Best easy access savings accounts, October 2024 – earn up to 5%

It's all go in the savings marketplace following the announcement of the base rate cut and, for savers that want flexibility, the 5% top easy-access rate from Cahoot matches the 5% base rate. There are more than 273 easy-access savings accounts currently offering inflation-busting rates.  

Savers who want to lock in rates before they drop can still find decent returns with some one-year fixed savings accounts currently offering up to 4.82% AER.   

All the banks featured here are protected by the Financial Services Compensation Scheme (FSCS), meaning up to £85,000 of your savings are protected should a bank or financial firm go bust. 

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Best easy access savings accounts

Best easy access

Cahoot Sunny Day Saver - 5% AER 

This is an easy-access saver by a small division of Santander, called Cahoot. The saver can be opened with just £1. You can choose to have the interest paid annually or monthly. 

Even though the account has a maximum deposit of £2 million, you can only earn 5% AER on balances up to £3,000. No interest is earned on any sum above £3,000. The account can be opened and managed online.

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Santander Edge Saver - 6% AER

The 6% rate (variable) includes a 1.5% bonus for the first 12 months of opening the account. You can start saving with just £1, but interest is only paid on balances up to £4,000. You have the freedom to withdraw money when you like by transferring funds to another account via online banking.

This is the best easy access rate on the market right now, but it is restricted to Santander Edge current account holders. After a year, your Edge Saver will be changed to an Everyday Saver. You will be notified around 60 days before the change is made.  

Chip Easy Access Saver –  5% AER

With this Chip easy access saver, you can earn 5% on your cash at a boosted rate, including a 0.93% bonus for 12 months. The rate is a variable tracker available to all new and existing Chip customers.

There is no minimum balance and you can save up to £1million, with up to three penalty-free withdrawals in a year. If you go above your withdrawal limit, your rate will drop by a margin of 1.1%, bringing your overall rate to 3.9% after the rate boost. At the end of 12 months, this would drop to 2.97% when the boost expires. 

The account can be opened online and interest is paid monthly. 

Oxbury Bank Easy Access Account Special Edition - 4.87% AER

Earn 4.87% with this special edition easy access savings account from Oxbury Bank. You can save anywhere between £25,000 to £500,000. However, only £85,000 of your deposit will be eligible under the FSCS protection.

You can take out funds subject to cut-off times of 1pm on a working day. Interest is paid monthly and you can open and manage the account online.

Vanquis Bank Easy Access Account – 4.85% AER

You can start investing from £1,000 and go up to £250,000 to earn this variable rate with Vanquis Bank. Only up to a total of £85,000 is protected under the FSCS, and you can make deposits and withdrawals whenever you like penalty-free. 

The account can be opened online. Interest is paid at maturity. 

Coventry BS Triple Access Saver - 4.83% AER

You can open this limited-access account with just £1 and save a maximum of £250,000. But only £85,000 of your deposits are protected by the FSCS. 

Three withdrawals are permitted per year. From the fourth withdrawal, you will receive a charge equal to 50 days’ interest based on the amount you’re withdrawing. 

The saver can be opened online. Interest is paid monthly or annually. 

OakNorth Bank Easy Access Limited Edition – 4.82% AER

If you open this OakNorth easy access saver, you can deposit anywhere between £20,000 and £500,000 – though only £85,000 of your savings will be FSCS protected.  

You cannot open this as a joint account, but you can make unlimited deposits, and you must adhere to the minimum deposit investment within the first 14 days of opening the account. 

Interest is paid monthly and the account can be managed online. 

Monument Bank Easy Access Savings - 4.81% AER

You need at least £25,000 to open this account, and the maximum deposit amount is £400,000. Bear in mind that only up to £85,000 is protected with the FSCS. 

Interest is paid monthly, and there are no restrictions on withdrawals. The account can be opened and managed using the Monument Bank app. 

Chetwood Bank Easy Access – 4.81% AER

With this Chetwood account, you can earn 4.81% and there is no minimum or maximum deposit. But only up to £85,000 of your savings will be eligible for protection under the FSCS.

There is a 14-day cooling-off period, and you can take out money from your account at any time. Interest is paid at maturity and you can open the saver online.

Ulster Bank Loyalty Saver - 4.75% AER

Ulster Bank, part of the NatWest group is returning 4.75% AER. The saver requires a minimum deposit of £5,000 – anything less and the rate drops to 2%.

To qualify for this saver, you must hold an Ulster Bank current account. The Ulster Bank easy access savings account – known as the Loyalty Saver account can be opened and managed online. It is open to both new and existing customers. Interest is paid annually.

Aldermore Double Access Account - 4.75% AER

With this Aldermore Double Access Account, you can earn 4.75% by depositing anywhere between £1,000 and £1million. However, it’s worth noting that only £85,000 of your amount will be eligible for FSCS protection, not the entire sum.

You can make two withdrawals to your nominated account in any anniversary year. If you make more than two withdrawals, your rate will drop to 1.5%.

The account can be opened online, and interest is paid at maturity.

Paragon Bank Double Access Savings Account – 4.75% AER

Paragon Bank is offering 4.75% AER on its double access saver. You can start saving from £1,000 and go up to £500,000. But note that only £85,000 of your savings are protected under the FSCS.

Only two withdrawals are permitted per year. From your third withdrawal, the rate will drop to 1.5% AER. Interest can be paid monthly or annually and you can open the account online.

How do easy access accounts work?

Note that some banks and building societies offer introductory rates to entice you to open an account, so it is a good idea to keep an eye on rates and switch to another account when the rate drops. 

The Bank of England held interest rates at 5%, but many wonder if UK interest rates will continue to fall. 

With inflation also held at 2.2%, all eyes are on the central bank to see if it goes for another cut.

However, with the base rate being held again, savers might witness a flurry of activity in the savings market, which may not work in their favour. This means some of the best rates may not hang around for long, so you will need to be quick if you spot a good rate.  

And 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 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". Although some do make it clear in the name, like Paragon Double Access and Coventry BS Triple Access Saver.

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.