But note, you can only earn the variable rate on balances up to £500,000, and only £120,000 of the sum is eligible for protection under the FSCS scheme. You can open this account online. Interest is paid at maturity.
Vida Savings Double Access Saver Issue – 4.16% AER
This savings account will let you earn 4.16% interest on deposits from £500 to £500,000 – but only £120,000 will be eligible for FSCS protection. Interest is paid annually and can be either paid out or compounded. You can withdraw money from this account two times a year without incurring a lower interest rate. The account can be opened and managed online.
Virgin Money Double Take E-Saver – 4.16% AER
Virgin Money is offering 4.16% (variable) on its easy-access saver, and you can open the account with just £1. Only sole accounts are allowed, and you can save up to £250,000; however, only £120,000 of your amount will be eligible for FSCS protection. As the name suggests, only two withdrawals can be made per calendar year. The account can be opened and managed online, and interest is paid monthly or annually.
Coventry BS 4 Access Saver 1 Year – 4.15% AER
The 4.15% rate from Coventry Building Society is paid on all balances between £1 and £1 million, of which only £120,000 is eligible for FSCS protection. You have the freedom to withdraw money from the account four times before you incur a 50-day removal of interest penalty. You can open this account online, in a branch, via post or over the phone.
How do easy-access savings accounts work?
Easy-access savings accounts let you flexibly save your cash, by making as many withdrawals as you like without incurring a penalty.
You will earn a variable interest rate, which means that the provider can increase or decrease the rate on your savings account as they choose, which is usually the case when the Bank of England cuts the base rate.
If a market-leading account that you opened a few months ago is not offering a good rate anymore, it's worth shopping around regularly to ensure your savings are working as hard as possible.
When can I withdraw money with easy-access savings accounts?
Traditionally, easy-access accounts should give you unlimited and flexible access to your savings.
However, there is now a trend for savings accounts to restrict the number of withdrawals – while still calling the account "easy-access". If you breach the limits, the penalty is normally a loss of interest, or falling onto a lower interest rate.
It means you'll need to look carefully at any restrictions on withdrawals (which could limit the frequency or the amount you take out) before opening an easy-access account.
