Best easy access savings accounts – November 2022

Rising interest rates have boosted the returns on instant-access savings accounts. We look at the top rates available on the market now.

If you’re looking for the best saving accounts, but want easy access – the good news is you can still earn some interest now.

Earlier this month, the Bank of England raised interest rates again when it met last week, from 2.25% to 3%, meaning interest rates on savings are also on the rise. The hike comes as the Bank continues to try to get inflation back to its target of 2%. 

This spells bad news for borrowers, but rising interest rates benefit savers when banks pass the increase on to savers. If you have cash savings sitting in a low-interest account, or are thinking of setting some aside, you might want to take advantage of high rates with an easy-access savings account. 

Kalpana Fitzpatrick, MoneyWeek’s senior digital editor and author of Invest Now, says: We all need cash savings for short term goals and emergency cash to pay for unexpected costs. Easy-access accounts are the best place for emergency savings, as you may need access to your savings at short notice. So, although the rates are far from inflation busting, they do mean you can for the first time in years earn something on your savings.” 

Easy-access savings accounts do not require you to give notice to access your savings and you do not have to lock your money away for a set period before you get paid interest.  

Here are the best easy-access accounts available now. MoneyWeek uses data from Defaqto to regularly update this article. All the banks we mention are protected by the Financial Services Compensation Scheme, which means up to £85,000 of your money is protected should a bank go bust. 

The best easy-access savings accounts 

Barclays Rainy Day Saver – 5.12%  

An interest rate over 5% is certainly attractive but this rate is only available on balances up to £5,000 – after which the rate drops to just 0.25%. But, if you are always in credit, then this is worth a look. To qualify, you need to have a Barclays account and be part of its Barclays Blue Rewards – this costs £5 but you get £5 cashback each month if you pay in a minimum of £800 into the account and have two direct debits coming out of your Barclays current account. The minimum deposit is £1.  

HSBC Online Bonus Saver – 3% 

You need a current or savings account with HSBC to be able to access its linked Online Bonus Saver account which has a 3% interest rate. 

The rate is attractive and not bad if you have short-term or emergency savings. 

You can save up to £10,000 and interest is paid on the months you make no withdrawals. For balance above that, the rate drops to 0.75%.  

You can open and manage the account online only. 

Al Rayan Bank Everyday Saver – 2.81%

Al Rayan Bank's Everyday Saver is a Shariah-compliant account that offers an expected profit rate of 2.81%. The account must be opened and operated online and has a minimum investment of £5,000. 

Atom Bank Instant Saver – 2.55%

Atom Bank’s Instant Saver is one of the top-paying savings accounts on the market at the moment. However, the account can only be opened and managed online via Atom’s app. 

Savers can open the account with £0. It’s possible to move to fixed rate deals with higher rates of interest within the app. Atom’s 6 month fixed saver offers a rate of 3.55%. 

Paragon Bank Triple Access Account – 2.6%  

You can only make up to three withdrawals every 12 months on this account without reducing your interest rates, so it’s not entirely easy access. Any more withdrawals and the rate will go down to 0.75%. You need a minimum deposit of £1.  

Tandem Instant Access Saver – 2.55%

There’s no minimum deposit required to open Tandem’s account, which is opened and managed exclusively through the company’s app. 

Chase Saver Account – 2.1%  

If you have Chase current account, then you can now take advantage of the linked savings account too paying 2.1%.  

You need £1 to open the account. The benefit here is that the Chase Bank account also gives you 1% cashback for a year on all your everyday purchases, so you can boost your savings as you spend. 

How do easy-access accounts work? 

Easy access accounts do what they say on the tin – they give you hassle free access to your cash when you need it. They’re also known as instant access accounts or no-notice accounts.  

You earn interest on the money you pay in but you’re able to withdraw your funds whenever you want, which makes them ideal for rainy-day funds.  

However, they might not be the best home for large amounts of money because you can get better interest rates if you store your money away for a few years or by investing if you are saving for the long-term. 

It is also worth noting that some banks offer introductory rates to entice you to bank with them, so it is a good idea to keep an eye on rates and switch to another account when the rate drops. With the Bank of England expected to increase interest rates further, you may also find some better rates in the coming months, so it is worth shopping around on a regular basis.

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