Best easy-access savings accounts – earn up to 4.5%
Easy-access savings accounts are offering inflation-busting rates of up to 4.5% on your cash savings, but they won't last for long. We look at the best interest rates on the market now
If you need flexibility with your cash, easy-access savings accounts are a good place to start.
These accounts typically offer top savings rates while allowing you to make penalty-free withdrawals, making it a good option for those who want an emergency fund to cover any unexpected costs.
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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.
Best easy-access savings accounts
Cahoot Simple Saver – 4.4% 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. You can open this account online. Interest is paid at maturity.
Dudley BS 2 Access Bonus Saver – 4.25% AER
You can save from £1,000 to £500,000 in this double-access saver from Dudley BS. It means that only two instant withdrawals are permitted within a 12-month period, after which your interest rate will drop to 3.6%. Moreover, just £120,000 of your savings are eligible for FSCS protection. Interest is paid annually. The account can be opened at a branch or via post.
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.
Teachers BS Double Access Savings for Teachers – 4.2% AER
This account is restricted to teachers (including those retired) and other education professionals. With this Teachers limited access saver, you can make up to two penalty-free withdrawals per calendar year. If you go over the limit, your rate will drop to 1.25%. You can save anywhere between £100 and £100,000, and the account can be opened online or via post. Customers can manage their savings online or over the phone. Interest is paid annually.
Kent Reliance Exclusive Easy Access Account – 4.17% AER
This account requires a minimum deposit of £1,000, and you can save up to £1 million. After opening the account, you must keep a minimum balance of £1 at all times. You can only open the account in the branch, and you can opt for interest to be paid monthly or annually.
Vida Savings Defined Access – 4.11% AER
This savings account will let you earn 4.11% 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.
DF Capital Easy Access Account – 4.1% AER
You can open this account with £1,000 and save a maximum of £250,000. The FSCS protects up to £120,000 of your deposits. You have the freedom to withdraw money, but you must give one working day's notice and the minimum withdrawal amount is £1,000. The saver can be opened online, but can be managed either by phone, email or using internet banking. Interest is paid monthly into a nominated bank account.
Vanquis Bank Triple Access Saver Account – 4.08% 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 £120,000 is protected under the FSCS. Up to three penalty-free withdrawals are allowed, after which your rate will drop to 2.25%. The account can be opened online. Interest is paid at maturity.
Charter Savings Bank Easy Access – 4.06% AER
Open this account with £1 and save up to £1 million, but keep in mind that only £120,000 of your deposit will be protected by the FSCS. Interest is paid annually on maturity and you can open the saver online.
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.
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