Best easy-access savings accounts – earn up to 5%
The best easy-access savings accounts are now offering up to 5% on your cash savings. We look at the best rates on the market now.
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.
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 Revolut and LemFi. If you want to lock in rates before they drop any further, you can opt for a one-year fixed savings account instead.
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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.
Best easy-access savings accounts
LemFi Instant Access Savings Account – 5% AER
The easy-access savings account is from LemFi, a financial services platform that is powered by ClearBank.
You can earn a boosted rate of 5%, which will revert to 3.04% after six months. Savers can fund the account from just £1 and go up to £250,000 – though it's worth noting that only £120,000 of the amount will be eligible for FSCS protection.
Interest is paid monthly or at maturity, and the account can be opened on the LemFi app.
Tembo Money HomeSaver – 4.55% 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 4.55% (variable) on your savings, which includes a 1.55% 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.
Plum Easy Access Account – 4.52% AER
New Plus customers can enjoy a boosted 4.52% (variable) rate for six months, after which the rate will revert to 3.05%. It applies to the first £20,000 deposited within 14 days, but you can save any amount from £1. The higher rate is available to all Plum Subscription tiers on a Basic (Free), Plus (£3.99/m), Boost (£7.99/m) and Max (£14.99m) plan. Interest is paid monthly, and you can open the account on Plum's app.
Saga Easy Access Savings Account – 4.5% AER
This saver is only available for over 50s, who can earn a bonus rate of 1.64% for the first 12 months. You can deposit between £1 and £250,000 at once but can hold up to £1 million. However, only £120,000 of that sum will be FSCS-protected. There are withdrawal limits of up to £10,000 at a time and £20,000 within 24 hours. The account can be opened online, with interest paid on a monthly basis.
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.
Cahoot Simple Saver – 4.32% 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.
Post Office Money Online Saver – 4.31% AER
You can earn a boosted rate of 4.31% if you save between £1 and £2 million in this Post Office saver. The rate will revert to 0.9% after 12 months, and it's also worth noting that only £120,000 of your amount will be protected under the FSCS. You can open this account online. Interest is paid monthly or annually.
Ulster Bank Limited Edition Saver Account – 4.3% AER
This Ulster Bank limited edition saver pays 4.3% interest, which includes a fixed 12-month bonus of 2.75%. The top rate is paid when you save between £5,000 and £3 million – though only up to £120,000 of your savings will be eligible for protection under the FSCS. Interest is calculated daily and paid on the first business day of each month and at maturity. The account can be opened online.
United Trust Bank UTB Limited Access Saver Account – 4.3% AER
UTB is paying a variable rate of 4.3% if you save anywhere between £5,000 and £150,000. Only £120,000 of your balance is eligible for FSCS protection, and you will have 14 days after you submit your application to fund your account. If you make over two withdrawals, your rate will drop to 2.75%. Interest is calculated daily and paid annually on 31 October and at maturity. The account can be opened 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.
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.
Cynergy Bank Easy Access Account – 4.23% AER
You can grow your savings with 4.23% interest, which includes a 2% fixed bonus for the first 12 months. This saver can be opened with just £1, and you can save up to £ 1 million. Note that only £120,000 of your money will be protected by the FSCS. You can open this account online, and interest is paid annually.
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.
