Best easy access savings accounts, January 2025 – earn up to 5%

It's all go in the savings market following the base rate cut in November. Currently, the 5% top easy-access rate from Chase is slightly above the 4.75% base rate.

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 4.77% AER.

According to Moneyfacts, the average easy access rate has fallen month-on-month and is now at its lowest since August 2023. However, around 216 easy access accounts now offer inflation-busting savings, so make sure you take advantage of them quickly before they're gone.

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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.

Best easy access savings accounts

Best easy access

Chase Saver With Boosted Rate – 5% AER

You can earn a 5% boosted rate within your first 31 days of opening a Chase saver. It includes an extra 1.5% AER that if fixed for six months, on top of the standard variable rate of 3.5% AER. But you may have to act quickly as this offer can be withdrawn at any time.

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.

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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 but 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.

Atom Bank Instant Saver Reward – 4.85% AER

There is no minimum opening deposit and you can go up to £100,000, but keep in mind that only £85,000 of your deposit will be protected by the FSCS.

If you make a withdrawal, the rate you earn drops to 3.25%. Interest is paid at maturity and you can open the saver on the Atom app.

Chip Easy Access Saver – 4.85% AER

With this Chip easy access saver, you can earn 4.85% on your cash at a boosted rate, including a 1.03% 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 to 3.75% after the rate boost. At the end of 12 months, this would drop to 2.72% when the boost expires.

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

Cahoot Sunny Day Saver – 4.75% 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 4.75% 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.

Monument Bank Limited Access Saver – 4.71% AER

With this limited saver account, you can make up to three withdrawals per year. From your fourth withdrawal, your interest rate will fall by 0.5% for the rest of the year.

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.

Close Brothers Savings Easy Access Account - 4.7% AER

You can open this Close Brothers Savings account with £10,000 and save a maximum of £2million. The FSCS protects only up to £85,000 of your deposits.

The easy access saver can be opened online and interest is paid monthly.

Principality BS Online Bonus Triple Access – 4.7% AER

You can start saving in this account with just £1 and go up to £1 million to earn this variable rate. But the saver restricts you to three withdrawals per year – so this might not be for you if you're looking for more flexibility.

The rate includes a bonus of 1.5% for the first 12 months. After a year, you will be notified of the rate without the bonus. Interest is paid annually and you can open the saver online.

Chetwood Bank Easy Access – 4.66% AER

With this Chetwood account, you can earn 4.66% 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.

Coventry BS 5 Access Saver – 4.66% 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. After your fifth 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.

West Brom BS Four Access Saver – 4.65% AER

With this West Brom easy access saver, you can start saving from just £1 and go up to £1million. However, only £85,000 of your amount will be eligible for FSCS protection.

You can make four withdrawals each year free of charge and without any notice. If you make any additional withdrawals, your interest rate will drop to 2.4% AER for the rest of the year, after which it will be reverted to the higher variable interest rate.

Interest is paid at maturity and you can open and manage the account online.

Buckinghamshire BS Online Single Access Saver – 4.6% AER

You need a minimum balance of £10,000 to open this saver and go up to £500,000. You can only make one withdrawal per calendar year. If you cross this limit, your rate will fall to 2.25% AER.

Interest is calculated daily and paid annually. The account can be opened 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 cut interest rates twice in 2024, but many wonder if UK interest rates will continue to fall. However, with the base rate falling, 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.