Best easy-access savings accounts – earn up to 4.77%

Savers will want to get the best interest rates on savings available following the interest rate cut in May. Currently, the top easy-access rate is 4.77% AER from Atom Bank.

Savers who want to lock in rates before they drop can opt for a one-year fixed savings account, currently offering up to 4.44% AER.

According to Moneyfacts, many of the best easy-access accounts pay well above 4.00% AER, offered by lesser-known challenger banks. So make sure you take advantage of them quickly before they're gone.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

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

Sign up

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

Chip Easy Access Account – 4.77% AER

New customers can earn a boosted rate of 4.77% with this Chip saver for a period of 12 months, after which it reverts to the standard rate of 3.3%.

You can deposit up to £1 million with no lower limit, and make three penalty-free withdrawals in a year.

The account can be opened online, and you will need to enter the promo code EASY12 for the 1.47% boost on your account. Interest is paid monthly.

View Deal

Atom Bank Instant Saver Reward – 4.75% AER

With Atom Bank, 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%. Interest is paid at maturity, and you can open the saver on the Atom app.

West Brom Building Society Four Access Saver – 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 – 4.63% AER

This savings account will let you earn 4.63% 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 without incurring a lower interest rate. The account can be opened and managed online.

Cahoot Simple Saver - 4.55% 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 4.41% rate on balances up to £500,000.

You can open this account online. Interest is paid at maturity.

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 1.75% AER that is fixed for six months on top of the standard variable rate. 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.

Coventry Building Society 4 Access Saver – 4.5% AER

The 4.5% 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 incur a 50-day removal of interest penalty.

You can open this account online, in branch, via post or over the phone.

Harpenden BS Online Instant Access - 4.5% AER

This online access saver lets you deposit anywhere between £100 to £250,000. You must do this within 14 calendar days of opening the account and by bank transfer.

Interest is paid annually on 31 December. You can open this account online.

Principality Building Society Online Bonus Triple Access – 4.5% AER

Starting with an investment of just £1, this easy-access saver allows you to save up to a maximum of £1 million at 4.5% 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. The account can be opened online.

Kent Reliance Easy Access Account - 4.46% AER

This account requires a minimum deposit of £1,000 and you can save up to £1 million. After opening the saver, you must keep a minimum balance of £1 at all times to keep the account in use.

You can open the account online or in the branch, and you can opt for interest to be paid monthly or annually.

How do easy-access 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 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.