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 5% AER from Chase Bank.
Savers who want to lock in rates before they drop can opt for a one-year fixed savings account, currently offering up to 4.45% AER.
According to Moneyfacts, many of the best easy-access accounts pay well above 4% AER, offered by lesser-known challenger banks. 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
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.
Snoop Easy Access Savings Account – 4.6% AER
With this variable savings account, you can start saving from just £1 and go up to £85,000. You can get your money on the same working day if you make a request before 11am. There are no restrictions on withdrawal.
It's worth noting that Snoop is not a bank, and your money will instead be held with Vanquis Bank Limited. However, your savings will be FSCS protected.
Interest is calculated and paid daily, and you can open the account online.
Chip Instant Access Account – 4.56% AER
New customers can earn a boosted rate of 4.56% with Chip’s Instant Access account for 12 months. Customers need to deposit at least £1 into the account. You can save up to £1 million, but only £85,000 is eligible for FSCS protection. Interest is paid monthly.
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 ate on balances up to £500,000.
You can open this account online. Interest is paid at maturity.
Sidekick Money Sidekick High Yield Cash Reserve – 4.51% AER
This saver allows you to 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 interest rate is 4.51% for balances of £1,000 to £34,999 and includes a 0.56% bonus for the first 12 months. The rate for balances of £35,000 upwards is reduced to 4.04% and does not include a bonus.
It's worth noting that Sidekick partners with UK-regulated banks to provide its savings products. The above deal is by OakNorth Bank, which means that your deposits will be protected under the FSCS scheme for up to £85,000 under OakNorth.
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 account, you must keep a minimum balance of £1 at all times.
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.
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