Savers will be wanting to get the best interest rates on savings available following the base rate cut last week. Currently, the top easy access rate is 5% from Chase, which is half a percentage point above the 4.5% 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 4.75% 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 almost 200 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
Coventry Building Society 4 Access Saver – 4.85% AER
The 4.85% rate from Coventry Building Society is paid on all balances between £1 and £250,000. You have the freedom to withdraw money from the account four times before you face incurring a 50 day removal of interest penalty. You can open this account online.
Monument Bank Limited Access Saver – 4.75% AER
You can make up to three withdrawals per year with this limited saver account. From your fourth withdrawal, your interest rate will fall by 0.5% for the rest of the year. The account can be opened and managed using the Monument Bank app.
You need at least £25,000 to open this account, and the maximum deposit amount is £2 million. Bear in mind that only up to £85,000 is protected with the FSCS.
Sidekick Money Sidekick High Yield Cash Reserve – 4.75% AER
This saver will let you make unlimited withdrawals without affecting your interest rate and can be opened online with a minimum opening balance of £1,000. The maximum amount you can invest in the account is £500,000. The FSCS will only cover £85,000.
The interest rate is 4.75% for balances of £1,000 to £34,999 and includes a 0.45% bonus for the first 12 months. The rate for balances of £35,000 upwards is reduced to 4.3% and does not include a bonus.
Principality Building Society Online Bonus Triple Access Issue 6 – 4.7% AER
Starting with an investment of just £1, this easy access saver allows you to save up to a maximum of £1 million at 4.7% interest. This rate includes a 1.5% bonus for the first 12 months.
You can withdraw money from this account three times a year without affecting the interest rate. Open online.
Chetwood Bank Easy Access – 4.66% AER
This easy access savings account allows you to save at an interest rate of 4.66% without a minimum opening amount. Chetwood also does not put any limits on the amount of money you can put in the account.
The account can be opened online, and you can withdraw money from it one time a day.
West Brom Building Society Four Access Saver (Issue 2) – 4.65% AER
With this saver, you can earn 4.65% on balances from £1 to £1 million. When depositing higher amounts bear in mind that the FSCS only protects £85,000.
You can make up to three penalty-free withdrawals in a year. If you go above your withdrawal limit, you will be subject to a lower savings rate. The account can be opened online and interest is paid annually.
Vida Savings Defined Access Issue 1 – 4.63% AER
This savings account will let you earn 4.64% interest on deposits from £10 to £85,000. Interest is paid annually and can be either paid out or compounded.
You can withdraw money from this account up to four times a year before incurring a lower interest rate. Open online.
The Bank of London Flagstone Easy Access Account – 4.62% AER
With an interest rate of 4.62%, this easy access saver allows you to withdraw money as many times as you like without affecting the interest rate. It can be opened online.
You must pay at least £10,000 to open the account, and you can deposit a maximum of £85,000. Open online.
Atom Bank Instant Saver Reward – 4.6% 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.
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?
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.
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.
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